What does AUI mean in CYBER & SECURITY

An Audit Universe Item (AUI) is a specific area of a business or organization that is subject to audit. It is also known as a population universe and includes all of the items that will be examined during an audit.

Identifying the Audit Universe Items allows auditors to properly plan and conduct their audits, ensuring that every aspect of a company's financial information, internal controls, operations, and processes are scrutinized. This allows them to provide accurate and reliable findings for their clients.

An auditor must first understand their client's industry, history, financial reporting structure, accounting policies and procedures, internal controls, operations and processes before they can begin identifying potential items for their Auditing Universe Items list. The auditor must also assess any associated risks and consider how each item might affect the accuracy of their client's financial statements.

Yes, most professional auditing standards require that certain criteria be met when developing an Audit Universe Item list such as ensuring full coverage of all relevant information systems, confirming adequate tests have been performed on identified accounts or activities from start to finish and other requirements set forth by your professional auditing body.

Yes, some best practices include documenting all steps taken to create and implement your list, including who created it and when; refreshing your list periodically based on changes; continually evaluating environment factors for new risks; being aware of fraud indicators; keeping track of all transactions through completion; revisiting past results when dealing with risk areas; regularly logging evidence obtained; and gathering sufficient data when needed.