The Role of the Internal Audit Department

Август 31, 2022

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The Role of the Internal Audit Department

Содержание

2. Research Administrators Network Definition of Internal Auditing “Internal auditing is an independent, objective assurance and consulting
3. Research Administrators Network We’re Here to Help! Identify Risks Find Better Ways and Best Practices Partner
4. Research Administrators Network We Report to the Board of Regents Audit Committee - Ensures independence Elevate
5. Research Administrators Network What is Risk Based Auditing? Focus on risk of occurrences that could prevent
6. Research Administrators Network We have a plan! Risk based audit plan developed with input from across
7. Research Administrators Network What Is the Plan? List of audits for fiscal year Based on risk
8. Research Administrators Network Auditable Entities WE DO AUDIT Operations and compliance Departments Colleges or Schools Programs,
9. Research Administrators Network Internal Audit is Intake Point for Whistleblowers University policy requires Internal Audit to
10. Research Administrators Network Investigations of Fraud and Employee Misconduct Whenever possible we will refer to the
11. Research Administrators Network Who Are We? We are University employees We are certified public accountants, internal
12. Research Administrators Network It’s the “little” things that get you! Misreporting hours. Forgetting to obtain prior
13. Research Administrators Network Preventive Measures Make sure your controls are working Review and reconcile Check the
14. Research Administrators Network What is included in the audit report? What was found Why it happened
15. Research Administrators Network What happens after the audit? Follow-up Review corrective action Report to Audit Committee
16. Research Administrators Network Who Audits the Auditors? We must have a peer review at least once
17. Research Administrators Network We Want to Know How We Are Doing At the completion of each
18. Research Administrators Network We are here to help We provide training Respond to policy and technical
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Слайд 2

Research Administrators Network
Definition of Internal Auditing
“Internal auditing is an independent, objective

assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. ” The Institute of Internal Auditors

Слайд 3

Research Administrators Network
We’re Here to Help!
Identify Risks
Find Better Ways and Best

Practices
Partner With You to Find Solutions
Prevent Problems

Слайд 4

Research Administrators Network
We Report to the Board of Regents Audit Committee
-

Ensures independence
Elevate issues to a level where they can be corrected
Keeps Regents informed
Meets quarterly

Слайд 5

Research Administrators Network
What is Risk Based Auditing?
Focus on risk of occurrences

that could prevent the University from achieving its goals
There are many types of risk – fraud, improper reporting, ineffective or inefficient use of resources, credibility loss, etc.
Focus on areas with high risk and high probability that controls are not in place or are weak

Слайд 6

Research Administrators Network
We have a plan!
Risk based audit plan developed with

input from across the University
Risk factors:
Impact
Probability
Controls

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Research Administrators Network
What Is the Plan?
List of audits for fiscal

year
Based on risk assessment and available man hours
Includes estimated budget hours and completion date
Approved by Audit Committee

Слайд 8

Research Administrators Network
Auditable Entities
WE DO AUDIT
Operations and compliance
Departments
Colleges or Schools
Programs, Grants,

Contracts
Information Technology Systems
University-wide Processes

WE DO NOT AUDIT
Specific individuals
Human Resource issues
Sexual harassment or other civil rights issues

Слайд 9

Research Administrators Network
Internal Audit is Intake Point for Whistleblowers
University policy requires

Internal Audit to receive reports of
Misconduct
Fraud
Several ways to report
Hotline
E-mail
Phone
Walk in

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Research Administrators Network
Investigations of Fraud and Employee Misconduct
Whenever possible we will

refer to the appropriate Dean, University Police, OEO or Human Resources for investigation
University policy requires Internal Audit to investigate if financial or operational
Internal Audit coordinates and reports to the State Auditor

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Research Administrators Network
Who Are We?
We are University employees
We are certified
public

accountants,
internal auditors,
fraud examiners and information system auditors
We are a staff of 7 auditors

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Research Administrators Network
It’s the “little” things that get you!
Misreporting hours.
Forgetting to

obtain prior approval when needed.
Using estimates that are not supported.
Any violation of University policy.

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Research Administrators Network
Preventive Measures
Make sure your controls are working
Review and reconcile
Check

the work of your subordinates
Don’t give in to the temptation to skip controls because you are busy!

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Research Administrators Network
What is included in the audit report?
What was found
Why

it happened
What is required
What effect it has
Recommendation for improvement
Response – who, when and how

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Research Administrators Network
What happens after the audit?
Follow-up
Review corrective action

Report to Audit Committee

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Research Administrators Network
Who Audits the Auditors?
We must have a peer review

at least once every five years
Our Standards are set by the Institute of Internal Auditors, and the American Institute of Certified Public Accountants

Слайд 17

Research Administrators Network
We Want to Know How We Are Doing
At the

completion of each audit we will send an after-audit-survey
We want you to rate our performance
Were we professional, helpful, timely and did we add value?
Please take the time to give us your feedback.

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Research Administrators Network
We are here to help
We provide training
Respond to policy

and technical accounting questions
Offer suggestions for improvement
Advisory role

The Role of the Internal Audit Department

Содержание

Research Administrators NetworkDefinition of Internal Auditing“Internal auditing is an independent, objective

Research Administrators NetworkWe’re Here to Help!Identify RisksFind Better Ways and Best

Research Administrators NetworkWe Report to the Board of Regents Audit Committee -

Research Administrators NetworkWhat is Risk Based Auditing?Focus on risk of occurrences

Research Administrators NetworkWe have a plan!Risk based audit plan developed with

Research Administrators NetworkWhat Is the Plan? List of audits for fiscal

Research Administrators NetworkAuditable EntitiesWE DO AUDITOperations and complianceDepartmentsColleges or SchoolsPrograms, Grants,

Research Administrators NetworkInternal Audit is Intake Point for WhistleblowersUniversity policy requires

Research Administrators NetworkInvestigations of Fraud and Employee MisconductWhenever possible we will

Research Administrators NetworkWho Are We?We are University employeesWe are certified public

Research Administrators NetworkIt’s the “little” things that get you!Misreporting hours.Forgetting to

Research Administrators NetworkPreventive MeasuresMake sure your controls are workingReview and reconcileCheck

Research Administrators NetworkWhat is included in the audit report?What was foundWhy

Research Administrators NetworkWhat happens after the audit? Follow-up Review corrective action

Research Administrators NetworkWho Audits the Auditors?We must have a peer review

Research Administrators NetworkWe Want to Know How We Are DoingAt the

Research Administrators NetworkWe are here to helpWe provide trainingRespond to policy

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