Internal Audit At A Glance

1
Internal Audit At A Glance

• at your service.
• in your best interest.

2
Who does IA report to

• The President for establishing direction, support
  and an administrative interface.
• The Chair of the Planning, Finance and Human
  Resource Committee (that serves as the Audit
  Committee) of the Board of Trustees for
  validation, reinforcement and accountability.

3
What we do

• Evaluate whether policies and procedures are
  being followed.
• Monitor compliance with laws, regulations,
  contract terms and conditions.
• Suggest ways to reduce costs and/or enhance
  revenues.
• Consider ways to improve controls, processes,
  procedures and performance.
• Share ideas for best practices that improve
  efficiency and/or effectiveness.
• Investigate possible misappropriations.

4
Why we do it

• To provide assurance to the Board of Trustees and
  the external auditors that a system of internal
  controls exists and is operating effectively.
• To help the University meet its objectives and
  goals.
• To help reduce the risk that the objectives and
  goals may not be met.

5
How we do it

• Discuss all laws, regulations, contracts,
  policies and procedures applicable to your
  operations.
• Listen to and help address any concerns you have.
• Perform an analysis of historical trends.
• Review the accuracy of records.
• Document, analyze and evaluate processes and
  procedures.
• Evaluate costs and benefits.
• Reconcile independent and internal records.
• Compare records with physical assets.

6
You can expect an audit when

• Your operation has been identified as the next
  unit to be reviewed based on a risk assessment
  which includes
• Size and complexity of unit
• Change in personnel or operations
• Level of compliance requirements
• There is some allegation of misappropriation in
  your unit.

7
Where do we go from here

• Perform a self assessment of your internal
  controls using the online Internal Control
  Questionnaire.
• Contact IA or Financial Services if you would
  like a second opinion about a new operation or
  procedure.
• Communicate your observations about things that
  dont make sense or suggest improvements.
• We are all on a road of continuous improvement.

8
Expect

• Clear communication
• Professional courtesy
• Flexibility where possible
• Consistent approach to audits
• Desire to comprehend your operations
• Realistic suggestions for improvement