Internal Audit Who? What? When? How? Why? In brief...
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Transcript of Internal Audit Who? What? When? How? Why? In brief...
Internal Audit
Internal AuditInternal AuditWho?
What?When?
How?Why?
In brief . . .
Internal Audit
WhoWho are we? are we?
We are an organization that provides both traditional and non-traditional services
We are not outside auditors
We are a constructive link between policy-making and operational levels of the University
Internal Audit
University organization chartWho?Who? (continued) (continued)
Internal Audit
Who?Who? (continued) (continued)
Representing over 100 years of combined experience
Randy Van Dyke, CPAAssistant Vice President
for Auditing and Risk Services
Pamela Mollner, CIAAudit Manager
Information Technology
Charles Piele, CIAAudit ManagerMain Campus
Mary Watson, BS, BBA
Internal AuditorFred Ericksen, CIA
Internal AuditorMichael Goodrich, CFE
Internal Auditor
Sanjeev PudasainiAssistant Internal Auditor
Marjorie Goodrich, CIAAudit Manager
Health Sciences
Heidi Sieg, CFE
Internal Auditor
VacantInternal Auditor
Mathew Mackay, BA
Internal AuditorGrishma Baduwal
Assistant Internal Auditor
Internal Audit
Who?Who? (continued) (continued)
Auditing
Financial
Operational
Information systems
Accounting
Governmental
Public and private
Fraud detection
Reporting
Management reporting
Financial reporting
Governmental cost accounting
In the following areas
Internal Audit
WhatWhat do we do? do we do?
We provide both traditional audits and non-traditional services designed to help define and/or meet your organization’s goals and objectives
Our less traditional services include:
Educational sessions Training materials Special projects
Internal Audit
What?What? (continued) (continued)
By evaluating the adequacy and effectiveness of the internal controls
And the quality of performance in carrying out assigned responsibilities
We perform traditional audits
Internal Audit
What?What? (continued) (continued)
Review the reliability and integrity of financial and operating information
Review the fiscal, operational, and administrative operations
Review the systems established to ensure compliance with policies, plans, procedures, laws, and regulations that could significantly impact operations
What is a traditional audit?
Internal Audit
What?What? (continued) (continued)
Evaluate the effectiveness and efficiency with which resources are employed
Evaluate the accomplishment of established objectives and goals
What is a traditional audit? (cont.)
Internal Audit
WhenWhen do we do it? do we do it?
Board of Regents requirements
Requests from vice presidents and key administrators
A risk assessment process that evaluates departments based on the resources under their control and the degree of change the department has experienced in recent years
A flexible audit schedule is prepared considering
Internal Audit
When?When? (continued) (continued)
The Internal Audit Department’s knowledge of existing operations, internal controls, and changes that are planned or in process for various financial systems and procedures
Training and expertise of the professional audit staff
Resources available to the Internal Audit Department
A flexible audit schedule is prepared considering (cont.)
Internal Audit
HowHow do we do it? do we do it?
Providing a summary of our own policies and procedures
Providing an outline (and video) of the concept of internal controls
Providing educational assistance, if necessary
We familiarize our clients with the internal audit function (prior to engagement) by
Internal Audit
How?How? (continued) (continued)
Initial response to internal control outline
Organization charts
Departmental policies and procedures
Any other documents that would help familiarize us with your organization
Copies of any external audits or other internal reviews that have been conducted
Internal control questionnaire
Organization charts
Policy and procedure
External audits and other info
We obtain pre-opening conference materials
Internal Audit
Present our department
Discuss your departmental internal controls
Review your pre-opening conference materials
How?How? (continued) (continued)
We recommend involving all appropriate faculty or staff members
We hold an opening conference to
Internal Audit
Interviewing key staff and management
Observing established procedures
Examining suporting documentation and evidential materials
Documenting organizational control activities
Performing analytical reviews
Compiling our own supporting workpapers
How?How? (continued) (continued)
Our activities include
Internal Audit
How?How? (continued) (continued)
Preparing the audit report and recommendations
Holding a closing conference to discuss the audit and obtain your responses to the recommendations
Issuing the final audit report including your responses
Performing a followup review in six months
Our activities include (cont.)
Internal Audit
WhyWhy have an Internal have an Internal Audit Department?Audit Department?
We are a constructive link between policy-making and operational levels of the University
Early warning system to identify financial and other risks
Identify opportunities for fiscal and operational improvement
Internal Audit
Internal Audit is in the Park Building
- Room 407 - 201 Presidents Circle Rm 407 - Salt Lake City, Utah 84112-9021
or Call: 581-5997