1 / 19

Texas A&M University Division of Student Affairs What To Expect From An Internal Audit May 2, 2005

Texas A&M University Division of Student Affairs What To Expect From An Internal Audit May 2, 2005. Internal Audit’s Responsibility. Develop an annual audit plan based upon a system-wide risk assessment process; Conduct audits in support of the plan; Investigate fraud or fraudulent actions;

brooklyn
Download Presentation

Texas A&M University Division of Student Affairs What To Expect From An Internal Audit May 2, 2005

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Texas A&M University Division of Student Affairs What To Expect From An Internal Audit May 2, 2005

  2. Internal Audit’s Responsibility • Develop an annual audit plan based upon a system-wide risk assessment process; • Conduct audits in support of the plan; • Investigate fraud or fraudulent actions; • Report results to the Board of Regents, the Chancellor, and the Chief Executive Officers; and • Coordinate audit efforts with external and state auditors

  3. Audit Selection • Auditable Units

  4. Typical Auditable Units • Academic Colleges • Business Functions • Information Technology • Human Resources • Auxiliary Enterprises • Student Financial Aid

  5. Audit Selection • Auditable Units • Risk Factors

  6. RiskFactorsAnalysis of Likelihood and Impact • Budget • Prior Audit Results • Complexity • Change In Mission and/or Management • Management Interest

  7. Audit Selection • Auditable Units • Risk Factors • Rankings and Selections • Annual Audit Plan

  8. Annual Audit Plan • List of Proposed Audits is Provided to CEOs for feedback • Committee on Audit Provides Feedback • Audit Plan Approved by the BOR • http://sago.tamu.edu/iaudit/

  9. Auditing Guidelines • The Institute of Internal Auditors: Standards for the Professional Practice of Internal Auditing • United States General Accounting Office: Government Auditing Standards • Committee of Sponsoring Organizations of the Treadway Commission: Internal Control Integrated Framework • System Policy & Regulation Manual • University Rules & Standard Administrative Procedures

  10. Audit Process

  11. Audit Process • Entrance Conference • Risk Assessment • Audit Program • End of Planning Meeting • Complete Fieldwork • End of Fieldwork Meeting • Draft Report

  12. Ongoing Communication with Management • Email Notification • Advance Agendas • Status Meetings • Continuous Dialogue • End of Fieldwork Meeting • Minimize Surprises

  13. Audit Process • Entrance Conference • Risk Assessment • Audit Program • End of Planning Meeting • Complete Fieldwork • End of Fieldwork Meeting • Draft Report

  14. Reporting Process • Disposition of minor observations. • An ECD (Exit Conference Draft) containing all significant observations is issued for review by the client. (5-10 working day turnaround) • Changes are made to the ECD, and a Draft Report is prepared. • The Draft Report is sent out for official management responses to the observations. (30 calendar day turnaround) • Final Reports, including management responses, are issued on a quarterly basis to the Board ofRegents.

  15. Common Themes From Recent Audits • Information Data Security • Human Resource Issues • Cash Handling • Student Travel • Procurement Cards

  16. HOW TO PREPAREFOR AN AUDIT • http://sago.tamu.edu/iaudit/ • Click on Presentations- Council of Senior Business Administrations Focus Session, April 21, 2004, Audits: How to Prepare and What to Expect. Presented by James Laird, Assistant Dean for Finance and Administration, College of Science • Click on Resources- Texas State Auditor’s Office: Assessing Risk in Key Accountability Control Systems. • Click on Electronic Reports – 1st Quarter Report FY 2005- TAMU Mays Business School 2nd Quarter Report FY 2005- TAES - Review of Revenue Management 1st Quarter Report FY 2004- TAMU- College of Science 2nd Quarter Report FY 2004- TAMU- Review of the President’s Office 3rd Quarter Report FY 2004- TAMU- International Program 3rd Quarter Report FY 2004- TAMU- Athletics Department 3rd Quarter Report FY 2004- TAMU- Review of Transportation 4th Quarter Report FY 2004- TAMU- Review of the Corps: Office of the Commandant

  17. How to Contact SIAD • Phone: 979/458-7100 • Fax: 979/458-7111 • Web: http://sago.tamu.edu/iaudit/ • Email: • Cathy Smock cathy-smock@tamu.edu • Charlie Hrncir chrncir@tamu.edu

More Related