Internal Audit
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Internal Audit So what’s it all about then …briefly PowerPoint PPT Presentation


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Internal Audit So what’s it all about then …briefly What are your concerns … some I know, let me know others What are some of ours … if I’m not too bruised and battered! Questions? … Ask them any time and cut me short if I go on!. What we do and Why. There are two main themes.

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Internal Audit So what’s it all about then …briefly

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  • Internal Audit

  • So what’s it all about then …briefly

  • What are your concerns … some I know, let me know others

  • What are some of ours … if I’m not too bruised and battered!

  • Questions? … Ask them any time and cut me short if I go on!


What we do and Why

There are two main themes


SACS vs FinanceFinancial

Payments

  • Invoice only

  • No control stamp

  • No DF

    Receipts

  • Manual receipt books

  • Stamp deposit slip (F1 or Deposit Book)

    Journals

  • Unclear – workflow or sign

  • Have written to Finance

Budget Adjustments

  • Nothing

  • Can see it in F1

    Corporate Cards

  • No difference

  • Invoices attached to statements

  • Statement signed – cardholder and Principal

Types of evidence now that on Finance 1


Audit Opinions

  • They should be consistent – we work very hard at this.

  • Opinions based on policy, guidelines and procedures.

  • An obligation to report it as it is, not filtered.

  • However….

  • Schools are different – for valid reasons

  • Risk based procedures in some instances

  • Not everything is black letter

  • Evidence different/missing – reconciliation difficult

  • Requires us to exercise professional judgement

  • Sometimes discretion is justified ( but not if black letter )

  • Equity and fairness – good systems vs bad systems

  • Not everything is as obvious as this….

Why do auditors have different opinions?


Unity

  • Agree – very difficult

  • Try very hard to be consistent

  • We consider the environment – not just compliance

  • Schools do different things all the time

  • Some done well .. .others not

  • We may ignore minor issues & focus on more important ones

  • There’s a lot we review – not all have procedures

  • Some professional judgement required

  • Concerns with consistency – let me know

How can there be unity in what we do if auditors require different things?


Nothing clear as to what we have to keep for audit.

  • Impossible for audit to list everything

  • Program is limited – does not cover everything

  • You should be able to objectively support your activities

  • Records must be contemporaneous

  • Can provide a general list – you may have some or all

  • There would be other requirements beyond the program

  • Audit – test if what should be done is being done

  • Inconvenient – but documentation should be there

  • If not - local issue, education, support ?

Audit Requirements – What are they?

Would appreciate a ‘tick box’ list from the auditor


Payments to the Principal

  • Workflow is linear, systemic

  • Not possible to change to address unique payments

  • Example of gap in controls – no guidance

  • Objective – segregation of duties

  • Claim/invoice certified by next senior teacher

  • Protects yourself from coercion

  • Adheres to the segregation objective

  • Maintains workflow efficiency

  • Consistent with other processes – corp card

Who approves payments to the Principal – workflow suggests they authorise their own !?!


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