Internal Audit
This presentation is the property of its rightful owner.
Sponsored Links
1 / 7

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


  • 59 Views
  • Uploaded on
  • Presentation posted in: General

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.

Download Presentation

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

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.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Internal audit so what s it all about then briefly

  • 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

What we do and Why

There are two main themes


Sacs vs finance financial

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

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

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?


Audit requirements what are they

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

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 !?!


  • Login