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Audit Committee Workshop

Audit Committee Workshop. David Pulsipher, CIA, CFE Director of Audit and Financial Services Utah System of Higher Education. Objectives. Review audit committee responsibilities Discuss risk assessment process Discuss audit committee involvement in audit process.

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Audit Committee Workshop

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  1. Audit Committee Workshop David Pulsipher, CIA, CFE Director of Audit and Financial Services Utah System of Higher Education

  2. Objectives • Review audit committee responsibilities • Discuss risk assessment process • Discuss audit committee involvement in audit process

  3. Audit Committee Responsibilities • Internal Audit Act (63I-5) • Board of Regent policies (R565, R567) • International Standards for the Professional Practice of Internal Auditing

  4. Audit Committee Chair Responsibilities • Organize committee meetings • Communicate with IA director • Discuss concerns with board and management • Report annually to the Regent Audit Subcommittee

  5. Audit Committee Responsibilities • Establish audit charter and audit policies • Oversee functional reporting line for IA director • Review: • Adequacy of IA resources • External audit reports • Anonymous ethics complaints

  6. Management Responsibilities • Oversee administrative reporting line for IA director • Ensure staff cooperation with auditors • Encourage constructive “tone at the top”

  7. Risk Assessment “The Trustee Audit Committee shall review information regarding the institution’s control environment, means of communicating standards of conduct, and practices with respect to risk assessment and risk management.” -Regent policy R565-4.5.2

  8. Risk Assessment (group discussion) • How does your institution assess risk? • What risks exist in higher ed today that did not exist 10 years ago? • What risks might exist in higher ed 10 years from today?

  9. Risk Assessment Best Practices • [Institutions] need independent audit committees with deeper financial expertise • Audit committees need to see the [institution] through the eyes of others • A strong and objective internal audit function must be a priority • Audit committees must be attentive to all aspects of the external audit process Source: Viewpoints from the Audit Committee Leadership Summit (April 6, 2007)

  10. Audit Committee Role in Audit Process (group discussion) • What does your institution do to mitigate current and future risks? • What does your audit committee do to minimize fraud? • How often does your audit committee discuss risk mitigation and fraud: • Internal audit director? • Management?

  11. Conclusion “New audit committee members are sometimes inclined to think of internal auditors in a 20th century context — as bean-counters who are focused on the past (hindsight). However, 21st century internal auditors are equipped to provide insight and advice on risk management and control in the company. They also are increasingly able offer foresight — perspectives on strategic and business challenges the company could face if key risks are not effectively identified and managed.” -Richard Chambers(CEO of IIA)

  12. Questions? David Pulsipher, CIA, CFE Director of Audit and Financial Services 801-321-7173 dpulsipher@ushe.edu

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