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Office of Internal Audit Partnering With Management. Todd Stewart, MBA, CPA, CIA, CGFM Debra Johnston, CIA, CISA January 12, 2011. Definition of Internal Audit.

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office of internal audit partnering with management

Office of Internal AuditPartnering With Management

Todd Stewart, MBA, CPA, CIA, CGFM

Debra Johnston, CIA, CISA

January 12, 2011

definition of internal audit
Definition of Internal Audit
  • Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
  • Internal/External – We are not the state auditors or KPMG and we do not perform the kind of financial audits the external auditors perform unless we have a specific request to do so.
internal audit mission
Internal Audit Mission
  • We will partner with management to identify areas of risk and work collaboratively with our clients to improve processes, efficiencies, compliance and the control environment of the University.
  • International Standards for the Professional Practice of Internal Auditing (Standards)
  • Authority granted by BOR policy
  • Accountable to President Mason and the Board of Regents through the Audit Committee.
  • Assess all types of risk
  • Evaluate compliance with laws, regulations and University policies
  • Review processes and controls
  • Improve accountability
  • Safeguard assets/resources
  • Recommend improvements to internal controls to assure efficient operations
internal controls
Internal Controls
  • An integrated system to protect an entity’s resources.
  • A system of checks and balances
  • An established way to prevent and detect intentional and unintentional errors
  • Examples include segregation of duties, reconciliations, and proper authorizations
  • Controls can be preventive or detective
  • Internal Audit is part of the internal control system
additional roles of internal audit
Additional Roles of Internal Audit
  • Deterrent
  • Educate
  • Investigate
  • Provide assurance (positive and negative)
  • Advise and consult
audit types
Audit Types
  • Operational
  • Information Technology
  • Compliance
  • Financial
  • Fraud Investigations (Ethicspoint)
why me
Why me?
  • Annual Risk Assessment Process
  • Over 50 interviews are conducted
  • Input from the BOR
  • Management specific requests
  • Risk based methodology
  • Special investigations
client involvement
Client Involvement
  • Cooperation and open communication
  • Share your concerns
  • Understand the audit objectives and scope
  • Respond promptly to requests for feedback or information.
  • Implement the corrective actions agreed to in the report.
four phase audit process
Four Phase Audit Process
  • Planning
  • Fieldwork
  • Reporting
  • Follow-Up
controls efficiency assessment risk level
Controls /Efficiency Assessment (Risk Level)
  • Identified by Stoplight Colors that reside in the Board’s docket materials next to a short executive summary of the audit.
  • Red – high findings/risks identified
  • Yellow – moderate findings/risk identified
  • Green – low findings/risk identified
follow up timelines
Follow-up timelines
  • Also Resides in the Docket materials.
  • Blue – Follow-Up is not due yet.
  • Green – Follow-Up is due and is within 3 months.
  • Yellow – Follow-Up is 3 months past due.
  • Red – Follow-up is 6 months past due.
  • UI Health Care Administrators track progress
benefits of an internal audit
Benefits of an Internal Audit
  • Presents a catalyst for positive change
  • Identifies and communicates risk exposure
  • Offers solutions to improve processes or efficiency
  • Provides cost-effective management advisory service.
  • Support for the Internal Audit function
  • Tone at the top
  • Clear and consistent message
  • Communications
  • Active follow-up of audit recommendations
  • High expectations
  • Ethics
what s new
What’s New?
  • Procured an automated Work Paper solution called AutoAudit.
  • Provides a web interface for communicating and tracking audit findings and corrective actions.
  • Reports will be available to management to track the progress of audit findings.
  • Asking for an additional .6 FTE so that UI Health Care has a dedicated IT auditor.


requesting an audit
Requesting an Audit
  • Deb Johnston …..6-3785
  • Todd Stewart …..5-0677
additional resources
Additional Resources
  • Website
  • Brochure available for distribution
  • Audit staff is always available for questions.