1 / 10

Internal Audit Quarterly Report UM

Internal Audit Quarterly Report UM. University of Missouri System Board of Curators February 2-3, 2012 Internal Audit Committee. Summary of Internal Audit Activity Since our October 2011 Report to the Audit Committee. Completed six internal audits Drafted two reports

mai
Download Presentation

Internal Audit Quarterly Report UM

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. Internal Audit Quarterly ReportUM University of Missouri System Board of Curators February 2-3, 2012 Internal Audit Committee

  2. Summary of Internal Audit ActivitySince our October 2011 Report to the Audit Committee • Completed six internal audits • Drafted two reports • Planning/performing fieldwork for five internal audits

  3. Internal Audit Projects CompletedOctober 11, 2011 through January 18, 2012 • Office of the Vice Chancellor for Advancement, Missouri S&T • Scholarships and Tuition Waivers Review, UMKC • Advanced Credit Program, UMSL • Information Technology Spend Review, UM System-wide • Assessment of Healthcare Provider Discounts, UM System • Board of Curators Expense Review, UM System Note – One page summaries and the full reports have been provided in advance to the Committee.

  4. Office of the Vice Chancellor for Advancement, Missouri S&T • Background and Scope • The Vice Chancellor for University Advancement leads Missouri S&T's fundraising, donor relations, and alumni relations efforts. • The purpose of the audit was to assess the efficiency and effectiveness of operations with a focus on fundraising, development, financial controls, and compliance with policies. • Key Highlights • There is an opportunity to increase and enhance the communication between Development Officers and Department Chairs. • Align resources to ensure adequate support for development initiatives.

  5. Scholarships and Tuition Waivers Review, UMKC • Background and Scope • The Student Financial Aid and Scholarships Office (FASO) is a department within Student Affairs that helps secure funding to assist students in paying for college. This funding can be in the form of scholarships, grants, work-study jobs, student loans, and parent loans. • In Fiscal Year 2010, the FASO processed $191.8 million in financial aid. • The audit focused on relevant processes and key internal controls in order to analyze the efficiency and effectiveness of scholarship and tuition waiver processing. • Key Highlights • Academic departments should improve the timeliness of scholarship reporting to the FASO. • Academic unit personnel should be included in the scholarship appeals process. • Functions in the department should be separated to mitigate the risk of asset misappropriation. • A process should be established to prevent awarding scholarships that should not be issued in combination with another scholarship. • Management would benefit from a reconciliation of scholarships awarded to what was actually paid.

  6. Advanced Credit Program, UMSL • Background and Scope • The Advanced Credit Program is a dual credit program that permits students to earn college credit and to become familiar with the college experience while still in the high school setting. • The ACP is currently accredited by the National Alliance of Concurrent Enrollment Partnerships • The audit focused on relevant processes and internal controls to assess the efficiency and effectiveness of operations and compliance with University and program policies and procedures. • Key Highlights • Establish short- and long-term goals and objectives for the program. • Enforce stated withdrawal dates for students to receive tuition refunds.

  7. Information Technology Spend Review, UM System-wide • Background and Scope • The Vice President for Information Technology (IT) is responsible for providing leadership in the planning and implementation of information technologies across the University of Missouri System. • To control and govern IT expenditures, Business Policy Manual (BPM)-1204, IT & Telecommunications Purchases (effective June 2010), specifically addresses IT related purchases. • The audit was focused on compliance with BPM-1204 and related internal controls. • Key Highlights • Develop a more effective method of monitoring IT spend and compliance with BPM-1204. • Ensure IT purchases are approved as required by policy. • Reduce or monitor IT related purchases made with University purchasing cards.

  8. Assessment of Healthcare Provider Discounts, UM System • Background and Scope • The University of Missouri offers two medical benefits options for employees to choose from: UM Choice Health Care Program and UM Catastrophic Medical Program. • MUHC and UP have committed to provide UM with their most favorable provider discounts. • The purpose of the assessment was to review the methodology for developing the 2011 UM Plan reimbursement levels to MUHC/UP for care and services incurred by UM medical benefits plan participants and to review the application of the methodology for accuracy. • Key Highlights • Re-evaluate the language in the documented rate methodology to ensure that the terms and methodology utilized in the calculation of best rates are clearly defined and suitable to all parties. • Clearly define the University's objectives with regard to benefit costs and MUHC/UP utilization levels. • Utilize reimbursement methods between UM and MUHC/UP that encourage the greatest level of efficiency. • The benefit structure discount may not be in line with UM and MUHC/UP's goals.

  9. Board of Curators Expense Review, UM System • Background and Scope • The Board of Curators has the constitutional authority to oversee the operation of the four-campus University of Missouri System. • The Board's expenses totaled $544,000 in FY2011 and $353,000 in FY 2010. • The audit focused on processes and internal controls around monitoring financial activity and testing of expenditures. • Key Highlights • Clearly define expense authority levels.

  10. Questions?

More Related