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University of Missouri System Board of Curators September 13-14, 2012 Audit Committee. Internal Audit Quarterly Report UM. Summary of Internal Audit Activity Since our June 2012 Report to the Audit Committee. Completed three internal audits

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university of missouri system board of curators september 13 14 2012 audit committee
University of Missouri System

Board of Curators

September 13-14, 2012

Audit Committee

Internal Audit Quarterly Report

UM

slide2

Summary of Internal Audit ActivitySince our June 2012 Report to the Audit Committee

  • Completed three internal audits
  • Planning/performing fieldwork for three internal audits
  • Followed-up on the status of management’s responses to prior audit findings issued
  • Updated risk assessment and 2013 internal audit plan
slide3

InternalAudit Projects CompletedSince our June 2012 Report to the Audit Committee

  • Department of Intercollegiate Athletics, MU
  • Division of Marketing and Communications, UMKC
  • Segregation of Duties Assessment, UM System-wide

Note – One page summaries and the full reports have been provided in advance to the Committee.

slide4

Department of Intercollegiate Athletics, MU

  • Background and Scope
    • In Fiscal Year 2011, the Department had revenue of $64.1 million.
    • Ticket sales, contributions, and NCAA/Conference distributions account for nearly three quarters of the total revenue.
    • The purpose of the audit was to evaluate the efficiency and effectiveness of the Department's processes and internal controls.
  • Key Highlights
    • Enhance monitoring of purchasing card activity.
    • Improve compliance with procurement policies.
    • Strengthen the reconciliations and monitoring controls for complimentary and unused tickets.
division of marketing and communications umkc
Division of Marketing and Communications, UMKC
  • Background and Scope
    • The Division of Marketing and Communications is an in-house agency that assists in the planning, design, development, and implementation of marketing products and services and manages communication throughout UMKC.
    • The purpose of the audit was to evaluate the efficiency and effectiveness of the Division's processes and internal controls and analyze division expenditures.
  • Key Highlights
    • Evaluate the governance of campus-wide marketing and communication expenditures and initiatives.
    • Ensure compliance with conflict of interest policies.
slide6

Segregation of Duties Assessment, UM System-wide

  • Background and Scope
    • Segregation of duties is an important internal control to prevent errors or inappropriate transactions that can result when individual has the ability to perform incompatible functions.
    • The purpose of this audit was to understand and analyze segregation of duties processes and potential conflicts within selected PeopleSoft functions in the Financial Management Solutions and Human Capital Management modules.
  • Key Highlights
    • Implement a preventive process to manage segregation of duties violations.
    • Remove inappropriate or unnecessary user and role access.
    • Strengthen controls over shared generic user IDs.
status of management responses follow ups
Status of Management Responses (Follow-ups)
  • Audit findings designated as “High” or “Medium” risk on internal audit reports are subject to Follow-up procedures.
  • Follow-ups are performed twice a year to determine the status of management’s responses to previously issued audit reports.
  • The Internal Audit Steering Committee Representatives are responsible for managing the process.
  • Internal Audit performs fieldwork on approximately 50% of the closed action items to validate the status provided by management.
status of management responses follow ups continued
Status of Management Responses(Follow-ups), Continued
  • For High and Medium risk action items scheduled for completion on or before July 15, 2012:
    • 71% are considered to be closed (36 of 51 action items)
    • 29% are considered to be past due (15 of 51 action items)
  • The 15 past due action items relate to the following reports:
    • UM System-wide Human Resources Pre-Implementation Assessment
    • UM System Division of Information Technology Project Management Office
    • Missouri S&T Office of the Vice Provost for Academic Affairs
    • University Physicians – Physician Documentation
    • MUHS ICD-10 Internal Audit Analysis
  • The following slide includes the status by risk and audit report.
2013 internal audit plan update
2013 Internal Audit Plan Update
  • Internal Audit performed a system-wide risk assessment in Summer 2011 in conjunction with the University’s ERM initiative.
  • 2013 begins the 2nd year of the 3-year internal audit plan.
  • Each year, the audit plan and risk assessment are reviewed and updated with input from System and campus leaderships and IASC representatives.