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)Awareness
Note to presenters:
Different slides in this presentation may
appeal to different audiences including board
members, senior leadership, faculty and staff,
and students.
Audit Process
Internal Audit Background
Why is there Internal Audit?
Regulations
Federal (reference any applicable Federal
requirements such as Federal Sentencing
Guidelines)
State (reference any applicable general statutes
or other state requirements)
Other guidance (system policies, etc.)
To protect the organization
Accounting vs. Internal Auditing
Accounting Internal Auditing
Area of Focus Financial analysis Determining
Transaction accuracy of
processing financial reporting
Budgeting Internal Controls
Record keeping Compliance
Effectiveness and
efficiency of
operations
Governance
structure
Risk management
Method of Working Transaction Project based
processing May include
Cyclical financial committee work
reporting and and ongoing risk
budgeting assessments
Certifications CPA, CMA, etc. CPA, CIA, CISA, CFE,
etc.
Types of Auditors
Value-added
Improves operations
Accomplishes objectives
Professional Proficiency
Scope
Performance of Audit
Management
Code of Ethics
Internal Audit at Institution
Mission
Include Mission
Charter
Background information such as approved
(annually) by the board, aligns with the Standards,
part of the Quality Assurance Review
Internal Audit Structure at Institution
Board of Trustees
Audit Committee
President/Chancel
lor or Other
Administrator Chief Audit
Executive/IA
Director
(Name,
certifications)
Risk Assessments
What is risk?
Not
Understandin
Lack of Lack of
g
Training Awareness
Requirement
s
Lack of Lack of
Lack of
Segregatio Communicati
Compliance
n of Duties on
Positive Impacts of Audits
Institutio Departmen
n-Wide t-Wide
Priority Fraud
management prevention
Practical Improve
advice efficiency and
compliance
Comprehensiv
e view of risk Strong
support
Hotline Information
Insert your universitys hotline information
here.
Contacting Internal Audit
If you want to contact us, we are available
via
Phone (xxx xxx xxx)
Fax (xxx xxx xxx)
Email (IA@yourschool.edu)
Website (internalaudit.yourschool.edu)