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(Internal Audit

)Awareness


Note to presenters:
Different slides in this presentation may
appeal to different audiences including board
members, senior leadership, faculty and staff,
and students.

Please feel free to utilize the slides that best


meet the needs of your audience. It is not
anticipated that all slides will be needed for all
audiences.

In addition to the information on the slides,


detailed information has been provided in the
Notes section of many slides to assist in
Presentation Areas
Internal Audit Background

How Internal Auditors Work

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

External Regulatory Internal


Auditors Auditors Auditors
Hired by an From a Work for the
organization government organization
Often financial agency or Risk-based
statement or IT grantor audit plan
focus May be called Variety of
25,000 view auditors, audits based
Produce a inspectors, on industry
report with an compliance Report or
opinion officers memo with
Ensure recommendati
compliance with ons
regulations
Report, score
What is Internal Auditing?

Independent and objective

Value-added

Improves operations

Accomplishes objectives

Improves effectiveness and


efficiencies
The IIA Standards
Independence

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)

Auditor Auditor Auditor


(Name, (Name, (Name,
certifications) certifications) certifications)
How Internal Auditors Work
Working with Internal Audit
Traditional vs. "Modern Internal Auditors
Evolution of Internal Audit
Audit Engagements
Different Types of Engagements
Compliance Audits
Operational Audits
Consultations
Investigations
Risk-based Auditing
Goal:
To identify areas in the university that have
significant risks and to evaluate those areas to
determine if those risks are being adequately
managed.

Risk Assessments

What is risk?

Factors affecting risk


Examples of Controls
Preventive Controls Detective Controls
Segregation of duties Exception reports
Supervision Reconciliations
Security of assets Performance reviews
Reading and Annual physical
understanding current inventory counts
policies and
procedures.
Audit Process
Audit Process (Update as needed)
Planning Fieldwork Reporting

Preliminar Interviews Develop


y research Process draft audit
Entrance reviews report
Meeting Document Exit
Process reviews meeting
discussion Testing Manageme
s and nt
Informatio verificatio responses
n n Final
gathering Discussion report
Identificati of audit distributio
on of issues/find n
scope ings
CONTINUOUS COMMUNICATION
items
Common Audit Findings

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)

Or if you would like to visit us, we are located


at
Thank You!