ºÚÁÏÊÓƵ

An annual audit plan is reviewed and approved by the Audit Committee. We generally notify all departments involved in an audit prior to its start. Before commencing any audit work, an entrance conference is held to discuss the audit, estimate the time until completion, and offer management an opportunity to introduce any concerns or questions they may have. It is possible for an audit to be completed in several days; however, some can take several months. Audits vary in length depending on the scope, complexity, and specific audit objectives.

Internal control is a plan of organization and all the methods and measures used by a business to monitor assets, prevent fraud, minimize errors, verify the correctness and reliability of accounting data, promote operational efficiency, and ensure that established managerial policies are followed. Internal control extends to functions beyond the accounting and financial departments. Accounting controls encompass safeguarding assets and the accuracy of financial records. They are assigned to give assurance that transactions are properly authorized and are recorded to allow for financial statement preparation in accordance with GAAP.

Some examples of internal controls are: 1) separating the duties of handling cash and reconciling deposits; 2) periodic reconciliations between recorded assets on the general ledger and the physical assets that exist; and 3) separating the duties of preparing payroll and distributing paychecks. Separation of duties provides a system of checks and balances within a department and ensures that no one individual has excessive control and influence over a particular area of the department.

• Compliance with Federal and State laws, as well as University regulations.
• Review of financial reports.
• Ensuring general ledger account balances agree with supporting transactions.
• Transaction activities such as payroll, revenue and accounts receivable, purchasing, accounts payable and disbursement, and property, plant, and equipment.
• Review of functions in offices such as Information Technology (IT), Procurement, Financial Aid, Student Accounts, and Human Resources (HR).
• NCAA compliance within athletics programs.
• Equipment inventory.
• Academic programs and academic course fees.
• Student academic transcripts.

• Obtaining a benefit or advantage in violation of ºÚÁÏÊÓƵ's conflict of interest policy.
• Improper reporting or falsifying financial transactions.
• Authorizing or receiving compensation for hours not worked.
• Authorizing or receiving compensation for goods not received or services not performed.
• Purposeful violation of Federal and State laws, University regulations, or contractual obligations when conducting business on behalf of ºÚÁÏÊÓƵ.
• Forgery or unauthorized alteration of documents and/or computer files.
• Bribery or implied bribery.
• Unauthorized use of records, logos, trademarks, copyrights, etc.
• Falsification of time sheets or records.
• Theft or misappropriation of funds, supplies, property, or other University resources.
• Improper and/or wasteful use of resources.
• Falsification of reports to management or external agencies.

The Office of Internal Audit has a responsibility to protect the University from criticism by external auditors. In the annual audit plan, we try to anticipate areas that External Auditors will review in order to make necessary changes before we meet with External Auditors. We believe it is preferable for the Director of Internal Audit to work with you to address any concerns and improve University operations. In this respect, we can avoid reports from External Auditors regarding our operations that may portray the University in a negative way.