Internal Auditing & Management Consulting Overview

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Internal Auditing & Management Consulting Overview Betsy Bowers Associate Vice President Board of Trustees Orientation August 22, 2012

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Board of Trustees Orientation August 22, 2012. Internal Auditing & Management Consulting Overview. Betsy Bowers. Associate Vice President. President. UWF Board of Trustees, Audit & Operations Committee. Reporting Authority. Associate Vice President. Internal Auditor III. Student - PowerPoint PPT Presentation

Transcript of Internal Auditing & Management Consulting Overview

Page 1: Internal Auditing & Management Consulting Overview

Internal Auditing & Management ConsultingOverview

Betsy BowersAssociate Vice President

Board of Trustees OrientationAugust 22, 2012

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Reporting AuthorityPresident

Associate Vice President

Internal Auditor III

StudentEmployeeInternal Auditor

UWF Board of Trustees,Audit & Operations

Committee

Note: One position (.75 FTE auditor) was lost in 2011/12 for budget cuts

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Name Betsy Bowers Cindy Bookout Greg Hale Amy Bueno

Title Associate Vice President

Internal Auditor III

Internal Auditor

Student Assistant

Years in Internal Auditing

28 9 2.5 2

Years with UWF 18 years 2 yrs 1.5 years 2

Years Audit Experience 30 11 2 2

Educational Degrees,

Institution, and Major

MBA and BA (Acct)East Tennessee State

University

BS AccountingUniversity of

South Alabama

MAcc and BSBA (Acct

Information Systems)

University of West Florida

Working toward BS Health Science,

Health Care Administration focus

Professional

Certifications

Certified Internal Auditor (CIA), Certified Fraud

Examiner (CFE), Certified Government

Financial Manager (CGFM),

Certified Inspector General

(CIG)

Certified Public Accountant

(CPA)Alabama and

Florida

Certified Public Accountant

(CPA)Florida

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StandardsStandards

• Institute of Internal Auditors• International Standards for

Professional Practice of Internal Auditing

• Code of Ethics

• Government Auditing Standards• Yellow Book

• Generally Accepted Accounting Principles (GAAP)

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Internal Auditors External Auditors

UWF Employee Independent contractor

Serves needs of UWF Serves third parties, who need reliable financial information

Focuses on FUTURE events by evaluating controls designed to assure accomplishment of UWF goals and objectives

Focuses on accuracy and understandability of HISTORICAL events as expressed in the financial statements

Is DIRECTLY concerned with prevention of fraud in any form

Respond to fraud or suspected fraud identified in audit; concerned if materially affect financial statements

Risk focuses on strategic, financial, compliance, operational, and reputational issues

Risk focuses on financial statements

Independent of activities audited, but ready to respond to needs/desires of all UWF management

Independent of management and board of directors, both in fact and mental attitude

Reviews activities CONTINUALLY Reviews records/financial statements PERIODICALLY, usually once a year

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External Audits PerformedAuditor General

•Financial Statement•Federal Funds •Bright Futures•SACS Special Purpose Financial Statement (every

10 years)

Federal •Florida Small Business Network

CPA firms•WUWF-FM•Intercollegiate Athletics Financial Statement•Direct Support Organizations/Affiliated

Organizations•Business Enterprises, Inc.•UWF Foundation•West Florida Historic Preservation, Inc.•Florida Institute for Human & Machine Cognition

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RiskRISK FACTORS• Executive Management

Interest • Internal Controls System• Fraud Likelihood and

Impact• Changes in

Personnel/Procedures• Prior Audit Findings• Time Since Last Audit• Dollar Volume Exposure• Interdependence• Public Disclosure

Implications• External Audit CoverageAugust 22, 2012 Presentation to UWF

BOT

TYPES OF RISK• Strategic • Financial• Operational• Compliance• Reputational

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Example of Internal Audit Areas(Work Plan 2012/13)

August 22, 2012 Presentation to UWF BOT

Audits• Attractive Assets (<$5,000)• Differential Tuition• IT General Application

Controls (Banner)• PCard Audits (department

level) • Post Office• Reservations: Conferences &

Camp Services• SEVIS (Student/Exchange

Visitor Program)• Study Abroad Program

Audits completed August 2012

(last year items being finished)• Recreation & Sports Services• Health, Leisure & Sports

Facility Operations• Aquatic Center Operations• Major Construction

Management Advisory Services

• Evaluation of Policies, Rules, Procedures and changes

• Risk & Compliance Council• Banner Student Implementation –

team members • Facilitator for Workgroups and

Departments

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Questions & Comments?