Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of...
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![Page 1: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/1.jpg)
Office of Audit and Advisory ServicesMedical CampusContact Information: Jill BaronUniversity of MiamiTel: 305-243-6589Email: [email protected]
![Page 2: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/2.jpg)
Internal Controls Reviews and Reconciliations
Perform frequent
reviews of financial
activity reflected
in FRS Report
90’s
• Closely review expenses reflected in accounts for your department/area.
• Look for inappropriate charges - Is the transaction allowable and appropriate to the funding source? Is it reasonable? Is it for legitimate purposes to help further the university’s mission?
• Review revenues, including cash receipts, for reasonability, outliers, anomalies, and trends.
• Optimal review entails comparing expense charge to supporting approved source document (e.g., Invoice, purchase order, contract, etc.).
• Question everything.• Do not accept an answer that does not make
sense.
![Page 3: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/3.jpg)
Internal Controls
• The individual in charge of reviewing financial transactions in Report 90’s for a department/area should not be approving or recording expenses reflected in the account.
• The individual collecting cash should not be responsible for recording the deposits or for reconciling the collections to the Report 90’s.
• Involves performing a reasonability check or a review by an independent party (one with no access to cash, inventory, etc. and no approval authority). This could help mitigate a lack of segregation of duties as depicted above.
Segregation of duties
Compensating Controls
![Page 4: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/4.jpg)
Ensure an Open and Ethical U
1
• Over the last several years, the U has been the victim of financial fraud perpetrated by its employees.
2• Fraud is an avoidable waste of University resources.
3
• There are things that each of us can do to maintain ethical standards and financial controls.
4
• Tell your supervisor or make an anonymous report to the ‘CaneWatch hotline (www.canewatch.ethicspoint.com) regarding any concerns about financial improprieties or irregularities.
5• You don’t need to be certain there’s a problem and may choose to remain anonymous.
6
• You can also report concerns to: Office of Audit and Advisory Services (8-2605) or Controller (8-6429).
7
• Source: 4/5/2012 Email by Joe Natoli, Sr. Vice President and CFO to Faculty and Staff
![Page 5: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/5.jpg)
Detection Methods of Occupational Fraud and Abuse
TipManagement
Review Internal Audit By Accident
Account Reconciliation
Document Examination
External Audit Notified by Police
Surveillance/Monitoring Confession IT Controls Other
![Page 6: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/6.jpg)
Guess what percentage Tips represents as the
detection method in reporting
occupational fraud and abuse
cases
![Page 7: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/7.jpg)
Initial Detection of Occupational Frauds
• Tips are consistently the most common detection method for identifying cases of occupational fraud by a significant margin. This has been the trend since the ACFE first began tracking this data in 2002.
• Management review and internal audit follow as second and third.
![Page 8: Office of Audit and Advisory Services Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649da85503460f94a94f55/html5/thumbnails/8.jpg)
Thank You
Turn Your Watchful EyeInto Responsible Action That Benefits
All Of Us