1 Sharon Kurek, CPA, CFE Director of Internal Audit
2 What You Will Take Aware With You Definition of Internal Auditing Scope of Audit Activities Risk and Control Process Common Audit Topics Fraud Awareness Invitation to Participate
3 Definition Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
4 Scope of Audit Activities - Governance Internal Audit assesses and makes appropriate recommendations for improving the governance process in its accomplishment of the following objectives: Promoting appropriate ethics and values within the university. Ensuring effective organizational performance management and accountability. Effectively communicating risk and control information. Effectively coordinating the activities of and communicating information among the board, external and internal auditors, and management.
5 Scope of Audit Activities Risk Management Internal Audit assists the university by identifying and evaluating significant exposures to risk, assessing the effectiveness of the university's risk management system, and contributing to continuous improvement. Particularly, evaluate risk exposures relating to the university's governance, operations, and information systems regarding the Reliability and integrity of financial and operational information. Effectiveness and efficiency of operations. Safeguarding of assets. Compliance with laws, regulations, and contracts.
6 Scope of Audit Activities Internal Controls Assist the university in maintaining effective controls (encompassing governance, operations, and information systems) by evaluating their effectiveness and efficiency and by promoting continuous improvement. Ascertain the extent to which operating and program goals and objectives have been established and conform to those of the University, results are consistent with established goals and objectives, and management has established adequate criteria to determine whether objectives and goals have been accomplished.
7 Risk and Control Process Information Perform Risk Assessment Training Monitor Performance Promote Culture of Accountability, Responsibility and Ethics Implement Control Activities Training Communication
8 Risk and Control Process Control Activities: Purchasing limits Approvals Security Reconciliation Specific policies Risk Assessment: Internal and external events Internal audit risk assessment A strategy to manage risks MONITORING INFORMATION & COMMUNICATION CONTROL ACTIVITIES RISK ASSESSMENT CONTROL ENVIRONMENT Control Environment: Tone from the top Corporate Policies Organizational authority Monitoring: Monthly reviews of performance reports Internal audit function Information & Communication: Reporting University communications
9 Your Role in Risk and Control Our EMPLOYEES perform many controls that will reduce many of the university s risks. Purchasing Reconciliation Implementing a system of internal controls that identifies and manages risks. Ensuring evidence of review is documented at the department level Taking corrective action when control deficiency or weakness is identified and documenting such action.
10 Common Audit Topics Fiscal Responsibility Do monthly reconciliations have supporting documentation? Are they reviewed timely and properly approved? Records Retention Do you maintain the following: Reconciliations (3 fiscal years plus the current year) Purchase Card Statements (5 fiscal years plus the current year) Educational Abroad documents (3 years after student graduates or withdraws) Scholarship documents including student applications, committee review results, or student essays, to support scholarship awards (2 years)
11 Common Audit Topics Wage Payroll Are hours worked appropriately documented, approved, and entered correctly? Are reconciliation reports reviewed timely by someone other than the enterer and appropriately maintained? P14s Is there a formal offer letter on file? Is there a P 14A form filled out with signature approval on file?
12 Common Audit Topics Leave Reporting Do the hours on the Leave and Hour Work Reports match the hours on the Leave Report submitted electronically? Are the Leave Reports submitted by the 16 th? Overtime Compensation Is overtime recorded and approved? Is overtime calculated accurately and recorded only after employee has worked 40 hours?
13 Common Audit Topics Procurement Card Are original receipts retained by department? Are the purchases allowed per the Purchasing Department s procedure? Funds Handling Do you have a funds handling plan approved by the Bursar? Is there segregation of duties between the cashier, depositor, and reconciler? Are funds adequately safeguarded? Are funds deposited timely?
14 Common Audit Topics Fixed Assets Is there a custodian assigned for each movable asset? Is the custodian current? Are home use forms filled out? Has your fixed assets coordinator received training by the Controller s Office? Emergency Management Do you have a complete up to date Emergency Action Plan on file?
15 Common Audit Topics Personnel Activity Reports (PARs) Are PARs certified by the employee or the principal investigator who has firsthand knowledge of the employee s effort? If not, did the certifier utilize suitable means of verification? Were PARs submitted timely to OSP per University Policy 3105? Cost Transfers Are journal entries adequately documented, recorded timely, and properly approved? Is the allocation methodology documented a portion of the original expense is transferred from or to a project?
16 Common Audit Topics Information Technology and Personally Identifying Information Are security patches and anti virus software automatically updated? Are strong password enforced? Is PII encrypted when stored or transmitted over the network? Is PII encrypted on your flash drives? Do you regularly scan for PII using IdentityFinder on your computers?
17 Common Audit Topics Family Educational Rights and Privacy Act (FERPA) Are academic records adequately protected other than from Educational Officials whose position requires access to the records to fulfill their stated job responsibilities? Are you aware of directory information components that do not require prior written permission to release?
18 Common Audit Topics Use of University Resources Are any university resources (personnel time, vehicles, supplies, computers, cell phones, procurement cards, and other equipment) utilized for non business purposes? Outside Employment/Conflict of Interest Do employees seek permission for outside employment or consulting per University Policy 4070 and 13010?
19 Fraud, Waste, and Abuse The university will not tolerate theft, waste, or abuse of state, university, or university related funds, property, or other resources through fraudulent means. Policy 1040, Reporting Suspected Fraudulent Activities
20 Definitions Any intentional act or omission designed to deceive others, resulting in the victim suffering a loss and/or the perpetrator achieving a gain.
21 Definitions Any thoughtless or careless expenditure, consumption, mismanagement, use, or squandering of resources. Waste also includes incurring unnecessary costs as a result of inefficient or ineffective practices, systems, or controls.
22 Definitions The excessive or improper use of a thing, or to employ something in a manner contrary to the natural or legal rules for its use. Abuse also includes intentional destruction, diversion, manipulation, misapplication, maltreatment, misuse of resources, or excessive use as to abuse one s position or authority.
23 Distribution of Fraud Schemes In 2010, 15% of all reported fraud cases occurred in the government and higher education sectors with a median loss per case of $76,000 Source: Association of Certified Fraud Examiners 2010 Report to the Nations on Occupational Fraud and Abuse
24 Initial Detection of Fraud In 2010, over 60% of fraud cases were discovered by tips, management reviews, or employees accidentally stumbling upon them during the course of their job duties. Tip Management Review Internal Audit By Accident Account Reconciliation Document Examination External Audit Surveillance/Monitoring Notified by Police Confession IT Controls Detection of Fraud Schemes 40.2% 15.4% 13.9% 8.3% 6.1% 5.2% 4.6% 2.6% 1.8% 1% 0.8% 0% 10% 20% 30% 40% 50% 60% Source: Association of Certified Fraud Examiners 2010 Report to the Nations on Occupational Fraud and Abuse
25 Fraud Facts It is estimated that the cost of fraud in the typical organization translates to 5% of revenues. This translates to $2.9 trillion in annual fraud losses when applied to the 2009 Gross World Product. Occupational Frauds by Category Category Frequency Median Loss Asset misappropriation 86.30% $135,000 Corruption 32.80% $250,000 Fraudulent Statements 4.80% $4,100,000 The sum of percentages exceeds 100% because several of the cases involved schemes. Source: Association of Certified Fraud Examiners 2010 Report to the Nations on Occupational Fraud and Abuse
26 Fraud Schemes Vendor Fraud Theft/ Embezzlement Personal Business on State Time Abuse of Authority State Vehicle Abuse Conflict of Interest FRAUD Missing Asset Falsification of Univ. Records Misuse of Property Improper Use of Univ. Resources Leave or Time Abuse Misfeasance and Waste
27 VT Fraud, Waste, and Abuse Data Average 45% substantiation since # of Internal Cases # of Hotline Cases # of Substantiated # with Recommendations cases are still open from FY 2011
28 VT Fraud, Waste, and Abuse Data Since FY , over 70% of allegations fall within five general categories: Leave or time abuse Improper use of university resources Theft or embezzlement Abuse of authority Conflict of Interest Gradual increase in allegations regarding leave or time abuse and improper use of university resources
29 Organizational Flags Placing too much trust in key employees No communication of expectations Lack of proper authorization of transactions Inadequate attention to details No separation of duties between accounting functions Lack of clear lines of authority and responsibility Tendency toward crisis management Relaxed management style Poor system design Inadequate training
30 Personal Red Flags Behavioral Flag % of Cases Living beyond means 43% Financial difficulties 36% Control issues; unwillingness to share duties 23% Unusually close association with vendor or customer 22% Wheeler dealer attitude 19% Divorce/family problems 18% Irritability, suspiciousness or defensiveness 14% Addiction problems 12% Refusal to take vacations 10% The sum of percentages in this chart exceeds 100% because in many cases perpetrators displayed more than one behavioral red flag Source: Association of Certified Fraud Examiners 2010 Report to the Nations on Occupational Fraud and Abuse
31 Actions to Minimize Fraud Tone at the Top Education & Training Integrity Risk & Controls Reporting & Monitoring Proactive Detection Investigation & Follow up
32 Preventive and Detective Controls 5 Controls to Consider: 1. Establish a Control Conscious Environment 2. Ensure Separation of Duties 3. Watch Authorizations, Approvals, and Verifications 4. Maintain Control over Assets 5. Take Time for Monitoring
33 Reporting Suspected Fraudulent Activities Upon discovery of circumstances suggesting a fraudulent transaction or irregularity has occurred, immediately notify one of the following: VT Internal Audit Department VT Police Department: State Employee Hotline
34 Fraud Prevention Risk Analysis All organizations have an obligation to identify risk as it pertains to every facet of its business. We are conducting a fraud risk assessment of the activity at Virginia Tech and
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