Internal Audit Risk Assessment Process May 9, 2014
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- Dylan Copeland
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1 Internal Audit Risk Assessment Process May 9, Purpose 2. Timeline 3. Framework 4. Analysis and Computations 5. Next Steps
2 Risk Assessment Purpose To prioritize FY15 activities for reasonable assurance regarding: Financial Reporting Operations Information Systems and Security Compliance Strategic Alliance The work plan will be risk based in consideration of all UK units, processes and applications. The work plan aligns with UKIA skill sets, emerging risks and UK Objectives. Resources utilized to perform these tasks include: Collaborations / Partnerships Information Technology Tools The outcome will be a risk based work plan for fiscal year 2015
3 Risk Assessment Timeline The risk assessment is dynamic throughout each fiscal year. The timeline for FY 15 risk assessment includes: On going: March 2014: Feb April 2014: April 2014: May 2014: June 2014: Populating Database (Audit Universe) Comply Line Review Information Gathering Risk Assessment Analysis ACS Risk Assessment Review ACS Work Plan Review and Approval
4 Risk Assessment Framework Audit Universe Risk Factors Risk Scoring Audit Trending
5 Audit Universe Database containing information from various sources: Risk Assessment Interviews (RAI) Annual interviews focusing on relevant events and industry concerns Previous Audit Work (PAW) UKIA end of audit process used to document out of scope concerns UKIA Workshops (WKS) Documenting participants attendance and concerns raised during seminar ACUA Risk Dictionary (ARD) Database used by auditor association to document higher education trends Comply Line (CPL) Documenting information by unit and process Other Unsolicited Information (OUI) Documenting information directed to UKIA from s, calls and website
6 Audit Universe 10 examples from each category Units (500+) 1. Office of Sponsor Project Administration 2. Sponsored Project Accounting 3. Benefits 4. Motor Pool 5. Mailroom 6. Office of International Affairs 7. Public Relations 8. Mining Engineering Foundation 9. Ophthalmology 10. College of Public Health Processes (300+) 1. Software Licensing 2. Cash Handling 3. Procurement Cards 4. Scholarships 5. Payroll 6. Construction Projects 7. Grants 8. Student Registration 9. Property Leasing 10. Accounts Receivable Applications (900+) 1. Kronos 2. ProSam 3. Online Employment System 4. HealthQuest 5. Sunrise Clinical Manager 6. Thriva 7. CS Gold 8. Axium 9. Millennium 10. Blackboard Internal Audit UKIA Risk Assessment Continuous Audits Continuous Auditing Auto Audit Audit Command Language ARUBA Database
7 Audit Universe Enterprise Division Division Unit Process Process Owner Examples of Possible Concern(s) Event Date Source Affiliates CKMS Call Center Compensation HR Compensation Required lunch breaks PAW Campus Libraries University Press Compensation HR Compensation Nonexempt travel compensation PAW HealthCare Chandler Therapeutic Services Compensation HR Compensation Timekeeping adjustment CPL Finance and Administration Human Resources HR Compensation Compensation HR Compensation Nonexempt overtime compensation Timekeeping practices RAI Campus Enrollment Management Student Financial Aid Scholarships Student Financial Aid Vendor and end user access (ProSam) PAW Academics College of Fine Arts School of Music Scholarships Student Financial Aid Eligibility OUI Academics College of Public Health Donovan Fellowship Office Scholarships Student Financial Aid Refunds OUI
8 Risk Factors Risk Factor Definition / Measurement Criteria Public Exposure Media coverage intensity and type of clientele 1. Media Coverage 2. Customer Type 3. Current Affairs Control Environment Rank and file workplace practices 1. IS Applications 2. Key Position Turnover Rate 3. Employee Relations 4. Event Identification External Regulation Unit or process compliance 1. Industry Compliance 2. Federal Regulations 3. State Regulations Materiality Dollar significance or transaction volume 1. Sources of Revenue 2. Transaction Volume 3. Budget breakdown 4. Transaction Complexity Last Audit Duration since last external or internal review 1. Internal Auditor 2. External Auditor 3. Other Audits
9 Scoring Risk Assessment Calculation Enterprise Division Division Unit Process Process Owner Examples of Possible Concern(s) Event Date Source Campus Enrollment Management Student Financial Aid Scholarships Student Financial Aid Vendor and end user access (ProSam) PAW Academics College of Fine Arts School of Music Scholarships Student Financial Aid Eligibility OUI Academics College of Public Health Donovan Fellowship Office Scholarships Student Financial Aid Refunds OUI Enterprise Division Unit or Process Public Exposure Last Audit Media Customer Current Affairs Score Internal External Other Score Total Score Campus Campus Academics Academics Scholarships Student Financial Aid School of Music Donovan Fellowship Office Steps after Risk Assessment Calculations 1. Units and Processes are sorted in descending order 2. Concerns from high risk areas are reviewed for trending
10 FY15 Audit Focus Trending Concerns Business Operations Grants Compensation Procurement Ancillary Units Student Financial Aid Cash Operations Business Continuity Information Systems Information Security BYOD Application Configuration Regulatory Compliance Ancillary Systems Data Analytics Disaster Recovery
11 Next Step is Work Plan Creation Work Plan Content Compliance Program Continuous Audits & Auditing Regulatory Risk and Audit Coverage Business / Operations Comprehensive & Assessments Financial and Operational Risk Information Technology Data Centers & Applications Information Security and Data Integrity Unplanned Activities Consultations & Inquires/Investigations Red Flags Management Concerns Work Plan Considerations UKIA Skill Set Business Operations Information Technology Available Hours Auditor Productivity 75% Excludes UKIA Support Staff Audit Commitments Audit Follow up Audit Cycle Other Resources Collaborations / Partnerships Co sourcing / Outsourcing Information Technology Tools
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