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Internal Audit December 3, 2013 Jana Dean, CPA, CIA Financial & Operations Audit Manager Internal Audit Photo © 2008 Michigan State University Board of.

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Presentation on theme: "Internal Audit December 3, 2013 Jana Dean, CPA, CIA Financial & Operations Audit Manager Internal Audit Photo © 2008 Michigan State University Board of."— Presentation transcript:

1 Internal Audit December 3, 2013 Jana Dean, CPA, CIA Financial & Operations Audit Manager Internal Audit Photo © 2008 Michigan State University Board of Trustees

2 Learning Objectives Understand Internal Audit’s mission and responsibility Understand the audit process Understand Common Audit Areas Understand Common Audit Findings Indentify good internal controls and techniques

3 Organization of Internal Audit

4 Audit Process

5 Internal Audit Common Audit Areas & Findings

6 Common Audit Areas Understanding internal controls Segregation of duties Testing significant activity including: Cash receipts/Accounts receivable Expenditures (including payroll, travel, endowments/scholarships) Procurement cards Grant activity including semester effort reporting Equipment inventory Resale inventory Significant contracts Sensitive data Conflict of Interest/Outside work for pay

7 MSU Fraud and Recovery 7

8 Methods of Reporting Fraud MSU Hotline – call center/web reporting Direct contact with Internal Audit/DPPS/HR Key links: IA website: Fiscal misconduct guidelines:

9

10 Information Technology Auditing Internal Audit

11 IT Risks IT Infrastructure Risks: Sensitive information Monetary transaction processes System access restrictions and enforcement Weak password policies Overall network security controls

12 Typical IT Audit Findings Data Backup Procedures Disaster Recovery Plans Access Controls Security Practices

13 IT Audit Sensitive Data Focus Identified as a key risk to the University. Examples: SSN, Payment Card Data, Student Info., Medical Records, etc… Liabilities of Disclosure: Financial Loss, Legal Action, Loss of Public Trust, etc… MSU Institutional Data Policy (IDP) Took effect on January 1 st, Defines minimum requirements for securing University institutional data. Applies to all University business and academic units and all MSU employees. Visit the MSU Enterprise Information Stewardship webpage for more information.

14 Summary of Topics Internal audit overview Audit process Common audit areas and findings Fraud detection and prevention IT risks and findings

15 Questions

16 Thank You! * Background Images Compliments of MSU University Relations Photo © 2008 Michigan State University Board of Trustees Internal Audit Jana Dean Finance & Operations Audit Manager Tom Luccock Executive Management Director Steve Kurncz Information Technology Audit Manager Internal Audit Main Phone: (517) MSU Fiscal Misconduct Hotline: Please Visit Our Website For More Information:


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