1. Click to edit Master subtitle style Internal Audit – Medical Campus Contact Information: Jill Baron University of Miami Tel: 305-243-6589 Email: jbaron@miami.edujbaron@miami.edu May 2012 General Points by Internal Audit

2. Click to edit Master subtitle style Ensure an Open and Ethical U Over the last several years, the U has been the victim of financial fraud perpetrated by its employees.Fraud is an avoidable waste of University resources.There are things that each of us can do to maintain ethical standards and financial controls. Tell your supervisor or make an anonymous report to the ‘Cane Watch hotline (www.canewatch.ethicspoint.com) regarding any concerns about financial improprieties or irregularities.www.canewatch.ethicspoint.com You don’t need to be certain there’s a problem and may choose to remain anonymous.You can also report concerns to: Internal Audit (6-6589) or Controller (8-6429).Source: 4/5/2012 Email by Joe Natoli to Faculty and Staff

3. Click to edit Master subtitle style Controls - Reviews and Reconciliations 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. Perform frequent reviews of financial activity reflected in FRS Report 90’s

4. Click to edit Master subtitle style Examples of Other Controls Segregation of duties and compensating controls 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. Individual performing the cash collecting function should not be responsible for recording deposits or for reviewing Report 90’s. Compensating controls, such as performing a reasonability check or a review of inventory variances by an independent party (one with no access to cash, inventory, etc. and no approval authority), could help mitigate a lack of segregation of duties as depicted in a and b above.

5. Click to edit Master subtitle style TURN YOUR WATCHFUL EYE INTO RESPONSIBLE ACTION THAT BENEFITS ALL OF US. THANK YOU