An Auditor’s Perspective

Slides:



Advertisements
Similar presentations
Organizational Governance
Advertisements

Nonprofit Finance and Reporting: What every board member should know Molly Lovelock
Effective Internal Control, Establishing an Internal Audit Function, and Compliance Plans 2014 Governmental Accounting For Local Public Health September.
Sodexo.com Group Internal Audit. page 2 helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and.
Internal Control.
Audit Committee in Albania Legal framework Law 9226 /2006 “On banks in Republic of Albania” Law 9901/2008 “On entrepreneurs and commercial companies” Corporate.
Areti Moularas, Senior Manager
Out of school hours care Contract management plan information session.
Chapter 4 IDENTIFYING RISKS AND CONTROLS IN BUSINESS PROCESSES.
The decision of whether to establish and maintain an internal audit function or outsource the function should be made by the company’s.
SAS 112: The New Auditing Standard Jim Corkill Controller Accounting Services & Controls.
Chapter 11.  The board is ultimately responsible for risk management  Oversee strategic risks, operational risks, and financial risks  Many federal.
1 Portfolio Committee on Home Affairs Presentation on Internal Audit 19 April 2013 Building a New Home Affairs.
1 1 Roles and Responsibilities in the CDBG Program For Grant Administrators.
Basic Research Administration Principles Presented by Ronald Kiguba Research Coordinator, Makerere Medical School.
Elements of Internal Controls Preventing Fraud, Waste, and Abuse in Urban and Rural Transit Systems.
Welcome to the Board! (and did we mention your Fiduciary Responsibility?)
Internal Auditing and Outsourcing
PAD190 PRINCIPLES OF PUBLIC ADMINISTRATION
An interactive exploration of SWCD Financial Management.
Central Piedmont Community College Internal Audit.
Reimbursements, Reporting & Budget Modifications
Where Quality Talk is #1. QAP = Quality Assurance Program Transaction entry and approval moved from Business Affairs to Business Centers – Created a need.
Effective Management and Compliance 1 ANA GRANTEE MEETING  FEBRUARY 5, 2015.
Roles and Responsibilities
1 The Auditor’s Perspective Division of Sponsored Research Research Administration Training Series Presented by: Joe Cannella Audit Manager,
1 1 UNDP’s Financial Management and Assurance March 2007.
From the Shredded Files of Big Business Assuring safeguards with effective Financial Policies Pam Baker and Ernest Werstler.
LINC 07 Administrators Conference Successful Board Partnerships Nora V. Murrant, FCA, FCBV.
Learning Objectives LO5 Illustrate how business risk analysis is used to assess the risk of material misstatement at the financial statement level and.
Financial Responsibilities of Board Members February 21-23, 2012 Ft. Worth, TX Ingrid Danler, CFM Associate Director Operations, ASFPM.
Interim Executive Director June  Financial Management Practices Audit Results Fiscal Year Audit Results Fiscal Year Internal.
1 CDBG Roles and Responsibilities For Local Officials.
SANEDI. INDEX  KEY ACTIVITIES DURING FINANCIAL YEAR  DISCUSSIONS ON KEY ACTIVITIES  CONCLUSION  APPRECIATION.
Audit Committee Roles & Responsibilities Audit Committee July 20, 2004.
FISCAL OFFICER Financial Policy I-1 Role of Fiscal Officer, Account Manager, and Account Supervisor.
ASA Board Membership Board Members: (vote) Four Paraguayan Citizens Four U.S. Citizens One Third-country National Ex-Officio Members: (voice but no vote)
The Petroleum Oil and Gas Corporation of South Africa (SOC) Ltd Reg. No. 1970/008130/07 Board Audit and Risk Committee presentation to the Parliament Portfolio.
Village Charter Academy Parent Meeting August 29, 2014.
Functions of Administrators Association of Chiropractic Board Administrators.
Florida Charter School Conference 1 Terrace Community Middle School #6606 Back to Basics Charter School Foundation, Inc. School District of Hillsborough.
Presented by Bridgette Burge, N.C. Center for Nonprofits for Housing Works! 2015 North Carolina Affordable Housing Conference.
Managing Chapter Funds Brent Woods, Esq., CAE, SPHR NIGP Executive Director for Business Operations and Finance.
Operations 104 Class 7—Finance Policy. Class 6—Financial Policy Most churches have some sort of collection of policies on Finances. Often these come from.
MnSCU Audit Committee September 18, 2002 Discussion on the Role of the Audit Committee MnSCU Audit Committee September 18, 2002.
Briefing to the portfolio committee: Social Development Audit outcomes of the Social Development portfolio for the financial year October 2015.
Annual Report Moving Forward - Theme for this year’s annual report Successful STANDISATION played a significant role in improving the results of the core.
Copyright © 2007 Pearson Education Canada 9-1 Chapter 9: Internal Controls and Control Risk.
CBB Executive Committee members elected by full Beef Board Includes 3 officers and past CBB chairman as ex-officio member Meets 5 times annually.
Board Structure & Responsibilities Governing Board Online Training Module.
Board Assessment Governing Board Online Training Module.
HOW TO DEVELOP THE BOARD COVENANT SCANPO Wednesday Webinar.
Board Financial Oversight Governing Board Online Training Module.
May 5, 2016 May 5, Reporting obligations for  Investment banks,  Stockbrokers and dealers  FM and Investment advisers 2. Publication financial.
Seán Ó Laimhín Financial Management of your School A. Good Practice B. Airgead Bunscoile.
Lecture 5 Control and AIS Copyright © 2012 Pearson Education 7-1.
Dealing with Conflicts and Other Problems March 21, 2012.
Welcome. Contents: 1.Organization’s Policies & Procedure 2.Internal Controls 3.Manager’s Financial Role 4.Procurement Process 5.Monthly Financial Report.
An Auditor’s Perspective Jeani Allen Director of Internal Audit.
111 Scholars Academy Update from the Board of Directors August 2016 **Developed using resources from NC Department of Public Instruction and NC Office.
Audit of predetermined objectives
Presented by: Frank Nieboer
Audit Committees: Perspectives from an Elected Official
Clinical Engineering Lecture (3).
Board and Staff Roles 2014 Capacity Building Institute
Scholars Academy Update from the Board of Directors
An Auditor’s Perspective
Legislative-Citizen Commission on Minnesota Resources July 18, 2018
2017 Administration and Finance Conference
Audit.
Presentation transcript:

An Auditor’s Perspective Jeani Allen Director of Internal Audit

Purpose of Internal Audit Uncovering issues and recommending solutions. Efficiency/Effectiveness

Types of Audits Financial Audits Compliance Audits Operational Audits IT Audits Investigative Audits Other Service

Financial Oversight The charter school board has the ultimate responsibility for the financial viability of the charter school. DPI as well as the general public rely on the board to provide adequate oversight.

Financial Oversight Three main responsibilities: Goals Policies Controls

Financial Oversight Examples of Roles: Finance Committee Board Finance Committee Lead Administrator Budget Reviews & approves budget that reflects goals & policies. Recommends budget for Board approval. Revises budget. Prepares budget for presentation with supporting documents. Financial Statements Is well informed about finances. Reviews quarterly financial statements. Acts as liaison. Reviews monthly financial statements. Monitors income & expenses daily. Ensures financial reports are completed correctly. Controls Ensures adequate financial controls are in place and operating as intended. Reviews policies and makes recommendations for improvement. Carries out policies established. Informs the Board if policy issues arise. Audits Hires auditor. Reviews audit report in detail. Meets with auditor. Reviews specific audit documentation. Participates in audit. Provides response.

External Audits Contracted by the Board Communicate directly with Finance Committee or Board appointee Avoid conflict of interest Provide assurance to stakeholders

Understanding Expectations Financial – proper use of funds. Public Parents Students Teachers

Investigations Charter schools are subject to investigation by: External auditor Department of Public Instruction Office of State Budget & Management Office of State Auditor US Department of Education

What could go wrong? News investigation based on public perception of inadequate financial oversight: http://pittsburgh.cbslocal.com/2013/11/07/special-report-kd-investigators-question-spending-at-charter-school/

What could go wrong? Follow up on previous investigation: http://pittsburgh.cbslocal.com/2013/11/08/kd-investigation-gets-results-state-calls-for-fbi-probe-of-charter-school/

What could go wrong? Parent/Teacher expectations not being met: http://sacramento.cbslocal.com/2012/12/13/fears-arise-over-more-possible-horizon-charter-school-locations-shutting-down/