Internal Auditing & Management Consulting Overview Betsy Bowers Associate Vice President Board of Trustees Orientation August 22, 2012.

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Presentation transcript:

Internal Auditing & Management Consulting Overview Betsy Bowers Associate Vice President Board of Trustees Orientation August 22, 2012

Reporting Authority President Associate Vice President Internal Auditor III Student Employee Internal Auditor UWF Board of Trustees, Audit & Operations Committee Note: One position (.75 FTE auditor) was lost in 2011/12 for budget cuts

NameBetsy Bowers Cindy Bookout Greg HaleAmy Bueno Title Associate Vice President Internal Auditor III Internal Auditor Student Assistant Years in Internal Auditing Years with UWF 18 years2 yrs1.5 years2 Years Audit Experience Educational Degrees, Institution, and Major MBA and BA (Acct) East Tennessee State University BS Accounting University of South Alabama MAcc and BSBA (Acct Information Systems) University of West Florida Working toward BS Health Science, Health Care Administration focus Professional Certifications Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Government Financial Manager (CGFM), Certified Inspector General (CIG) Certified Public Accountant (CPA) Alabama and Florida Certified Public Accountant (CPA) Florida

Standards Institute of Internal Auditors International Standards for Professional Practice of Internal Auditing Code of Ethics Government Auditing Standards Yellow Book Generally Accepted Accounting Principles (GAAP)

Internal AuditorsExternal Auditors UWF EmployeeIndependent contractor Serves needs of UWF Serves third parties, who need reliable financial information Focuses on FUTURE events by evaluating controls designed to assure accomplishment of UWF goals and objectives Focuses on accuracy and understandability of HISTORICAL events as expressed in the financial statements Is DIRECTLY concerned with prevention of fraud in any form Respond to fraud or suspected fraud identified in audit; concerned if materially affect financial statements Risk focuses on strategic, financial, compliance, operational, and reputational issues Risk focuses on financial statements Independent of activities audited, but ready to respond to needs/desires of all UWF management Independent of management and board of directors, both in fact and mental attitude Reviews activities CONTINUALLY Reviews records/financial statements PERIODICALLY, usually once a year

External Audits Performed Auditor General Financial Statement Federal Funds Bright Futures SACS Special Purpose Financial Statement (every 10 years) Federal Florida Small Business Network CPA firms WUWF-FM Intercollegiate Athletics Financial Statement Direct Support Organizations/Affiliated Organizations Business Enterprises, Inc. UWF Foundation West Florida Historic Preservation, Inc. Florida Institute for Human & Machine Cognition

Risk RISK FACTORS Executive Management Interest Internal Controls System Fraud Likelihood and Impact Changes in Personnel/Procedures Prior Audit Findings Time Since Last Audit Dollar Volume Exposure Interdependence Public Disclosure Implications External Audit Coverage August 22, 2012Presentation to UWF BOT TYPES OF RISK Strategic Financial Operational Compliance Reputational

Example of Internal Audit Areas (Work Plan 2012/13) August 22, 2012Presentation to UWF BOT Audits Attractive Assets (<$5,000) Differential Tuition IT General Application Controls (Banner) PCard Audits (department level) Post Office Reservations: Conferences & Camp Services SEVIS (Student/Exchange Visitor Program) Study Abroad Program Audits completed August 2012 (last year items being finished) Recreation & Sports Services Health, Leisure & Sports Facility Operations Aquatic Center Operations Major Construction Management Advisory Services Evaluation of Policies, Rules, Procedures and changes Risk & Compliance Council Banner Student Implementation –team members Facilitator for Workgroups and Departments

Questions & Comments? August 22, 2012Presentation to UWF BOT