Other Departmental Operations Lead Text Office of Internal Audit ☰ Menu Fraud Hotline Governance Internal Controls About Us The Audit Process expand or collapse menu How Can We Help You? Types of Audits What are "Internal Controls"? What will the auditors need from me? How long will the audit take? Will the audit disrupt my department's everyday activities? How is an audit comment reported and to whom? Annual Plans Reports Request an audit FAQ's Useful Links expand or collapse menu Other Audit Sites Other University Internal Audit Sites Are departmental policies important? Ideal Answer: YES. University policy is sometimes not detailed enough to provide guidance specific to departmental operations. Departmental policies are useful in helping faculty, staff and students understand management's expectations for that area. They also assist in minimizing conflict between those internal and external to the operation. Is it important to document key business processes? Ideal Answer: YES. Key processes should always be well documented so that business can continue as usual in the absence of the primary business process owner. They are also great tools for training new hires and existing staff across positions. Key processes are the processes the unit engages in to achieve the mission and function of their unit. Does Internal Audit often suggest additional training in audit reports? Ideal Answer: YES. The lack of appropriate training is often the reason why internal controls break down in processes. People generally want to do the right thing, but they need to know the right way to perform the activity. Do we need to perform biennial asset inventories? Ideal Answer: YES. An asset inventory is a significant control to ensure that equipment is appropriately accounted for in the financial statements and that it is still in use and safeguarded from theft or destruction. An asset (equipment) inventory listing should be provided from the Office of Business Operations (OBO) during the fall every other year. Please contact the Fixed Asset Accountant if the department has not received its biennial equipment listing. This listing should be used to verify that all assets costing $5000 or more are included. Is there a place I can go to find out how long supporting documentation for transactions should be kept in my department? Ideal Answer: YES. Most supporting documentation for financial transactions are required to be submitted to OBO for deposits, payroll, purchasing, accounts payable, and capital assets; and to FARS for journal entries. Please refer to FARS’ Records Retention Schedule. Recommended guidelines for retention of copies of financial transaction supporting documentation within departments is two years; or the current year plus one full fiscal year. This provides adequate information in the department for the annual budget process. Can I accept payment for charges that I enter into a billing system? Ideal Answer: NO. If you currently enter charges or bill for services and accept payments you are not protected from accusations of misconduct. Payments for billed charges should be sent directly to Cashiers/OBO for processing. Segregation of duties is an important internal control that not only ensures the University's assets are protected but also that individuals are not wrongly accused of misappropriating assets.
