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Audit Manual

1. Introduction
a) Purpose
b) Types of Audits

c) Campus Audit Charter

 

2. Office Organization
a) Organization and Areas of Responsibility
b) Statistics and Comparative Data

c) Future/Goals

 

3. Audit Procedures
4. Filing System
5. Forms Used by Campus Audit
6. Self-Assessment Questionnaires

 


2. Office Organization


ORGANIZATION AND AREAS OF RESPONSIBILITY

 

Audit services provided to departments are based on a risk assessment conducted by the Campus Audit Department with input from senior management of the campus. Based on the information provided, an overall assessment of risk to the University is made based on the level of internal controls and the potential visibility of errors. Individual departments are audited to assist the department in controlling its assets.

 

Internal auditing is governed by international standards. Two major organizations oversee general internal auditing standards. The first is the Institute of Internal Auditors (IIA). The other is the Association of College and University Auditors (ACUA). UNLV currently holds an institutional membership with ACUA.

 

The Campus Audit Department is overseen by the Associate Director of Auxiliary Financial Services and Campus Audit (Director), who provides general guidance for the department’s goals, policies and procedures. The Director approves the annual audit plan and has final approval of all audit activity.

 

Dy-to-day operations are overseen by the Internal Audit Supervisor. This individual prepares the annual risk assessment and develops the annual audit plan based on the results of the assessment. The supervisor also prepares the scope of each audit, conducts all or portions of each audit, and oversees the results of the audit.

 

STATISTICS AND COMPARATIVE DATA

 

246 procurement card reviews were conducted during 2005. This represents 48% of all active cards. It is anticipated that the number of reviews will increase in 2006 as the number of cardholders continues to increase. The number of reviews should level off in 2007 and years beyond as the number of cardholders stabilize, requiring fewer reviews of new cardholders.

 

Three full compliance audits were conducted in 2005, each at the request of the department. Significant findings were made in each of the three audits. It is anticipated that the number of departmental audits will increase as the risk assessment plan is implemented and additional audit hours become available.

 

In addition to the compliance audits conducted, several smaller projects were completed at the request of senior management. These included a review of the Procurement Card Manual and a special review of one particular Purchasing Contract.

 

Responses were coordinated with departments for 20 requests (eight initial and twelve follow-up reviews). It is anticipated that the coordination process will be in greater demand in 2006 since the NSHE auditors are conducting a number of audits of smaller departments. 91% of audit findings were closed prior to the first Board of Regents (BOR) submittal in 2005 and 98% by the second BOR review in 2005.

 

According to the 2005 Global Auditing Information Network (GAIN) survey, staffing levels of ACUA-member institutions averaged one auditor per $144 million in revenue and/or $136 million in expenses. This compares with $329 million in revenue and/or $266 million in expenses for the general public sector. Currently, Campus Audit employs one auditor that supports $421,520,000 in revenues and $395,000,000 in expenses. In order to fall within the guidelines of GAIN, Campus Audit would have to add 2 FTE personnel.

 

FUTURE/GOALS

 

The major goal for the Campus Audit Department is to adjust the focus from a reactive department to a proactive one. In order to achieve this, a risk assessment plan is currently being developed and is expected to be ready for circulation by the end of the first quarter of 2006. The risk assessment plan will assist departments in identifying potential issues within their specific areas, and these issues can be addressed within the campus environment before the NSHE auditors are tasked to identify them.

 

The department continues its efforts to become a successful intermediary with the NSHE Internal Audit Department. During the course of the previous year, the Campus Audit Department began attending entry conferences. To alleviate concerns about formulating responses to audit findings, Campus Audit assists the University departments with formulating responses to findings. We intend to expand this service-oriented attitude during the next year by providing departments with a “What to Expect From an NSHE Audit” guide. Advance assistance will be provided to departments (on request) to correct potential audit issues prior to the NSHE auditors identifying them. Campus departments will be periodically reminded of open audit items so that as many findings may be closed as possible prior to the initial audit responses.

 

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