The Internal Audit Department recently overhauled its consulting and advising services offered to all University departments and divisions.
“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations,” according to the Institute of Internal Auditors. While assurance services have been known and received by the campus community as a standard operation for internal audit, consulting services have not been widely utilized.
Consulting engagements offered by internal audit include:
- Risk assessments – facilitating discussions with the department about what could go wrong and the likelihood that it will happen
- Controls assessments – assisting departments with the evaluation of the controls established and their effectiveness and efficiency
- Process improvement sessions – utilizing various tools to map out established processes, recommending improvements if necessary
- Inventory system development – helping departments create and implement an inventory system for higher-dollar, pilferable items, such as iPads, laptops, cameras, tools and other equipment
- Advising – internal audit can deliver presentations on the following issues:
- Fraud awareness – a class is offered twice a year through learning and organizational development; however, for staff unable to attend, the department will schedule a session
- Internal auditing issues – same as above, this class focuses on defining internal controls and learning about what happens in a standard audit
- Petty cash/change fund review – a representative can come to a department and review the petty cash or change fund procedures followed and provide assistance in establishing best practices
- Reconciliation tips – internal audit can arrange to speak to the administrative and business staff about best practices and standards for reconciliation of funds and deposits
Anyone within a department can request assistance from internal audit by visiting its website. Click on the “about us” tab, then navigate to the “services offered” section. Staff can email Tara Pritchett directly at firstname.lastname@example.org or call 704-687-5694.
Institute of Internal Auditors. (2013). International Professional Practices Framework. Altamont Springs, FL: The Institute of Internal Auditors Research Foundation.