| WHAT
TO EXPECT WHEN YOUR DEPARTMENT IS AUDITED
Audits can either be financial or operational, or a combination
of both.
- In a FINANCIAL AUDIT,
the financial records of the department and the corresponding
accounts in the University's general ledger are examined
and verified.
- In an OPERATIONAL
AUDIT, the internal policies and procedures of the
department are observed and documented to verify efficiency,
effectiveness and consistency with the University's overall
policies and procedures.
All audits include an examination and evaluation
of a department's internal controls, also referred to as checks and balances.
At the conclusion of the audit, a final report
is prepared which summarizes the findings and recommendations.
The University president, Board of Trustees Audit Committee
and departmental management receive copies of this report.
In summary, when a department is audited the
following will occur:
- Notification of departmental manager of
initiation of audit and request to schedule pre-audit meeting
- Pre-audit meeting to outline the scope
of the audit and documentation requirements, establish a
timetable and discuss concerns
- On site observation and collection of information
- Analysis of information gathered on site
and through internal sources
- Meeting to discuss and clarify preliminary
findings and recommendations
- Final report issued and distributed
PRINCIPLES THAT GUIDE AUDITS: Generally
Accepted Governmental Auditing Standards (GAGAS)
Credibility is essential to the effectiveness
of the Internal Audit Department, and the following general
standards represent the fundamental requirements of ensuring
the credibility of audit results:
- Independence of audit department and staff
- Exercise of professional judgment in the
performance of all work and preparation of related reports
- Competence of the audit staff, including
continuing professional education
- Existence of quality control systems and
external peer reviews
FRAUD
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What is Fraud?
Fraud includes a range of irregularities and illegal acts that
is characterized by intentional deception. Anyone within the
University who has reasonable suspicions of an alleged fraud
or actual evidence of a fraud is responsible for reporting it.
All employees have an obligation to ensure that the University
is a well-controlled environment free from fraudulent or criminal
activities.
How to Report Suspected Fraud
If you become aware of an alleged fraud, please contact
the Internal Audit Department. If the fraud involves stolen
or misappropriated assets (e.g. cash, property, equipment,
etc.), you should also contact the Department
of Public Safety at 387-5555.
Fraud investigations are performed on a confidential basis,
and may involve the Internal Audit Department, the Department
of Public Safety, the Office
of the General Counsel, the Department
of Human Resources, and other areas of the University,
as appropriate.
Internal Controls
Strong internal controls are the principal mechanism for preventing
fraud. Key internal control activities include segregation
of duties, authorization and approval, reconciliation and
review, and physical security. An effective internal control
environment also implies adherence to an organization’s
policies and procedures. Current University policies
and procedures can be found at the web site of the Vice
President for Business and Finance.
To perform a self-assessment of your department’s
internal controls, please fill out the following:
Control Self-Assessment Questionnaire
INFORMATION FOR
CONTRACTORS AND SUBCONTRACTORS
(on WMU Construction/Remodeling Projects)
Please refer to applicable contract
specifications for the schedule of prevailing wage rates
and job classifications that should be used for the
project. For reporting instructions and forms, please
refer to the resources on the right.
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