Briefing | A University System of Georgia Publication

An Introduction from the Chief Audit Officer and Associate Vice Chancellor

2011-08-18T13:08:56Z

Welcome to the Office of Internal Audit and Compliance Briefing, a summary report of highlights from our recent work within the University System of Georgia. We plan to publish multiple times a year, with the hopes of providing our stakeholders a clear depiction of our recent engagements, findings, and recommendations. Each issue will contain several articles describing a recent audit topic, our related work, and the results of the audit program along with our recommendations to management.

Focus This Issue: Operational Internal Control, Part II

2013-03-28T21:37:55Z

Welcome

The purpose of the Briefing is to provide our colleagues at USG institutions and other stakeholders with substantive summaries of audit policy issues we have encountered concerning governance, risk management and internal control audits. While we will not focus on the institutions themselves, we will provide an overview of the related policy and the relevant details of our audit findings and related recommendations.

In this issue, we continue to focus on operational internal control issues in audit shops, grant management and information technology.

COSO Internal Control Integrated Framework - 17 Principles

2013-03-27T16:53:35Z

In the last issue of the Briefing, I discussed the changes in the COSO framework. The updated framework provides attributes, explanations, and examples of how the 17 principles fit into the control component. In this article I will define and describe the 17 principles and how they work in consonance to effect change.

Extra Compensation Related to Federal Grants

2013-03-26T22:28:56Z

In this issue, we will discuss internal controls regarding the payment of extra compensation. Federal agency regulations control the calculation and characterization of grant related billing. The following discussion provides guidance; however, the final authorities are the grant and contract documents, granting agency policies and procedures, and Circulars for Educational and Non-Profit Institutions 2CFR, part 220 (OMB Circular A-21). Federal guidance is given on additional pay for Faculty researchers.

DID YOU KNOW? New GASB Updates

2013-03-26T21:49:05Z

The Governmental Accounting Standards Board (GASB) is the independent organization that establishes standards of accounting and financial reporting for U.S. state and local governments. Ben Riden, BOR Associate Vice Chancellor for Fiscal Affairs, prepared a summary of the most recent changes to specific GASB statements.

When Is the Auditor Audited?

2013-03-26T16:56:12Z

Measuring and assessing performance is just as important for the Office of Internal Audit and Compliance as it is for any department. The International Standards for the Practice of Internal Auditing (Standards) requires that an external assessment be conducted of internal audit departments at least once every five years by a qualified, independent reviewer or review team from outside the organization. The purpose of the review is to provide reasonable assurance to management and stakeholders that the Office of Internal Audit and Compliance is in compliance with applicable auditing standards.

Presidents Panel Discussion - Georgia 2012 Conference for College and University Auditors

2012-12-06T21:46:00Z

The Georgia 2012 Conference for College and University Auditors, held July 30 and 31, was attended by more than 80 higher education audit and finance professionals from across the southeast. Of the many highlights of the conference was the Presidents Panel discussion, featuring four USG Presidents:

• Dr. Lisa Rossbacher, Southern Polytechnic State University, • Dr. "Bud" Peterson, Georgia Institute of Technology, • Dr. Beheruz N. Sethna, the University of West Georgia, and • Dr. Daniel S. Papp, Kennesaw State University. The panel discussion provided attendees with the rare opportunity to hear from and ask questions of several University Presidents in a group setting. The topic of discussion was “Setting the Tone at the Top – The Importance of the Internal Audit Function as a Management Tool”.

Focus This Issue: Operational Internal Control

2012-10-25T23:30:09Z

In this issue, we will focus on operational internal control issues in human resources, grant management and information technology. Our lead discussion looks at the USG policy concerning requirements for employment background investigations as an auditable action item.

Did You Know? Regulations Regarding Military Identification

2012-10-25T23:21:02Z

United States Code Title 18, Chapter 33, Section 701 prohibits unauthorized photocopying, reproduction, or possession of Uniformed Services ID (military ID) cards under penalty of fine or imprisonment. A military I.D. may only be copied for awarding DOD benefits by the federal government.

Internal Control Issues Concerning Grant Awards

2012-10-25T22:56:31Z

It is crucial for an institution to establish a structure for successful administration of their grant program. This article will address the concept of internal controls as a critical element in establishing a grant award infrastructure.

COSO Internal Control Integrated Framework Proposed Updates

2012-10-25T22:12:12Z

In 1992, COSO and PricewaterhouseCoopers (PWC) established a common internal control model called the Internal Control Integrated Framework (ICIF), used by companies and organizations to assess their internal control systems. The ICIF gained popularity in the early 2000’s after meltdowns of several U.S. corporations including Enron, WorldCom, Global Crossing, and Tyco. This article will address the proposed updates to the ICIF and how the framework applies to local campus internal controls.

5 Most Common External Audit Issues - FY2011

2012-10-25T21:13:27Z

The Education Audit Division of the Georgia Department of Audits and Accounts performs financial and compliance audits and other engagement activities for all public colleges and universities within the state of Georgia each fiscal year. OIAC tracks these issues and have identified the five most common audit issues across all USG institutions. We provide recommended resolutions in this article.

Employment Background checks as an Auditable Issue

2012-10-25T20:49:49Z

The BOR Human Resource Department, along with the Legal Affairs Office, work with institutions to ensure employee background investigations are conducted and conform to BOR policy. What is the policy? The policy on employment background checks is found in the Human Resources Administrative Practice Manual employment section. Is your staff trained on employment and hiring policies and procedures? We Have Resource Tools!

Ineligible Expenditure Item for the Operating Budget

2012-07-13T20:25:56Z

Did You Know?

"Chamber of Commerce membership payments are not an eligible expenditure item for the operating budget!"

Mandatory Student Fees

2012-07-13T19:36:57Z

Mandatory student fees are required to be paid by all students, and must be approved annually. These fees are subject to Board of Regents (BOR) Policy Manual § 7.3.2.1 , which describes how fees are approved, including the requirements for student participation in the process. This article discusses the policy regarding BOR mandatory student fee rates.