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Economic crime has risen exponentially since 2003. New fields of research, technology, and government regulation have caused the dynamic complexity of accessing compliance to rise dramatically. Federal sentencing guidelines require certain control infrastructures be in place to protect Federal monies. Internal Audit Departments stand as a vanguard, mitigating risk and creating value added positions for institutions of higher education. Creating an audit function from Capitalization to full integration can be a difficult though. That is why the Association of college and university auditors has created a startup guide and Kit. All information is electronically available and has a step by step plan to create, staff, and position an internal audit department at an institution of higher education.
Here is a sampling of what to
expect:
Responsibilities of the Audit Department
Responsibilities of the Chief Audit Executive
Establishing the Authority of the Audit
Department
Audit Committee Charter
Internal Audit Department Charter
Internal Audit Department Policy and Procedures
Important Organizational Policies
Getting the Department Operational
Annual Risk
Assessment
Annual Audit Plan
Writing an Audit Program
Internal Controld
Assignment Tracking
Quality Assurance Program
Fraud Hotline
Fraud Investigations
Staffing the Department
Reporting to the Audit Committee and Management
Report Writing
Periodic Reporting
Annual Report
Each of these sections has a detailed narrative derived from the various sources and perspectives of professional associations, Chief Audit Executive and governing bodies. It has been reviewed and vetted by ACUA to give a targeted focus on implementing Audit Departments in higher education which will streamline the process and reduce costs of the Internal Audit Function.