Sponsored by International Quality and Productivity Center Conference on THE CHANGING ROLE OF THE INTERNAL AUDITOR March 31-April 2, 2003 * Georgian Terrace Hotel * Atlanta, GA
<See Details at the end of this email> Seats are limited so sign up now at www.iqpc.com! *************************************** I work in a university environment and would love to see the finding. We used to have a problem with segregation of duties, but it also seems we don't run into it much more. I've worked on so many large management audits with extremely significant findings that it seems every audit has different results. Some of our common findings not listed include lack of policies and procedures, lack of position descriptions and evaluations, and inadequate access controls for IT systems. I hope others reply. I think the answer to this question will remind others of how important our job really is. Tracey Sadler, CIA, CGAP Senior Internal Auditor Texas A&M University System 1200 TAMU College Station, TX 77843 Phone (979) 845-3476 -----Original Message----- From: Jim Kaplan [mailto:[EMAIL PROTECTED]] Sent: Sunday, February 02, 2003 10:06 AM To: [EMAIL PROTECTED] Subject: Top 10 Audit Findings Sponsored by International Quality and Productivity Center Conference on THE CHANGING ROLE OF THE INTERNAL AUDITOR March 31-April 2, 2003 * Georgian Terrace Hotel * Atlanta, GA <See Details at the end of this email> Seats are limited so sign up now at www.iqpc.com! *************************************** Over the years I have seen similar audit findings on different audit projects. Regardless of the industry or sector that I have worked in I see recurring themes such as a lack of separation of duties, lax security, weak controls over authorizing expenditures, reconciliations not performed etc. In 1998 information taken from the 40th annual National Council of University Research Administrators conference held in Washington, D.C. they identified the Top 10 Audit Findings. That list is available on the Web at http://www.ora.med.ucla.edu/Aud10.htm The findings included (I left one out because it is specific to colleges and universities): 1. Inadequate Segregation of Duties - Strong internal control requires the appropriate segregation of responsibilities for authorization, physical custody of assets, and related record keeping. 2. Inadequate, or untimely, review of monthly ledger reports - This represents the final detective control in our system of accounting. 3. Inappropriate Access/Lack of Security - Management should provide safeguards for physical objects, restricted information, critical forms, etc. 4. Inadequate Authorization of Expenditures 5. Lack of Appropriate Authorization of Time Records 6. Inadequate Knowledge of Policies and Procedures 7. Lack of Control Over Capital Equipment 8. Untimely Deposit of Receipts 9. Personal Telephone Calls In order to generate a discussion I thought I would pose the questions to the list in terms of what are your "top" findings and to what extent are they recurring? This conference provides expert speakers addressing the latest and most topical issues regarding new processes & practices helping internal auditors successfully meet the expectations of BODs & auditing committees, senior executives, clients and external consultants. Includes case studies from Fidelity Investments, Bon Secours Health Systems, Staples, Schwan Food Company, FedEx, Anchor Bancorp, and others. AUDIT-L SUBSCRIBERS WILL SAVE $200 using discount code: A434E. Register by calling 1-800-882-8684, email to: [EMAIL PROTECTED] or online at www.iqpc.com! Note: This discount cannot be combined with any other offer. Payment in full upon registration. For cancellation and conference policies, please visit www.iqpc.com. If your organization would like to sponsor this discussion list send an e-mail to [EMAIL PROTECTED] for information. To unsubscribe to the Audit-l list send an e-mail to [EMAIL PROTECTED] Leave the subject line blank and include the This conference provides expert speakers addressing the latest and most topical issues regarding new processes & practices helping internal auditors successfully meet the expectations of BODs & auditing committees, senior executives, clients and external consultants. Includes case studies from Fidelity Investments, Bon Secours Health Systems, Staples, Schwan Food Company, FedEx, Anchor Bancorp, and others. AUDIT-L SUBSCRIBERS WILL SAVE $200 using discount code: A434E. Register by calling 1-800-882-8684, email to: [EMAIL PROTECTED] or online at www.iqpc.com! Note: This discount cannot be combined with any other offer. Payment in full upon registration. For cancellation and conference policies, please visit www.iqpc.com. If your organization would like to sponsor this discussion list send an e-mail to [EMAIL PROTECTED] for information. To unsubscribe to the Audit-l list send an e-mail to [EMAIL PROTECTED] Leave the subject line blank and include the
