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Internal Audit So what’s it all about then …briefly

Internal Audit So what’s it all about then …briefly What are your concerns … some I know, let me know others What are some of ours … if I’m not too bruised and battered! Questions? … Ask them any time and cut me short if I go on!. What we do and Why. There are two main themes.

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Internal Audit So what’s it all about then …briefly

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  1. Internal Audit • So what’s it all about then …briefly • What are your concerns … some I know, let me know others • What are some of ours … if I’m not too bruised and battered! • Questions? … Ask them any time and cut me short if I go on!

  2. What we do and Why There are two main themes

  3. SACS vs FinanceFinancial Payments • Invoice only • No control stamp • No DF Receipts • Manual receipt books • Stamp deposit slip (F1 or Deposit Book) Journals • Unclear – workflow or sign • Have written to Finance Budget Adjustments • Nothing • Can see it in F1 Corporate Cards • No difference • Invoices attached to statements • Statement signed – cardholder and Principal Types of evidence now that on Finance 1

  4. Audit Opinions • They should be consistent – we work very hard at this. • Opinions based on policy, guidelines and procedures. • An obligation to report it as it is, not filtered. • However…. • Schools are different – for valid reasons • Risk based procedures in some instances • Not everything is black letter • Evidence different/missing – reconciliation difficult • Requires us to exercise professional judgement • Sometimes discretion is justified ( but not if black letter ) • Equity and fairness – good systems vs bad systems • Not everything is as obvious as this…. Why do auditors have different opinions?

  5. Unity • Agree – very difficult • Try very hard to be consistent • We consider the environment – not just compliance • Schools do different things all the time • Some done well .. .others not • We may ignore minor issues & focus on more important ones • There’s a lot we review – not all have procedures • Some professional judgement required • Concerns with consistency – let me know How can there be unity in what we do if auditors require different things?

  6. Nothing clear as to what we have to keep for audit. • Impossible for audit to list everything • Program is limited – does not cover everything • You should be able to objectively support your activities • Records must be contemporaneous • Can provide a general list – you may have some or all • There would be other requirements beyond the program • Audit – test if what should be done is being done • Inconvenient – but documentation should be there • If not - local issue, education, support ? Audit Requirements – What are they? Would appreciate a ‘tick box’ list from the auditor

  7. Payments to the Principal • Workflow is linear, systemic • Not possible to change to address unique payments • Example of gap in controls – no guidance • Objective – segregation of duties • Claim/invoice certified by next senior teacher • Protects yourself from coercion • Adheres to the segregation objective • Maintains workflow efficiency • Consistent with other processes – corp card Who approves payments to the Principal – workflow suggests they authorise their own !?!

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