Newsletter Volume 1 | Issue 1 | January – March 2020

“OIA Panther Audit Platform will help you manage your outstanding audit issues.”

RISKS | CONTROLS | COMPLIANCE ALERT

IN THIS ISSUE
GETTING AHEAD OF THE CURVE

Here are five common issues found during recent audits completed by our office and how to prevent them from occurring in your unit:

  • Attractive/sensitive property is not cataloged or properly managed.
    Mitigation: Management should develop and disseminate operating procedures for managing attractive/sensitive property. This procedure should include: the definition of attractive/sensitive property, the type of information to catalog, the frequency at which inventory should be updated, the process for moving property, and the appointment of a person who is responsible for inventory controls. For more guidance, you can review FIU Policy 1130.010 Property Control.
  • Business unit managers are not approving employee time/leave payroll entries and employees are self-approving time/leave payroll entries.
    Mitigation: Business unit managers should create an internal deadline for time entry and manager’s approval and restrict the delegation of approval. Require and maintain documentation of leave activity if approver is not the employee’s direct manager. Employees should obtain prior written approval from their supervisor if they are proxies for self-approving time/leave payroll entries. Managers and proxies should approve entry by “2:00 p.m. of the following Monday” deadline.
  • Employees improperly or failed to complete the Outside Activity/Conflict of Interest (OA/COI) Forms.
    Mitigation: Unit management should create an internal process to periodically notify all supervised employees to complete OA/COI forms and monitor for completion.
  • Employees incurred unallowed and unsupported credit card purchases.
    Mitigation: Unit managers should develop internal procedures for P-Card use. If unsure about a purchase, please review the guidelines in the P-Card Program Manuals before proceeding. In addition, employees should obtain and provide the original receipt/invoice for all purchases that contain: vendor name and address; date of purchase; date the goods were received; description of each item purchased; unit cost of each item purchased; purpose of the purchase; and the total cost of the purchase charged to the departmental card.
  • Business unit managers did not approve the secondary employment contract until after the start or completion of the contract.
    Mitigation: Review FIU Policy 1710.110, Dual Employment and Compensation. Business unit management should inform all supervised employees regarding the need to have eRequest for Additional Compensation (eRAC) approved before the contract commences. In addition, managers must timely approve eRAC and obtain supplementary required approvals from the dean or supervisor.
RECENT SUCCESS

Recent audits of FIU’s Treasury Management function and Accounts Receivable found adequate internal controls and well-functioning operations in both areas. Effective processes included:

  1. Investment portfolio performance
  2. Compliance with debt covenant
  3. Cash control policy
  4. Safeguarding sensitive data
  5. Accounting for receivables for student tuition and fees, third party contracts, and interest.

You can find these reports on the following link: oia.fiu.edu/internal-audit-reports

GET READY FOR THE OIA PANTHER AUDIT PLATFORM FOR FOLLOWING UP ON YOUR AUDIT ISSUES AND ACTION PLANS

The State University System of Florida Board of Governors, FIU Board of Trustees, University President Rosenberg, and the Office of Internal Audit expect the department managers, units, and colleges audited to address audit recommendations and complete action plans in a timely manner.

The Office of Internal Audit developed a tool to assist all departments, units, and colleges audited in managing their audit landscape, including the follow-up process on outstanding audit recommendations. The tool, the OIA Panther Audit Platform, is an efficient, user-friendly platform that provides a centralized place to manage the audit follow-up process.

The Office of Internal Audit will launch the OIA Panther Audit Platform in the upcoming months once full testing is completed. You will also find a link to instructional and training content on the Platform’s landing page. Stay tuned and be on the lookout for this helpful tool!

OTHER RESOURCES

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