Services

The objectives of a Department Review consist of identifying significant risks and risk areas in a client department and (a) determining the adequacy and effectiveness of existing procedures and controls to manage the significant risks identified, (b) assessing compliance with University and Sponsor policies and procedures in the target risk areas, and (c) identifying opportunities for improving the efficiency and effectiveness of the client’s administration.

See Conducting a Review.

The objective of the Continuous Audit Program (CAP) and the Research Expenditure Compliance Assessment Program (RECAP) is to review a periodic sample of Tri-Agency expenditure transactions, which includes expense reimbursements, invoice payments and PCard purchases, to assess alignment between applicable requirements and actual practices followed for the reviewed transactions. Data analysis tools and discussions with key functional leads are both leveraged to ensure a risk-based focus in the selection of areas and transactions reviewed. Transactions selected are reviewed for anomalies and compliance with University policies and procedures and funded agency sponsor agreements, regulations and guidelines. When an area is selected for audit, the appropriate individual(s) responsible for financial oversight is (are) contacted, asked to supply all relevant documentation and the overall process is discussed. A brief summary report of the results is then provided to those responsible for financial oversight and is copied to either the University Controller and Director of Financial Services or the Division of the Vice-President, Research and Innovation to support institutional training and education efforts. The results of the CAP and RECAP process are also reported to the President and Vice-Presidents and the Audit Committee semi-annually.

See Guide to Financial Management.

Investigations may be undertaken as a result of requests by senior University administrators or department heads, findings identified in the course of an audit review or concerns reported to the Department (see Reporting Incidents of Suspected Financial Impropriety). The reviews are limited in scope to address the specified concerns only.

Reviews generally relate to loss of assets, serious non-compliance with donor and/or grant sponsor requirements, violations of policies, procedures and laws or other University business risks. Where appropriate, the Department consults with the subject matter experts, human resources, labor relations, legal counsel, law enforcement, insurers and others as considered necessary.

The Department regularly consults with the University’s external auditor to coordinate audit activities and avoid duplication of effort.

The Department assists the University’s external auditor with the undertaking of the annual external audit requirements to the extent that internal audit resources are available.

Internal audit reports are copied to the external auditor for information purposes.