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 Compliance Auditing is to assess the completeness, accuracy and propriety of a monthly sample of transactions drawn from the University’s accounting system using Computer Assisted Audit Techniques (CAAT’s). CAAT’s are tools used by the Department to select audit samples and monitor transactions and data recorded in the University’s accounts for anomalies and compliance with University policies and procedures and funded agency sponsor agreements, regulations and guidelines. When a transaction is selected for audit, the initiator of the transaction is contacted and asked to supply all relevant documentation. Audit findings are discussed with the initiator who then receives a detailed letter which is copied to the appropriate supervisor. The results of compliance auditing are 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.