Yes, all employees of the Internal Audit Department are college employees.
Internal Audit reports to the Vice President, Institutional Advancement and Executive
Director, MCC Foundation with direct access to the Board of Trustees. In order to
maintain objectivity, the Internal Audit Office does not develop procedures, prepare
records, or engage in any other activity which it would normally review and appraise.
The College’s Internal Audit Office operates in compliance with standards issued by
The Institute of Internal Auditors (IIA) and practices provided by the Association
of College and University Auditors (ACUA). The internal auditor is a Certified Internal
Auditor achieved through meeting certain credentials including academic degree, auditing
experience, tested competencies, and continuing professional development.
Yes, MCC engages an external auditor – Bonadio & Co. LLP – to perform both the annual
financial statement audit and the federally mandated A-133 audit. In addition, the
New York State Office of the State Controller may perform audits of the college. On
occasion, auditors from federal and state agencies may be on campus reviewing grant
programs they have funded.
Any auditors on campus should be able to appropriately identify themselves. Our suggestion
is not to provide any documentation, records, or access to assets until the individual
provides proper identification. Please contact internal audit if identification is
questionable or the documents requested don’t appear appropriate for the program under
audit.
External auditors work for public accounting firms and are primarily focused on financial
reporting. Internal auditors are a management resource used to help identify risks
and recommend ways to minimize these risks. We do this by identifying and recommending
best practices and internal control process improvements through a portfolio of audit
services.
Internal audit prepares a flexible annual plan which is reviewed and approved by the
President. The plan is primarily developed based on a risk assessment, management
requests, external audit requirements, and college needs. The audit plan is adjusted
as needs arise during the year that warrants the expertise of the internal audit office.
We provide a variety of services. Generally speaking, here are the most common:
Traditional Audits – We examine college policies and procedures, operating practices,
and external laws and regulations to look for ways to improve operations and ensure
compliance with federal, state, and accounting requirements.
Consulting Engagements – We provide advice on specific questions or problems that
management has asked for assistance in solving.
Investigations – We attempt to learn the validity of allegations received and if needed
recommend ways to enhance controls over the process.
Internal controls are operating practices that provide checks and balances to help
ensure the achievement of an objective. Controls are tools college employees use
every day help assure that departments or processes operate according to plan. The
internal control structure of the college includes such things as written policies
and procedures, organizational design, computer security, and physical barriers. Simply
put, internal controls are good business practices.
