Are Internal Audit employees Monroe Community College employees? Yes, all employees of the Internal Audit Department are college employees.
How does internal audit maintain their independence to ensure audits are objective? Internal audit reports to the President and works closely with the Vice President for Administrative Services, 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.
What governs the practice of internal audit? 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.
Are there any other auditors that I might encounter at Monroe Community College? 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 and internal auditors? 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.
How do you decide what areas will be audited? 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.
What kinds of audits do you do? 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.
What are internal controls? 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.