What are common audit recommendations on Revenue?
Separation of Duties
- Separate duties of receiving and handling cash payments, reconciling the source documents to the deposit, and posting the payments and adjustments to customer accounts
What are common audit recommendations on Research?
- Ensure signature authority forms are complete and accurate. (GIM 14)
- Obtain prior approval from the sponsor for certain activities and expenditures excluded from expanded authorities.
What are common audit recommendations on Recharge Centers?
- Submit rates to Management Accounting and Analysis whenever the rate calculation methodology changes significantly.
- Submit rates to the Dean’s Office for review and approval.
What are common audit recommendations on Payroll?
- Submit hourly timesheets directly to the business office for processing after the supervisor approves. Timesheets should not be returned to the employee.
- Obtain prior authorization for planned leave and overtime.
- Ensure timesheets are approved by employees and by supervisors with first-hand knowledge of hours worked.
What are common audit recommendations on Information Systems?
- Align the department’s strategic plan with business and computing objectives.
- Define the current capabilities and future needs for information technology.
What are common audit recommendations on Gifts?
- Maintain complete documentation on gift budgets so that the department has information needed to spend gift funds in accordance with donor intent.
- Ensure scholarships and fellowships are awarded in compliance with donors’ intent.
- Ensure external funds are properly classified.
What are common audit recommendations on Equipment?
Separation of Duties
- Separate the duties so that the equipment inventory custodian does not perform or verify the physical inventory.
- Tag equipment when received.
What are common audit recommendations on Disbursement and Purchasing?
- Assign to separate people the duties of approving purchases, receiving and reconciling transactions to the My Financial Desktop (FD).
- Purchase must be approved by an authorized individual