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  • Capitalized Assets and Surplus | Office of Internal Audit - Partnering with Management
    equipment inventory records lies with the department initiating the acquisition or transfer of the equipment The equipment information is maintained on a central database to track the University s assets compute depreciation expense for the University s financial statements and to provide departments with inventory reports The necessary forms and instructions can be located at CAMO s website http www uiowa edu fusprop 3 Has a departmental capitalized equipment inventory been conducted within the last two years Ideal Answer YES Each department is required to conduct a complete physical inventory of capitalized equipment every two years Any additions deletions transfers or corrections i e changes in the location or custodian discovered during the biennial inventory must be reported to the CAMO on the proper reporting form The department can use bar code scanners provided by CAMO or a current departmental listing to complete the inventory Upon completion of the inventory the departmental executive officer must sign any applicable equipment adjustment forms and forward them to CAMO along with the signed certification letter certifying that the physical inventory has been completed The department is responsible for notifying CAMO of all changes in the status of equipment between biennial inventories This shall include but is not limited to assets stolen lost cannibalized sent to Surplus Store changes in location and custodian The necessary forms and instructions can be located at CAMO s website http www uiowa edu fusprop 4 When any asset capitalized and non capitalized has been identified for disposal is the first step to contact University Surplus Ideal Answer NO Equipment dispositions result from sales trade ins donations declarations as surplus property cannibalizing for parts scrapping transfers to another department or another institution related to a departing faculty member Regardless of the method of disposal for any asset capitalized and non capitalized the proper disposal form must be completed and submitted to CAMO for authorization The responsibility for providing the CAMO with all required information lies with the department initiating the disposition of the asset The necessary forms and instructions can be located at CAMO s website http www uiowa edu fusprop 5 When any University property is stolen destroyed or missing would CAMO be contacted first Ideal Answer NO Any University property including items of equipment destroyed stolen or otherwise missing must be reported to Campus Police at the time it is discovered missing If the property is not recovered within 48 hours the incident must be reported in writing to the University s Risk Manager At the same time a Deductions Request form and a copy of the Campus Police report must be sent to the CAMO to assure that the item will be removed from the University s asset management system There are additional requirements if the asset is federal property The necessary forms and instructions can be located at CAMO s website http www uiowa edu fusprop 6 Are University assets used off campus properly accounted for Ideal Answer YES Short term use When any equipment

    Original URL path: http://www.uiowa.edu/audit/capitalized-assets-and-surplus (2015-11-11)
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  • Cash Handling | Office of Internal Audit - Partnering with Management
    secure secret place Any substantial shortage or apparent theft must be reported immediately to Campus Police 4 Is there proper separation of duties in the cash handling function an individual should not have responsibility for more than one of the cash handling components recording of charges billing collecting depositing and reconciling Ideal Answer YES There should be proper separation of duties between the employees accepting money making the deposit and the employees responsible for maintaining the accounting records applicable to the payments Deposit records should be reconciled to the daily and monthly accounting reports to ensure deposits have been posted to the appropriate account for the appropriate amount To ensure that differences are discovered someone who does not handle cash should do this Proper separation of duties promotes accountability and reduces the risk of possible wrongdoing 5 Are cash shortages identified analyzed recorded and reported Ideal Answer YES Operational cash overages and shortages should be recorded to provide an audit trail of these occurrences The reconciliation process should identify the amounts of cash overages shortages and management should investigate to determine the underlying cause Appropriate corrective action should be taken to prevent further losses or errors Any substantial shortage or apparent theft must be reported immediately to Campus Police 6 Are funds collected and deposited at least weekly or when the amount on hand is greater than 500 whichever occurs first Ideal Answer YES In order to reduce the amount and risk of loss to the University funds must be deposited at least once a week or whenever collections exceed 500 However daily deposits are encouraged 7 Are all funds collected properly deposited intact Ideal Answer YES To ensure that all receipts are posted properly to the Unit s fund account s the entire amount of receipts collected must be deposited None of the cash collected in the Unit may be used prior to deposit For example the Unit can not use 10 of its cash receipts to purchase postage and then reduce the amount of its cash deposit by the 10 used 8 Is someone independently reviewing and approving voids and refunds Ideal Answer YES A good control activity is to require someone with proper authority to approve voids and refunds before they are processed The person providing this approval should not be the same person who initiated the transaction The approval should be documented and retained with the daily records 9 Are steps taken to ensure safety of the person transporting the deposit to the bank or drop site location Ideal Answer YES Secure the deposit in a locked money bag pouch Be as inconspicuous as possible by disguising the money bag in some fashion such as placing it in a book bag Alter the route and time of delivery to the designated deposit drop off location 10 Is your Change Fund and or Cash Advance an authorized advance from Accounting Services Ideal Answer YES All University funds must be recorded and properly accounted for If you are

    Original URL path: http://www.uiowa.edu/audit/cash-handling (2015-11-11)
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  • General Expenditures | Office of Internal Audit - Partnering with Management
    allied organizations Ideal Answer YES General policy Funds in allied organizations intended for support of the University shall be transferred to the University for expenditure rather than be expended directly from the allied organization Expenditures on behalf of the University involving equipment building construction or renewal or as compensation for a University employee must be transferred to a University account where they will be subject to the Board of Regents and the University s policies Funds on Deposit with Allied Organizations http www uiowa edu our opmanual v 03 htm 32 4 Rewards and Recognition Program Are you aware there is site you can review regarding rewards and recognition Ideal Answer YES General Education Funds may be used for business related items e g training and conference expenses journal subscriptions membership fees those expenses that assist or improve an employee s performance Low cost awards to show appreciation for staff e g personalized plaques certificates cups or trophies may be bought with General Fund money Developing a written recognition program will benefit your department should an auditing agency question your use of funds http www uiowa edu hr recognition 5 Technology Allowance Policy Are you aware there is a Technology Allowance policy Ideal Answer YES University employees who meet the eligibility requirements for business use will be given a predetermined amount of supplemental compensation to cover the approximate monthly cost of a cell phone or cellular PDA and or remote Internet service Additional information can be found in the Technology Allowance policy at the below link http www uiowa edu our opmanual v 11 htm 1123 6 Low Dollar Purchasing Are you familiar with procurement card purchasing and E buy Ideal Answer YES A procurement credit card is available to departments to obtain low cost non equipment items Departments may

    Original URL path: http://www.uiowa.edu/audit/general-expenditures (2015-11-11)
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  • General Financial | Office of Internal Audit - Partnering with Management
    clear means to communicate standards and expectations to staff 3 Are all funds and accounts reviewed monthly and variances or deficits noted analyzed and reported to management Ideal Answer Yes Departments should ensure financial reports are adequately reviewed and unusual activity or trends reported to management 4 Are all financial funds or accounts assigned to a responsible person who is accountable for properly managing the fiscal resources Ideal Answer Yes Frequent communication can help reduce misunderstandings and identify potential problems earlier 5 Does department maintain the detail for all journal entries CV s prepared and posted to the general ledger Ideal Answer Yes Often the general ledger journal entry is just a summary of many transactions over the course of a day week month etc In these circumstances the department should maintain the original documentation or individual transaction detail that supports these journal entries 6 Are the results of operation monitored through use of measurable performance indicators Are written reports required by management to evaluate performance Ideal Answer Yes Departments should have a methodology to identify key business processes and routinely measure how well they carry out those processes 7 Do supervisors meet regularly and informally with management Do reports highlight significant or unusual variations Ideal Answer Yes Frequent communication can help reduce misunderstandings and identify potential problems earlier 8 Does the department have procedures for monitoring compliance Ideal Answer Yes Departments should identify and document all key compliance issues and ensure responsibility for maintaining compliance is clearly assigned to appropriate personnel 9 Are records maintained in accordance with the Records Management Policies Ideal Answer Yes Departments should be aware of approved records retention policies to ensure that both proper records are maintained and unnecessary records are disposed 10 Does department record and track issuance of keys Ideal Answer Yes

    Original URL path: http://www.uiowa.edu/audit/general-financial (2015-11-11)
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  • Information Technology | Office of Internal Audit - Partnering with Management
    Answer YES Files stored on personal computer local drives should either be backed up to a network drive or to a disk media floppy CD R DVD R on a regular basis 5 Does the department maintain individual site license documentation for all software installed or used on departmental PS s Ideal Answer YES Documentation showing proof of purchase license for all departmental software should be maintained in a central file Any software installation media should be centrally secured and controlled to avoid unauthorized installation and use 6 Is the level of IT system access assigned to each staff member regularly reviewed by management to assure that there is still a continuing need for it Ideal Answer YES User access right to information and systems should be periodically reviewed to make sure a valid job related need still exists for the access 7 Does department management review and approve the request for access by any staff member to the various University systems Ideal Answer YES Management should sign all access requests only after verifying that it is necessary for the staff member to perform their job duties 8 Is the required paperwork notification completed and filed before a staff member removes any IT equipment from campus for an extended period of time Ideal Answer YES Before any University property is removed from campus for an lengthy or open period of time an Off Campus Use of Property From http www uiowa edu fusprop forms index html must be completed and files with Property Management 9 Are the hard drives of computers being disposed of over written to Department of Defense DOD standards or physically destroyed prior to be sent to Surplus Ideal Answer YES In order to prevent the compromise of confidential data or violation of software licensing agreements all

    Original URL path: http://www.uiowa.edu/audit/information-technology (2015-11-11)
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  • Other Departmental Operations | Office of Internal Audit - Partnering with Management
    2 Is it important to document key business processes Ideal Answer YES Key processes should always be well documented so that business can continue as usual in the absence of the primary business process owner They are also great tools for cross training existing staff and new hire training 3 Does Internal Audit often suggest additional training in audit reports Ideal Answer YES The lack of appropriate training is often the reason why internal controls break down in processes People want to do the right thing They just need to know the right way to perform the activity 4 Do we need to perform biennial asset inventories Ideal Answer YES An asset inventory is a key control to ensure that equipment is appropriately accounted for in the financial statements and that it is still in use and safeguarded from theft or destruction 5 Is there a place I can go to find out how long supporting documentation for transactions should be kept in my department Ideal Answer YES The University has standard guidelines available at http www uiowa edu fusrmp 6 Can I accept payment for charges that I enter into a billing system Ideal Answer NO If you currently

    Original URL path: http://www.uiowa.edu/audit/other-departmental-operations (2015-11-11)
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  • Payroll and Human Resources | Office of Internal Audit - Partnering with Management
    reporting and it conveys to the employees that the department is watchful of their attendance Leave requests may be documented using optional University Request for Leave forms or they may be noted on a calendar by email or other form of record by the supervisor Segregation of Duties 1 When pay statements or checks received are via campus mail are they distributed by someone other than the initiator of payroll documents Ideal Answer YES Segregation of duties will assure that payments are made to valid employees of the department 2 Can the individual who has delegation of approval authority initiate payroll transactions in the workflow system and then approve them Ideal Answer NO Payroll transactions are to be initiated and approved by two separate individuals at the department level to maintain segregation of duties 3 Does everyone have their own access to Payroll and Human Resource systems so that passwords are never shared Ideal Answer YES Passwords should never be shared Everyone who needs access to perform their jobs should have their own password 4 Are biweekly time records reviewed and approved by the employee s supervisor or their designee who has knowledge of the hours worked by the employee Ideal Answer YES The person who approves the time record is indicating that the hours are recorded correctly 5 Are biweekly employees terminated timely Ideal Answer YES Leaving a biweekly appointment open allows the possibility of submitting fraudulent time sheets Document Retention and Personnel File organization 1 Are search materials kept on file in the department for 3 plus current years Ideal Answer YES University requires that search materials be kept on file in the department for three plus current years This includes applications from non successful candidates 2 Are Orientation Checklists and Transfer Termination Checklists utilized by the department and maintained in personnel files Ideal Answer YES Human Resources web site has a template for these checklists that individual departments can adapt to their needs The information and documentation resulting from using these templates not only reflects good business practice but sets the tone for good internal control 3 Are Personnel files maintained in a secure location and do their contents follow document retention guidelines Unnecessary documents are properly disposed of by shredding or placing in a confidential document destruction bin Ideal Answer YES Guidelines incorporate compliance issues and best practice issues Disposing of unnecessary documentation saves space and allows for better organization These guidelines outline the need to keep a separate medical file for compliance purposes http www uiowa edu hr relations persfiles html 4 Are Employee Performance Reviews done annually properly documented entered into web reporting and kept in the personnel files Ideal Answer YES Annual Performance Reviews are a requirement By entering them into the web reporting system the University can measure compliance http www uiowa edu 7Eour opmanual iii 03 htm 32 Credential and Criminal Checks 1 Are credential checks performed Ideal Answer YES Human Resources Policy requires credential checks for new hires http www

    Original URL path: http://www.uiowa.edu/audit/payroll-and-human-resources (2015-11-11)
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  • Procurement Card | Office of Internal Audit - Partnering with Management
    locked desk or file drawer 2 Are Pcard vouchers reconciled and routed in workflow prior to the 18th of the month following the end of each billing cycle Ideal answer Yes Card holder is responsible for timely reconciliation of monthly statements Accounts Payable policy requires this by the 18th of the month following each billing cycle 3 Are all purchases compliant with University Pcard policy Ideal answer Yes Monthly reconciliations

    Original URL path: http://www.uiowa.edu/audit/procurement-card (2015-11-11)
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