It is the policy of the Finance and Audit Committee of the Board of Visitors and the management of Virginia Polytechnic Institute and State University to support the maintenance of an internal audit function to assist in the effective discharge of their responsibilities for the control of institutional resources.
Fraud, Waste, or abuse investigations
The objective of these audits is to contribute to the improvement of risk management and the control systems within the university by identifying and evaluating exposures to business risks and the controls designed by management to reduce those risks.
University Internal Audit will perform risk-based audits of all university operations and activities to appraise:
Approximately 20 of these types of audits are planned each year. For more information on the risk-based assurance process, contact Bill Abplanalp.
Review Common Audit Topics here.
In order to provide the Finance and Audit Committee of the Board of Visitors and Executive Management with a clear picture of university-wide business practices and compliance with key university fiscal and administrative policies, University Internal Audit began performing an ongoing series of compliance reviews in fiscal year 2003-04. University Internal Audit has concluded that the reviews are most effectively conducted and reported at the senior management (College, Vice President) level. It is at this level where the authority and resources reside to make compliance and good business practices a priority. There are approximately 25 senior management areas identified in the university’s financial system, and each will be reviewed at least once during every five-year cycle.
The ultimate objective of the reviews is to contribute to the improvement of risk management and the control systems within the various senior management areas by evaluating compliance with the following university policies and procedures:
Fiscal Responsibility (Policy 3100)
Expenditures (Policy 3200)
Fixed Asset Management (Policy 3950)
University Key Control (Policy 5620)
Information Technology (Policies 1060, 7010, and 7105, and Standard for Storing and Transmitting Personally Identifying Information)
State Vehicle Maintenance (Policy 5500)
Family Educational Rights and Privacy Act (FERPA)
University policies can be located at www.policies.vt.edu, including links to the relative operational procedures.
Approximately 5 of these reviews are conducted each year. For more information on the compliance review process, contact Bill Abplanalp.
University Internal Audit performs advisory service reviews at the request of management. Advisory service activities, the nature and scope of which are agreed with the client, are intended to add value and improve the university's governance, risk management, and control processes without the internal auditor assuming management responsibility.
For more information or to determine if an advisory service review is right for your organization, contact Carolyn E. Fulk.
Fraud, Waste, or Abuse Investigations
All allegations of fraud, waste, and abuse are treated seriously and reviewed to the extent allowed by the quality of the information provided and evidence available.
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There are three means available for reporting observations of this nature:
The identity of the individual conveying the information remains confidential in any of the above cases. University Internal Audit encourages individuals with information pertaining to potential fraud, waste, or abuse to contact University Internal Audit directly at 540-231-5883. Direct reporting enhances the ability of the reporting individual to assist University Internal Audit in gathering the evidence necessary to substantiate the claim and to initiate corrective action. For more information, please consult the University's policy 1040: Reporting Suspected Fraudulent Activities.
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University Internal Audit | Virginia Tech
email@example.com | (540) 231-5883 | North End Center, Suite 3200, Virginia Tech | MC 0328 | Blacksburg, Virginia