Internal Audit Department
Old main, Rm 415
1000 E. University Ave
Laramie, WY 82071-2000
Phone: 307-766-2385
Fax: 307-766-3288
Auditing is an important tool to help assure that activities are efficient, effective, and in compliance with requirements. The Internal Audit Department will review your department operations to determine if good business practices are followed and if your area is in compliance with established laws, policies and procedures. These include UW policies and procedures, and any internal policies and procedures your department has established. Federal laws and any other applicable regulations will also be reviewed.
The audit process will primarily focus on a review of the documents prepared by your department. There are several specific areas in which the auditors routinely find discrepancies. It would benefit your department to check the following items on some routine basis, to help assure good practices:
If your department collects cash from sources outside the University, your cash handling procedures should be periodically reviewed to ensure the following:
You should obtain a current inventory list of items assigned to your department. You may obtain this list by contacting the Asset Management at 6-2302. This list should be compared with inventory items that are actually present in your department. Also, close attention should be paid to items that you have recently received or recently disposed of. ANY discrepancies that are noted should be reported to the Asset Management so that your inventory list may be updated. A mechanism should be established to track items below the capitalization limit of $5,000.
All disbursements made through the university system should have supporting documentation: the date, cost, item description, and budget line item being charged. Supporting documentation should also clearly indicate that the amount charged is an appropriate according to UW rules and regulations. Ensure that:
Research grants are a high risk to the organization due to the extensive rules and regulations which require higher levels of accountability and therefore need to be tracked carefully. Institutions of Higher Education are required to be in compliance with The Uniform Guidance if they are in receipt of any federal funds. This provides guidance on the cost principles of federal funds and allowability of costs. Common items reviewed:
All contracts must be properly executed.
The auditors will check to see if written procedures are in place, appropriate and ensure your department is following them. If the department utilizes a “shadow system” (i.e. QuickBooks, Peachtree, etc. or spreadsheet built by office personnel) to manage its finances in addition to WyoCloud, the passwords to the “shadow system” should be changed on a regular basis. The “shadow system” should be reconciled to WyoCloud monthly. The Auditor will ask to see the reconciliation documentation.
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This information is designed to provide general guidance on areas that the UW Internal Audit Department find discrepancies most common. This is not a complete reference guide to all aspects of an audit. Each department has its own individual characteristics and processes which will be looked at independently to determine if they are sufficient. If you have questions about the organization of your supporting documentation or processes, the Internal Audit Department is available to assist you. Please feel free to contact Kathleen Miller at 6-2385 or by email at kmille43@uwyo.edu to set up an appointment.
Internal Audit Department
Old main, Rm 415
1000 E. University Ave
Laramie, WY 82071-2000
Phone: 307-766-2385
Fax: 307-766-3288