Volume 1, Issue 2 Internal Audit Awareness Month May was Internal Audit Awareness Month – a month dedicated to highlighting the value an internal audit function brings to organizations and the public around the country and the world. OCPS has a dedicated team of professional internal auditors who embrace their roles and work tirelessly to help the district and its management achieve their goals. They are proud to assist the School Board, Superintendent and management by providing independent, objective assurance services that add value and enhance the district’s performance, accountability and transparency. The School Board proclaimed May as Internal Audit Awareness Month in recognition and appreciation of all internal auditors and their work in evaluating risks and opportunities, ensuring efficiency and effectiveness, and promoting fraud awareness and strong internal controls.
Audit Advisory Committee Did you know OCPS has an audit committee? We do! They oversee our internal audit department on behalf of the School Board. These five highlyqualified persons are appointed by the School Board and volunteer their time to perform this important job. They operate under a School Boardapproved charter that describes their responsibilities, some of which include approving the annual audit plan, monitoring management’s progress in addressing audit findings and conducting the School Board Internal Auditor’s annual performance assessment. To learn more, check out their page on our website at this link Audit Advisory Committee.
Approving invoices: beyond the price
Internal Control
Agreements with vendors often include requirements beyond pricing. Before approving invoices for payment, read your contract/ agreement and consider whether: There may be other deliverables such as manuals, reports, etc.. Have we received them and are they acceptable? Add-ons to items in the bid may be priced at discounts from a “list” price. Do you know where the list price came from? Have you verified its authenticity? Items may be priced with a mark-up over vendor cost. Have you verified that cost by reviewing valid evidence of that cost (for example, an actual invoice paid by the vendor for the item)? Be sure all vendor performance requirements are met before approving payment!
Internal Audit Mission Internal.Audit@ocps.net
We provide independent, objective assurance that adds value and enhances the district’s performance,accountability, and transparency.
FINANCIAL WORLD IN THE 20TH CENTURY
In our last issue, we turned on the time machine and went back and recapped some significant events in audit history. In this issue, we travel back to the world when it turned its face to the 20th Century. A lot of things happened that left a mark and shaped the audit and financial world that we now know. Here are a couple of those significant events.
1933 • The Securities Act, an integral part of US securities regulation, was enacted during the Great Depression and after the stock market crash of 1929.
1934
In the next issue,
we’ll end this journey by taking a look at events that once again made a change in the financial world and how things are being done in the 21st century.
1941 • The Institute of Internal Auditors (IIA) is established as an international professional association to develop standards, guidance, and certifications for the internal audit profession. *Information sourced to LinkedIn
Did you Know... More than half of all fraud tips come from employees.
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• The Securities Exchange Act governs the secondary trading of securities (stocks, bonds, and debentures) in the US and established the Securities and Exchange Commission (SEC), which regulates the major stock exchanges in the US.
INSIGHTS
May was Internal Audit Awareness Month and for this Newsletter’s crossword puzzle we have an audit themed puzzle called “Things that Internal Audit does…” ACROSS 3. We verify what Management has done to mitigate the issues 4. We do a lot of these in all of the audit phases 5. They oversee our internal audit department DOWN 1. Document that contains summary of findings 2. First audit phase to gather information from our clients
Answers from last quarter’s Take a Break puzzle ACROSS 3. Allies in education - PARENTS 4. Local governing body - SCHOOLBOARD 5. [BLANK] County Public Schools - ORANGE
DOWN 1. Association of three (3) stakeholders – PTSA 2. Strength of the District - TEACHERS 4. If it weren't for the [BLANK] we wouldn't be here – STUDENTS
Internal.Audit@ocps.net
An OCPS Internal Audit Newsletter