Volume 2, Issue 4
Tracking Risk Mitigation
Defining Actual situation (Current Risk)
Developing/ calculating metrics for current risk situation and the level of risk that is tolerable
Analyzing current risk level vs. tolerable (target) risk level
Developing a plan to get from current to target (this is the mitigation plan)
Monitoring/ reporting mitigation progress to verify we are on track
Tracking Risk Mitigation Example In our last newsletter, we discussed risk response strategies for threats and opportunities. This newsletter ERM section demonstrates how to track risk mitigation plans with a simple example. In our next issue, ERM section will discuss incorporating ERM into routine operations.
Risk: A high staff turnover rate
Calculation of current (high) turnover rate and the tolerable turnover rate
Gap analysis of current turnover rate vs. the tolerable turnover rate
Risk treatment plan: Employee satisfaction surveys, Compensation & benefits study
Continuous monitoring and reporting of staff turnover rate
Client of the Quarter Internal Audit is excited to recognize Donna Nemeth, Administrative Secretary at Real Estate Management, as this quarter’s Client of the Quarter. Even though Donna is new to the district, she has proven to be a quick study. She provided timely information, valuable insights, and proactive support during the Facilities Use Management audit. Donna is always available and quickly responds to calls and emails, making everything run much smoother. Her dedication and her never saying, “that’s not my responsibility” attitude truly stand out! Donna’s hard work makes a difference, and we appreciate her efforts and willingness to go the extra mile. Congratulations, Donna!
Internal Audit Mission Internal.Audit@ocps.net
We provide independent, objective assurance that adds value and enhances the district’s performance, accountability, and transparency.
MEET THE AUDITOR – Jinwei Quitoriano
Meet Jinwei, a valued member of our audit team for almost two years. Jinwei joined us after nearly eight years as an auditor in our local healthcare system. She holds a bachelor’s degree in Economics from the University of
Central Florida and is a Certified Internal Auditor. In her free time, she enjoys spending time with her family and caring for her plants. Jinwei has also enjoyed working on our newsletter, so if you have great ideas you want to share, she is the one to speak to. Despite being with us for just two years, Jinwei loves meeting new friends at the district and always stops by to say hi. We are grateful to have her on our team and look forward to her continued contributions!
Internal Control ip
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Before signing off to approve or authorize proposed procurements or vendor payments, slow down to ensure you have a clear understanding of the specific educationrelated purpose(s).
Did you Know...
Organizations with hotlines detect fraud more quickly and have lower losses than those without hotlines.
Reports issued since our last newsletter • Fuel Management • School Safety and Security All our reports are available for your reading enjoyment on our website at https://www.ocps.net/departments/internal_audit/reports
Keeping an Eye on Construction Expenses You all know about the district’s large building program. OCPS schools currently have an average age of 13 years, much lower than one might expect for a district more than 150 years old.
Cumulative Fees vs. Cost Recoveries $9,000,000
This is thanks to the taxpayers’ approval of a half-cent additional sales tax dedicated to school construction. To date, more than $4.5 billion has been collected!
$8,000,000
You may not know, however, that your Internal Audit Department is helping keep a watchful eye on these expenditures. Every project funded from the sales tax, along with those funded from other revenue sources like impact fees, is audited.
$6,000,000
Contractor books and records are examined and, if we determine they charged the district more than they should have, the district gets that money back. If the excess charges exceed $10,000, the contractor pays for the audit.
$3,000,000
Since its inception, our construction audit program has recovered almost $7.9 million. The recovered costs are more than four times the cost of the audits – an excellent return on investment!
$-
$7,000,000
Cost Recoveries $7,882,811
$5,000,000 $4,000,000
$2,000,000 $1,000,000
Net Fees $1,909,498
GIFT CARD SCAMS THIS
Holiday Season
Gift card draining is one of the most common scams during the holiday season due to the high volume of gift shopping. Victims are often unaware that it is even happening, and the money on the gift card could be transferred to another account in a matter of seconds. Here’s some quick tips to protect yourself: 1. Check the Seal: When purchasing a physical gift card, make sure it is sealed and the tape covering the PIN is intact. 2. Report Suspicious Activity: If you see any suspicious activity regarding gift cards, report it to the gift card company or a store employee right away.
STAY AWARE AND ENJOY A SAFE HOLIDAY SEASON!
Hi OCPS! National Cybersecurity Awareness Month was in October, but we should not think about this important topic only one month out of the year! Let us engage in best cybersecurity practices all year round! We will share a quick tip in every issue of Audit Insights! Be sure to check out the previous issues and stay tuned for more tips in the upcoming editions!
Cybersecurity Awareness Tip BEWARE of QR Code Scams As the holiday season approaches, there’s a sneaky group of QR code criminals trying to spoil our fun. These cybercriminals can inject your phone with malware, lead you to phishing sites to steal your information. They might print malicious QR codes on stickers and place them over legitimate ones. There’s also the risk of a bug in a code reader app that could exploit your phone’s cameras or sensors.
But don’t worry, friends! To keep the QR code cybercriminals at bay, never scan a QR code from an untrusted source, and always check if a sticker has been applied over the original. Use a QR reader app with built-in security features and report any malicious QR codes to the business owner. With these simple steps, you can ensure your holidays are filled with joy, laughter, and safe scanning. Happy holidays!
Spread the Word Quickly and easily report any concerns about possible fraud, waste, or illegal acts by calling the OCPS whistleblower hotline at 407-317-3976. Callers may remain anonymous if they wish. More details = better investigation, so please report them! Let’s protect our resources and integrity. Reporters can also file concerns online at: Whistleblower Complaint Procedure
There’s a Policy for That! Winter holiday break is almost here! It’s finally time to enjoy some well-deserved rest and relaxation, spending quality time with family and friends, and exchanging holiday cheers and gifts. However, this time of year often brings up questions about students’ attendance policies. Can my kids take a few extra days off to extend our holiday break? What are the rules regarding attendance, and who is keeping track anyway? If I am okay with it, does the school care? To find the answers, please refer to School Board Policy JE. This policy covers all the details about attendance and absences for grades K-12. It emphasizes the importance of maintaining a good attendance record, as regular attendance is closely linked to academic success. Regular attendance ensures that students do not miss out on important lessons, discussions, and activities that are crucial for their learning and understanding. Please take a moment to review the policy and start 2025 on the right note.
Now you know!
POLICY
Click Here
Share Your Thoughts on Audit Insights Newsletter! As we wrap up the year, we’d love to know what you think about our newsletter. Your feedback is very important to us because it helps ensure we’re making your reading experience the best it can be. So, please take a moment to complete the survey and let us know how we’re doing and if you have any suggestions for us. We’re all ears! While we value everyone’s opinion, we can only accept survey responses from OCPS employees at this time. We appreciate your understanding and look forward to hearing from you. One participant will be randomly selected to receive a small thank you gift. Make sure to submit your answers by January 31, 2025.
https://forms.gle/CgQo9FBjihERgfj7A You can reach us at Internal.Audit@ocps.net Learn more about Internal Audit: https://www.ocps.net/departments/internal_audit
INSIGHTS
Internal.Audit@ocps.net
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