Focus This Issue: Operational Internal Control, Part II

Welcome

The purpose of the Briefing is to provide our colleagues at USG institutions and other stakeholders with substantive summaries of audit policy issues we have encountered concerning governance, risk management and internal control audits.  While we will not focus on the institutions themselves, we will provide an overview of the related policy and the relevant details of our audit findings and related recommendations.

In this issue, we continue to focus on operational internal control issues in audit shops, grant management and information technology.  Our lead discussion looks at the IIA Quality Assessment process and how audit shops are compared to the IIA standards.  The article, “When is the Auditor Audited?”, outlines the litmus test standards that audit offices should strive to achieve.  Our other discussion articles focus on internal controls in grant management and the corresponding federal regulations outlined in OMB Circular A-21 and the 17 principles outlined in the COSO information technology framework.   Finally, we provide a summary of recent GASB Statement updates.

As always, we enjoy hearing from you, and welcome any thoughts or feedback about this publication.  Thank you for reading.

Sincerely,

John M. Fuchko, III Chief Audit Officer and Associate Vice Chancellor

“When internal audit is strong, its work will cause opportunity to float and risk to drown.” -Dan Zitting, CPA, CISA​