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University of Missouri System Board of Curators June 26-27, 2012 Internal Audit Committee

University of Missouri System Board of Curators June 26-27, 2012 Internal Audit Committee. Internal Audit Quarterly Report UM. Summary of Internal Audit Activity Since our April 2012 Report to the Audit Committee. Completed five internal audits Drafted two reports

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University of Missouri System Board of Curators June 26-27, 2012 Internal Audit Committee

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  1. University of Missouri System Board of Curators June 26-27, 2012 Internal Audit Committee Internal Audit Quarterly Report UM

  2. Summary of Internal Audit ActivitySince our April 2012 Report to the Audit Committee • Completed five internal audits • Drafted two reports • Planning/performing fieldwork for fourinternal audits

  3. InternalAudit Projects CompletedSince our April 2012 Report to the Audit Committee • Hatch Act Formula Grant, MU • Department of Athletics, UMSL • Cashier’s Office, Missouri S&T • Emergency Preparedness Assessment, UM System-wide • Inventory Optimization Assessment, MUHC Note – One page summaries and the full reports have been provided in advance to the Committee.

  4. Hatch Act Formula Grant, MU • Background and Scope • The Hatch Act was passed in 1886 and gives federal funding to state land-grant colleges and universities to create State Agriculture Experiment Stations. • The College of Agriculture, Food and Natural Resources (CAFNR) manages the Hatch funds to conduct research on problems of local, state, regional, or national concern. • The purpose of the audit was to evaluate the efficiency and effectiveness of the controls and monitoring processes for Hatch funds. • Key Highlights • Improve how carry-over and reallocated funds are managed and monitored to ensure all available funds are utilized.

  5. Department of Athletics, UMSL • Background and Scope • UMSL Department of Athletics strives to provide a program of intercollegiate athletics that fosters and supports a positive education and athletic experience, not only for student-athletes, but also for the entire UMSL community. • Procedures focused on relevant processes and key internal controls to analyze the efficiency and effectiveness of operations. • Key Highlights • Establish clearly delineated roles and responsibilities related to fiscal operations to improve fiscal controls and compliance with University policies and procedures. • Improve cash receipts and ticket inventory controls within the Department.

  6. Cashier’s Office, Missouri S&T • Background and Scope • The Cashier’s Office is housed within the Department of Accounting and Fiscal Services, and its main duties include the assessment, billing, and collection of student fee accounts as well as the processing of cash receipts for the campus. • In Fiscal Year 2011, the Cashier's Office processed approximately $41 million. • Procedures focused on relevant processes and key internal controls to assess the efficiency and effectiveness of operations and compliance with University policies and procedures. • Key Highlights • Evaluate the process for identifying the authenticity of individuals requesting student account information and establish documented policies • Reduce the level of sensitive financial data maintained by the Office

  7. Emergency Preparedness Assessment, UM System • Background and Scope • Each entity in the UM System has its own emergency policies and guidelines that explain what to do in the event of a natural disaster, biological threat or immediate emergency. • The purpose of the assessment was to evaluate the Emergency Response Plans for each entity, identify risk areas that should be considered in the plans, provide recommendations on areas that can be improved and highlight areas working effectively that can be used as models for the other campuses. • Key Highlights • The System should work with the campuses to develop a standardized Emergency Response Plan template. • Develop a standard method to review the plans and Hazard Vulnerability Assessments. • Incorporate secondary response personnel when updating plans and developing training programs. • Implement a System-wide standardized command, coordination and communication system. • Incorporate a uniform Emergency Response Organization across the System. • Exercise the Emergency Response Plan with local responders.

  8. Inventory Optimization Assessment, MUHC • Background and Scope • MUHC is comprised of numerous hospitals and clinics including University Hospital, Women’s and Children’s Hospital and Missouri Orthopaedic Institute which were in scope for this assessment. • MUHC has four types of inventory (par locations, department inventories, a warehouse, and surgical inventory locations) totaling $15.2 million as of December 31, 2011. • The purpose of the assessment was to evaluate the policies and procedures around inventory and assess the efficiency and effectiveness of operations. • Key Highlights • Standardize processes and product lines across MUHC to work as an integrated health system. Specific areas that could benefit from standardization include, but are not limited to: • Utilize and enhance available technology to manage par, department and OR inventory • Streamline par location inventory processes • Consolidate operating room supply locations • Review the medical/surgical distribution agreement for areas of optimization

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