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Enhancing Internal Audit Efficiency: Staffing and Key Findings Overview

This document outlines the structure and staffing of the Internal Audit Department as of August 2013. Led by Mr. Mike Vandervort, the department reports directly to the president and conducts quarterly meetings with the Internal Audit Committee. Key audit findings include issues related to inadequate segregation of duties, untimely reviews of financial reports, security access flaws, unauthorized expenditures, and improperly authorized time records. Notable case examples illustrate serious financial misappropriations totaling over $1.4 million, highlighting the importance of stringent internal controls.

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Enhancing Internal Audit Efficiency: Staffing and Key Findings Overview

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  2. August 2013

  3. Internal Audit Department Staffing Mr. Mike Vandervort, Director Mr. Chris Taylor, Assistant Director Ms. Angela McCarter, Assistant Director Mr. Tod Maxwell, Sr. IT Auditor Mr. Brandon Morales, IT Auditor Ms. Brenda Guerrero, Auditor III Ms. Ashley Foster, Auditor III Ms. Cameosha Jones, Auditor II Ms. Miranda Pruett, Auditor I Mr. Derek Stuart, Auditor I Mr. Cameron Fletcher, Student Intern Mr. Ryan Kothlow, Student Intern

  4. Internal Audit Reporting Structure • Reports to the president and meets with him monthly • Meets quarterly with the Internal Audit Committee

  5. Top 5Audit Findings Inadequate segregation of duties Inadequate or untimely review of monthly financial reports Inappropriate access/lack of security Inadequate authorization of expenditures Time records not appropriately authorized

  6. Case Examples Fake Invoices, Fake Payment Vouchers – stole over $800,000 Use of ProCard for personal benefit – 2 cases totaling almost $200,000 Cash Losses – over $400,000 Scholarships, Eligibility Falsified – $28,000

  7. Questions?

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