Title: OACR audit focus
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 Material Information
Title: OACR audit focus
Series Title: OACR audit focus
Physical Description: Serial
Creator: Office of Audit & Compliance Review, University of Florida
Publisher: Office of Audit & Compliance Review
Publication Date: May 2005
 Record Information
Bibliographic ID: UF00087344
Volume ID: VID00012
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.

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QR Audit Focus



A quarterly newsletter fron


1 the Office of


Audit & Compliance Review


Nur Erenguc, Chief Audit Executive
May, 2005


Audit Plan and Risk Assessment


Inidetiise





















Aui Pla I


Welcome Crig


Each year, OACR revisits the process
of identifying and analyzing risks for
the University. An integral part of
risk assessment is obtaining manage-
ment's own assessment of risk. This
quarter, OACR surveyed senior man-
agement with oversight of key proc-
esses and activities of the University.
They were asked to consider the
broad objectives and activities to
evaluate inherent risks. Their assess-
ments were used in the development
of the audit plan for 2005-2007.


Risk assessment is defined as the
identification and analysis of relevant
risks in the achievement of the objec-
tives, forming a basis for determining
how the risks should be managed.
Risk assessment is one of the five
components of internal control. Other
components include control environ-
ment, control activities, information
and communication, and monitoring.
The control environment sets the tone
of the organization, and has a perva-
sive influence on the way activities
are structured. Management's com-
mitment to integrity, ethical values,
and competence, together with its phi-
losophy and operating style, and hu-


man resource polices and practices
impact the overall control environ-
ment. Objective setting is a precondi-
tion to risk assessment. Management
sets objectives, identifies and as-
sesses risks in their achievement, and
takes necessary actions and estab-
lishes controls to manage these risks.
The broad objectives applicable to all
units include operational, financial,
compliance, and asset protection re-
lated objectives.


Control activities are closely related
to risks in an organization. The poli-
cies and procedures that help ensure
management directives are carried out
are examples of control activities.
Other control activities include au-
thorization, financial information rec-
onciliation, asset verification, and ap-
propriate delegation and segregation
of duties. Control activities may be
preventive or detective, and should be
evaluated based on the benefits and
associated costs.


We welcome your request for assis-
tance in reviewing your unit's internal
controls. You may email us at audi-
tor@ufl.edu, or call us at 392-1391.












OACR Address:
Office of Audit &
Compliance Review
341 Tigert Hall,
P.O. Box 113025,
Gainesville,
FL 32611

Tel: (352) 392-1391
Fax: (352) 392-3149



Editors
William Moon
wmooncaufl.edu
Suzanne Newman
suzmcdcaufl.edu
Brecka Anderson
andersbcaufl.edu








We're on the Web
at:
OACR.UFL.EDU


New Staff Member at OACR

Craig E. Reed,
Senior Audi-
tor, joined our
office on May
6. Craig is a
CPA and a UF
graduate of
the Fisher
School of Ac-
counting. He has over 10 years ex-
perience with the Auditor General's
office and most recently was an ac-
counting coordinator in UF's General


International Internal Auditor Awareness Month


May of each year is the designated
month throughout the world to build
awareness of the internal audit pro-
fessional and its important role in
organizational effectiveness and effi-
ciency, internal control and risk man-
agement. In that effort, on April 26,
2005 the Florida Governor signed a
proclamation that reads in part,
"Whereas, internal auditors help their
organizations meet their objectives


by monitoring A
risks and ensuring
controls are ade-
quate to mitigate
those risks; The Institute of
and.....Now, there- Internal Auditors
fore, I, Jeb Bush, Governor of the
State of Florida, do hereby extend
greetings and best wishes to all ob-
serving Internal Auditor Awareness
Month, May, 2005."


Office of Audit & Compliance Review
341 Tigert Hall
P.O. Box 113025
Gainesville, FL 32611


Accounting Office. Craig can be
reached at 392-1391 or by e-mail at
cereed@ufl.edu.

OACR Office in Yon Hall

To bring our resources closer to the
growing UF campus community,
OACR has opened its third office.
The Yon Hall office located in room
306 is currently staffed by Al Moon
and Marilyn Velez. They can be
reached at 846-3402.


IT (RII ,l1




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