Title: OACR audit focus
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00087344/00025
 Material Information
Title: OACR audit focus
Series Title: OACR audit focus
Physical Description: Serial
Language: English
Creator: Office of Audit & Compliance Review, University of Florida
Publisher: University of Florida Office of Audit & Compliance Review
Place of Publication: Gainesville, Fla.
Publication Date: 2008
 Record Information
Bibliographic ID: UF00087344
Volume ID: VID00025
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.


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1R AuditFocus

A quarterly newsletter from the Office of
Audit & Compliance Review

Nur Erenguc, Chief Audit Executive

U F s C o m pli a n c e H otli n e U p dag t e dg

In order to facilitate the confidential
reporting of issues, the university
initiated a confidential compliance
hotline in 2007. The hotline allowed
for the reporting of concerns or
problems via the internet or tele-
phone. The OACR is responsible for
the oversight of the university's
compliance hotline, which is oper-
ated by a third party to ensure that
all callers and reports remain confi-

During 2008, 50% of the OACR's
complaints were received through
the Hotline. When complaints and
allegations are received by the
OACR, they are assessed to deter-
mine if they should be addressed by
our office or by other appropriate

Statistics relating to assessment and
classification of all complaints re-

ceived by the OACR in 2008, are
show below:

Referred for administrative
review 19
Closed at preliminary assess-
ment 6
Full scale review 11
Total 36

Information regarding UF's Compli-
ance Hotline can be found at
www. compliance.ufl. edu/
reportonline.html and direct access
to the confidential web reporting
page is located at
www.reportlineweb.com/uf. The
new telephone reporting line num-
ber is 877-556-5356 and is available
24 hours a day, 7 days a week.

Contact OACR to obtain information
posters for the compliance hotline.

Inside this issue:

\Ve're on the \eb at:

OACR's 2007-2008 annual report has
been posted to the OACR web site.
The annual report provides a sum-
mary of the Office of Audit and
Compliance Review's activities for
the year and presents data for

benchmarking the effectiveness of
its operations. Visit our website to
review a copy of the annual report
at http : //oacr.ufl. edu/
Ne ws & Reports /
Annual Renort0708Ondf

OAsAnna Reor


IBIs e

Off*e of Aui.

G a *ins ille, F .l B

Mar~ly J. Velez
i jv'e[lez) c ],fl ] ed u

We're h e t

agement when
nal controls:

The following
good busi-
ness prac-
tices should
be consid-
ered by man-
implementing inter-

Segregation of Duties The criti-
cal activities of transaction authori-
zation, custody of assets, record-
keeping and reconciliation should
not reside with one individual.
Compensating controls, such as
management reviews, should be in
place when segregation of duties
cannot be accomplished.

Timeliness of Deposit UF depart-
ments should remit all cash or check
collections to the University Cashier
no less frequently than weekly.
Whenever collections exceed $500
they must be deposited within one
business day. Should collections in-
clude credit card or debit/ATM card
payments a deposit should be made
by the next business day.

Reconciliations Ledgers should be
reconciled to the unit's accounting
records at least on a monthly basis to
ensure that errors, irregularities or
any unauthorized transactions are
identified. Reconciliations should be
documented and reviewed by manage-

Red *lg Rue I

eThe Federal Trade Com-
mission and Federal Bank-
ing Agencies issued a
regulation called Red Flag
Rules to reduce the risk
of identity theft. Users of consumer
reports (i.e. those conducting cred-
its and background checks) as well
as financial institutions holding
"covered accounts" must review this

rule to determine its applicability and
actions to be taken. The Red Flag
Rule implementation date, originally
scheduled for November 1, 2008, has
been delayed until May 1, 2009.

Detailed information about the effect
of the rule in colleges and universities
can be found at:

Staff~~ Chne-

Shirley Lampotang, Chartered Ac-
countant, joined us on October 31
as a Senior Auditor. Shirley has ex-
tensive years experience in account-
ing, management and external audit.
She previously worked for Coopers
& Lybrand (now known as Price
Waterhouse Coopers) in the United
Kingdom and in the audit depart-
ment of the Arthur Andersen repre-
sentative in Mauritius. Please join
us in welcoming Shirley to our staff.

Nur Erenguc, Chief Audit Executive
has announced her retirement. Nur
has been with the university for over
25 years, 22 of which have been in
internal auditing. Her professional
experiences include teaching, serving
as an accountant, an internal auditor,
and since 1990, overseeing the inter-
nal audit program for the university.
The search for her replacement has
commenced. The OACR will miss Nur
but wish her the best.

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