Internal audit awareness – preparing for the audit with a controls self-assessment

Members of the Internal Audit Department visit approximately 15 campus units each year. These visits can be anxiety-inducing and prompt questions such as “What if we are doing something wrong? Am I going to lose my job over this? How can we be prepared for the audit?”

One way departments can relieve their anxiety is through conducting a controls self-assessment.

A controls self-assessment (CSA) is a tool available on the Internal Audit Department website. It is a list of yes/no questions that speak to common situations throughout the University concerning process controls that should be in place to mitigate risks. For example, “Are you regularly reconciling your funds, and then having another member of your department look over your reconciliations?” If so, great job – score one “yes” on the CSA.

After completing the controls self-assessment, departments should meet as a team to examine the results. Brainstorm together on how to turn a “no” into a “yes.” Establish a timeline to meet these goals and periodically review progress until completion.

To prevent being overwhelmed if there are a number of controls to implement, prioritize the top two or three concerns that pose the greatest risk to the unit. Focus on these first. Reassess progress and conduct a departmental “checkup” when key staff members are replaced.

The Internal Audit Department offers several classes throughout the year in conjunction with the Human Resources Department learning and organizational development team.

The course “Internal Auditing Issues” focuses on risks and controls (what can go wrong and how to fix it). “Fraud Awareness” includes statistics on fraud and how to detect it within a department. “How to Conduct a Controls Self-Assessment” is a walk-through of the CSA process; it finishes with a CSA on a model department.

“We can also come to your department to help facilitate a controls self-assessment workshop – feel free to call and ask any time,” said Tara Pritchett, staff auditor.

More information on training classes is available on the Web.

“Oh, and to address the initial questions, if something is going wrong in your department, we can help you fix the issues and come out shining on the other side – we really are here to help,” Pritchett stated. “Visit our website for more information or visit us in person in Cato Hall.”

Inside UNC Charlotte, during May (Internal Audit Awareness Month), is publishing a series of short articles on topics to help the campus better understand the role of internal audit.