Auditing Functions

Definition

  • Auditing is the examination of records or financial accounts to verify their accuracy.

Role of the College of Public Service & Community Solutions in auditing financial and personnel records: 

The College of Public Service & Community Solutions supports the University Financial Services area, ensuring all transactions meet or exceed university and state rules and regulations pertaining to financial and payroll/personnel transactions.

The College strives to be proactive in the audit process by:

  1. Confirming proper segregation of duties
  2. Ensuring systems for approvals are in place for all transactions
  3. Reviewing University Best Practices to ensure compliance
  4. Improving documentation for transactions
  5. Providing an independent review of transactions through timely reconciliations of accounts, including personnel, payroll, p-card, and revenue, expenditure and transfer transactions
  6. Providing University Financial Services with workpapers and documentation for transactions that have been requested for internal and external audits
  7. Understanding and ensuring compliance with the Standards of Internal Controls issued by ASU Financial Services.

 http://www.asu.edu/fs/documents/standards_of_internal_controls.pdf

Reconciliation Process

  1. Payroll is reconciled every two weeks.   This includes the actual payroll prior to employees being paid.  Personnel charges are reconciled to the account being charged and finally to the month-end advantage report.  This reconciliation process is split between Human Resource and the Reporting and Auditing functions to ensure segregation of duties
  2. Expenditure (including p-card transactions), revenue and transfer documents are reconciled to month-end Advantage Reports
  3. Review transactions for proper approvals and documentation
  4. Reviewing accounts for variances that may indicate a need for further investigation

Audit Summary

The College:

  1. Considers internal and external audits as a positive examination of college financial processes and transactions
  2. Views audit comments as a means to improve processes to better meet the requirements of the university
  3. Requests support and recommendations throughout the year from ASU Financial Services on process and documentation requirements