- 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:
- Confirming proper segregation of duties
- Ensuring systems for approvals are in place for all transactions
- Reviewing University Best Practices to ensure compliance
- Improving documentation for transactions
- Providing an independent review of transactions through timely reconciliations of accounts, including personnel, payroll, p-card, and revenue, expenditure and transfer transactions
- Providing University Financial Services with workpapers and documentation for transactions that have been requested for internal and external audits
- Understanding and ensuring compliance with the Standards of Internal Controls issued by ASU Financial Services.
- 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
- Expenditure (including p-card transactions), revenue and transfer documents are reconciled to month-end Advantage Reports
- Review transactions for proper approvals and documentation
- Reviewing accounts for variances that may indicate a need for further investigation
- Considers internal and external audits as a positive examination of college financial processes and transactions
- Views audit comments as a means to improve processes to better meet the requirements of the university
- Requests support and recommendations throughout the year from ASU Financial Services on process and documentation requirements