 |
|
Audit Buzz Newsletter
May 2021
|
In this issue of Audit Buzz, we summarize the status of current engagements, highlight May as International Internal Audit Awareness Month, and also provide information on the next Audit Committee meeting.
Prior editions of Audit Buzz are archived here on OAG's website.
As always, we appreciate the cooperation and courtesies extended to our staff by FCPS management and staff during all past, current, and future audit engagements.
Engagement and Office Updates
Current Engagement Update
- At the May 26, 2021 Audit Committee meeting, OAG presented on the following agenda items:
- Auditor General Updates
- FY21 Business Process Audit - Forestdale Elementary School Audit Report
- FY21 Hiring and Onboarding Practices Audit Report
- FY21 Fidelity of Implementation of School Board Actions Audit Report – Follow Up Discussion
- OAG continues to serve as the project liaison for a comprehensive program review of FCPS’ special education, which American Institutes for Research (AIR) was contracted to perform. The researchers completed the Year 1 data collection activities and are working on identifying emerging themes. The first year report is scheduled to be presented to the School Board in July 2021.
- OAG is currently performing its annual risk assessment process. We plan to present the proposed FY22 audit plan in the June 16, 2021 Audit Committee meeting.
Knowledge Hive
In this edition of Knowledge Hive, we highlight Internal Audit Awareness Month. Please take a moment to read about many of the roles and responsibilities of internal auditors as we acknowledge the occasion. As a bonus, for interested FCPS employees, we highlight information about an upcoming OAG training to further enhance your audit knowledge.
Internal Audit Awareness Month
Do you know that May is International Internal Audit Awareness Month? OAG reports independently to the Fairfax County School Board. OAG internal auditors serve an important purpose within this complex organization and perform a variety of roles and responsibilities, such as:
-
PROVIDING INSIGHT AND ASSESSING CONTROLS –– Through their expertise, knowledge, and broad perspective of an organization, internal auditors evaluate efficiency and effectiveness, and provide management and the School Board with assurance that adequate controls are in place to respond to the risks that may threaten the organization.
-
EVALUATING RISKS – Risks can be everywhere (reputation damage, inefficient operations, fraud, lawsuits, policy violations, regulatory compliance, theft, etc.) Internal auditors assess the significance of an organization’s risks and the effectiveness of risk management efforts, communicate these to management and the Board, and develop recommendations to improve risk management.
-
IMPROVING OPERATIONS – With a solid understanding of the organization’s objectives, internal auditors can examine operations to determine whether they are being performed efficiently and effectively.
-
PROMOTING ETHICS – Professional internal auditors abide by a Code of Ethics which upholds the principles of integrity, objectivity, confidentiality, and competency. They raise red flags when they discover improper conduct.
-
REVIEWING PROCESSES AND PROCEDURES – Internal auditors review operations closely and assess whether existing processes are well designed to help the organization achieve its goals.
-
EVALUATING SAFEGUARDS – The organization’s tangible property, human resources, and intellectual property are valuable and must be guarded against potential damage. Internal auditors evaluate the procedures used to safeguard assets from theft, illegal activities, or other types of loss. They bring deficiencies to light and make recommendations for enhanced protection.
-
INVESTIGATING FRAUD, WASTE, AND ABUSE – Because fraud can affect any level of the organization, the internal auditor is provided access to all records as well as the authority to conduct audits and investigate possible fraudulent behavior throughout the organization. Click here to see our fraud reporting page.
-
COMMUNICATING RESULTS – After conducting thorough audits, internal auditors report their findings and recommend appropriate courses of action to strengthen organizational success. Audit Reports are available here on OAG's website.
In carrying out OAG work, we follow the generally accepted government auditing standards (GAGAS). The standards are used by auditors of governmental entities and other audit organizations performing audits to obtain guidance, requirements for audit reports and audit organization quality control. The standards also provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services.
OAG will offer a class to FCPS employees, “Auditing Standards and the New Yellow Book: Maintaining Independence, Exercising Professional Judgement and Performing Quality Audits for FCPS” on July 23 (Friday) from 9am to 11am. We strongly encourage FCPS employees who are interested to join this training. Click here to register.
Additionally, please look out for the upcoming Audit Buzz, where we will unpack our audit process more for our readers! More to come.
Did you Know?
Next Audit Committee Meeting
The next Audit Committee meeting is scheduled for 5:30 PM on June 16, 2021.
The agenda will be available on BoardDocs prior to the meeting.
Fraud, Waste, and Abuse Hotline:
(571) 423-1333 (anonymous voicemail)
InternalAudit@fcps.edu (email is not anonymous)
|
