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Audit Buzz Newsletter
March 2023
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In this issue of Audit Buzz, it summarizes the status of current engagements, discusses myths about auditors in the Knowledge Hive, and celebrates internal audit awareness. Stay up to date with Office of Auditor General's (OAG) current and future work by subscribing to Audit Buzz.
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 Fairfax County Public Schools (FCPS) management and staff during all past, current, and future audit engagements.
Engagement and Office Updates
Current Engagement Update
- The March Audit Committee public meeting was cancelled. OAG is scheduled to present FY23 OAG Inquiry Status, in the April meeting.
- In addition to the ongoing Continuous Monitoring, we are currently conducting the IT Cybersecurity and Employee Evaluation Process audits.
Knowledge Hive
Overcoming Classic Myths About Auditors
In this issue of Knowledge Hive, we present common myths attached to the title, internal auditor. Just the title “auditor” alone can bring negative thoughts like fear and anxiety. The goal of this article is to dispel these myths and give a better understanding of why internal auditors are important for any organization and how their help can bring about positive change.
Auditors are the audit police.
Thinking that an auditor is out to get them and are simply coming to find issues during the audit process is simply untrue. OAG auditors are especially happy to see our schools and departments succeed. When an auditor walks into a school/department, that auditor is the giving the school/department the opportunity to meet requirements even if what you are providing them does not meet their needs. Internal auditors must be seen as a great ally in search of the necessary adjustments to process improvements. Change is ever evolving and through recommendations comes improvements.
Auditors are accountants.
Usually after an auditor is asked what their job responsibilities are, it is usually assumed that accounting is one of them. Although an accounting background can be helpful and useful for this career, internal auditors address compliance issues, fraud, and internal controls. An accountant is usually hired for a specific company and enters financial data vs. an auditor is checking the financial data to ensure accuracy. Both positions require knowledge of accounting, but an auditor is an independent body here to review the organizations processes and maximize financial resources.
Internal auditors are the same as external auditors.
While some parts of an internal and external auditors’ day-to-day job are similar, an internal auditor’s services are broader in scope. Usually both internal and external auditors are looking over bank balances and financial transactions, but their main objectives differ. While an internal auditor evaluates internal controls and ensure compliance with the laws and regulations, an external auditor’s purpose is to determine whether an organization is providing accurate representation of its financial position. The users of the audit reports differ as well. Management/School Board are given the audit report from an internal audit vs. the members, shareholders and the public at large are given the audit report from the external auditor.
All and all, changing perceptions takes time but hopefully this article brings a better understanding of what to expect from an internal auditor at your organization.
Did you Know?
May is Internal Audit Awareness Month
The Institute of Internal Auditors (IIA) observes May as the “International Internal Audit Awareness Month”. OAG is scheduled to be recognized for internal audit contributions to FCPS during the School Board Regular Meeting on April 27, 2023.
Upcoming Events
Next Audit Committee Meeting
The next Audit Committee meeting is scheduled for April 12, 2023 at 4:30 PM. Please refer to BoardDocs for meeting information once it becomes available.
Fraud, Waste, and Abuse Hotline:
(571) 423-1333 (anonymous voicemail)
InternalAudit@fcps.edu (email is not anonymous)
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