During a Risk and Internal Control Assessment, Internal Audit meets as a team with department managers and key employees to discuss: The processes, risks, and internal controls associated with their department. The types of risks discussed include: Management, Operational, Inventory, Reputational, Strategic, Financial, and Compliance (e.g., P-Card, Travel, General Expenditures, Petty Cash, and Cash Handling). The five essential components of an effective internal control structure. The components are Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. The importance of the identification of risks and implementation of internal controls to the achievement of the and objectives. department’s goals After teaming with a department manager and key employees, a Risk and Internal Control Assessment Report (which provides a detailed listing of risks and internal controls discussed during the teaming activity) is issued to the departmental manager who requested the assessment and their immediate supervisor. This customer service has been very well received by departmental managers and top management officials and is perceived as being very beneficial to the university. Some specific examples of positive feedback that we have received regarding this customer service follow: and other activities that you and your team initiated “The workshops, meetings, website, have been superb vehicles to educate others, increase understanding, and improve the audit on campus. This has been a huge breakthrough. Again, well team’s overall image - President done!” KSU’s indicates it was well - Vice President for Operations “The feedback received” KSU’s this is a great new - Provost and Vice President for Academic “I think initiative.” KSU’s Affairs for us to be working closely together and meetings of this type advance that “It’s good - Vice President for Research and Graduate Dean goal.” KSU’s all did a terrific job today. Thank you so much for coming. Very, very important “You information shared and we greatly appreciate your time and professionalism. Thank you all for your service to - Dean of Coles College of Business KSU.” KSU’s you very much for the time you spent with us doing the Risk and Internal Control “Thank Assessment Report and the time you spent compiling the report. It was helpful to us to sit down and think through all of these issues and to make sure that we have good internal
During a Risk and Internal Control Assessment, Internal Audit meets as a team with department managers and key employees to discuss: The processes, risks, and internal controls associated with their department. The types of risks discussed include: Management, Operational, Inventory, Reputational, Strategic, Financial, and Compliance (e.g., P-Card, Travel, General Expenditures, Petty Cash, and Cash Handling). The five essential components of an effective internal control structure. The components are Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. The importance of the identification of risks and implementation of internal controls to the achievement of the department’s goals and objectives. After teaming with a department manager and key employees, a Risk and Internal Control Assessment Report (which provides a detailed listing of risks and internal controls discussed during the teaming activity) is issued to the departmental manager who requested the assessment and their immediate supervisor. This customer service has been very well received by departmental managers and top management officials and is perceived as being very beneficial to the university. Some specific examples of positive feedback that we have received regarding this customer service follow: “The workshops, meetings, website, and other activities that you and your team initiated have been superb vehicles to educate others, increase understanding, and improve the audit team’s overall image on campus. This has been a huge breakthrough. Again, well done!” - KSU’s President “The feedback indicates it was well received” - KSU’s Vice President for Operations “I think this is a great new initiative.” - KSU’s Provost and Vice President for Academic Affairs “It’s good for us to be working closely together and meetings of this type advance that goal.” - KSU’s Vice President for Research and Graduate Dean “You all did a terrific job today. Thank you so much for coming. Very, very important information shared and we greatly appreciate your time and professionalism. Thank you all for your service to KSU.” - KSU’s Dean of Coles College of Business “Thank you very much for the time you spent with us doing the Risk and Internal Control Assessment Report and the time you spent compiling the report. It was helpful to us to sit down and think through all of these issues and to make sure that we have good internal