Who We Are
The Internal Auditing and Management Consulting (IAMC) Department at the University of West Florida (UWF) is a resource to help assure management that their accounting and information systems are functioning properly and efficiently.
The UWF IAMC is established within the Florida Board of Education, Division of Colleges and Universities and pursuant to the provisions of Florida Statute 20.055. The UWF Associate Vice President (AVP) for IAMC reports directly to the University President. This structure maintains the department's independence, promotes a broad audit coverage, provides a balance for audit, investigative, and accountability functions, and enhances operation of and effective action on the IAMC Department's recommendations.
What We Do
The IAMC Department schedules audits in several ways. Most audits are chosen based on an annual Risk Analysis which uses such factors as audit risk, executive management interest, public disclosure implications, etc. Specific audits may also be requested by the Board of Trustees (BOT) or University Management.
Because the University is subject to more and more regulations in every facet of our work, the scope of the internal audit function has expanded to cover not only the financial aspects but all areas of University operations. Accordingly, the scopes of our audits may include one or more of the following:
- examination of financial transactions for accuracy and compliance with institutional policies;
- evaluation of institutional policies and procedures for adequate internal controls;
- determination of the level of compliance with required institutional policies and procedures, state and federal laws, and government regulations;
- verification of assets and the controls that protect them;
- operational reviews and cost-efficiency evaluations.
What To Expect
At the start of the audit, an Engagement Letter is sent to the department involved. This memo advises Management of the scope of the audit and the expected amount of time that auditor will spend in the department. Next, a preliminary interview is held with the supervisor of the department to acquaint the auditor with operations. Finally, the auditor begins the test work necessary to complete the audit.
The audit will take from two to four months, depending on the size of the operation and the scope of the audit. Your day-to-day activities should incur only minimal interruption during this time. Much of the test work is done in the auditor's office; therefore, direct contact with employees is not necessary throughout the entire course of the audit. For an audit to be effective, communication between the auditor and department personnel is crucial.
A Field Exit conference is held with the department head or director at the conclusion of the test work to ensure that audit recommendations are factual and understood.