Management Advisory Services (MAS)
Internal auditors should strive to become key business advisors for the University management. Through this role, the audit staff is available, upon request, for proactive consulting assistance on internal controls, compliance, and operational issues.
The AICPA Statement on Standards for Consulting Services No. 1 defines six categories of consulting activities. These are briefly described below.
- Consultations - completed in a short time and based mostly, if not entirely, on the auditor's existing personal knowledge. In our environment, the Coordinator may be involved in consultations either when specifically solicited or through audit interaction. These activities are to be documented through a file memo or a follow-up letter. A copy of the documentation should be placed in IAMC's files.
- Advisory Services - usually involve developing findings, conclusions and recommendations for client consideration and decision making. They often require a significant understanding of business operations and the client's industry and conclude with a written presentation of the results of the review. The Director for IAMC evaluates the advisory engagements for availability of expertise, audit resources and scheduling. The auditors that are assigned advisory services will utilize the UWF Management Advisory Services Review Program and follow standard documentation procedures as applicable.
- Implementation - involves putting into operation a plan or recommendation the client has accepted. As an example, auditors may implement operational audit recommendations or an improved computer system.
- Transaction Services - related to a specific client transaction and generally involve a third party. Valuation or litigation services would fall under this category.
- Staff and Other Support Services - usually involve supplying personnel to perform tasks for the client.
- Product Services - occur when a practitioner provides a product and associated professional services in support of its installation, use or maintenance