The University of Memphis | Notification of External Audits and Reviews | ||||||
POLICIES |
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| Policy Statement |
| The University is subject to external audits, program reviews, and similar activities by various agencies and other organizations. It is the responsibility of the primary contact person for the program or activity being reviewed to notify the Internal Audit Department (IAD) and others as appropriate. |
| Purpose |
Timely and appropriate internal communication with regard to external audits and reviews serves a dual purpose: 1) to prevent the duplication of audit effort and 2) to provide information required by the Tennessee Board of Regents (TBR). The purpose of this policy is to describe the minimum internal communication required in the event of an external audit or review. |
| Definitions |
| External Audit or Review | Any examination or investigation performed by an agency, company, consultant, or other organization or individual outside of the University for the purpose of assessing operational or financial effectiveness, legal or regulatory compliance, and/or conformance with contractual obligations. An external audit or review may be mandatory or voluntary. |
| Primary Contact Person | The University employee with whom the external agency normally communicates regarding the program or activity under review. The primary contact person may be identified in the related contract (if applicable) or may be identified based on his or her role relative to the activity or program being audited or reviewed. The primary contact is usually the faculty member, manager, director, etc. with overall responsibility for the activity or program. |
| Procedures |
| Initial Notification | The primary contact person (or designee) should notify IAD of an external audit or review as early in the process as possible. The IAD notification form is available online at https://umdrive.memphis.edu/g-uomaudit/www/extaudit.htm. |
| Communication of Results | After the audit or review is complete, the primary contact will usually receive notice of the results in writing. The primary contact (or designee) should forward a copy of the results to IAD. If the notification form was not previously sent, it should also be completed and forwarded to IAD along with the audit results. |
| Additional Responsibilities | Additional responsibilities for the primary contact include providing notifications and other information about external audits to his or her immediate supervisor and other University officials as appropriate. Responsibilities for IAD under this policy include:
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| Policy Exclusions | Specialized inspections (building, fire, safety, food service, etc.) and reviews associated with academic accreditation are specifically excluded from the requirements of this policy. |
| FAQs |
| How do I contact IAD? | The best way to contact IAD is by email at uom_audit@memphis.edu or telephone (901) 678-2124. The best way to notify IAD of an external audit is to do to the Internal Audit website, click on the External Audits link, complete and submit the Notification Form. |
| Can IAD help me prepare for an external audit or review ? | Audit readiness can be assessed anytime; in fact, it's best to do before an audit notice has been received. The staff of IAD can review processes, identify potential problem areas, and recommend improvements if needed or desired. Please contact IAD to find out more about this service. |
| Are site visits included in this policy? | Yes, provided that the site visit serves a purpose similar to an audit or review as defined by this policy. |
| Who other than IAD might require notification of an external audit or review? | The list of interested parties will depend on the program being audited and on the preferences of the department, school, or college in which the program resides. In general, however, it is a good idea to notify those individuals who are above the primary contact person in the line of organizational responsibility. If the audit pertains to a research grant, Grants & Contracts Accounting should also be contacted. |
| Links |
| Revision Dates |
| UM1646 - Issued: October 7, 2011 |
| Subject Areas: |
| Academic | Finance | General | Human Resources | Information Technology | Student Services/Affairs |
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