Other Departmental Operations

  1. Are departmental policies important?

    • Ideal Answer: YES. University policy is sometimes not detailed enough to provide guidance specific to departmental operations. Departmental policies are useful in helping faculty, staff and students understand management's expectations for that area. They also assist in minimizing conflict between those internal and external to the operation.

  2. Is it important to document key business processes?

    • Ideal Answer: YES. Key processes should always be well documented so that business can continue as usual in the absence of the primary business process owner. They are also great tools for cross-training existing staff and new hire training.

  3. Does Internal Audit often suggest additional training in audit reports?

    • Ideal Answer: YES. The lack of appropriate training is often the reason why internal controls break down in processes. People want to do the right thing. They just need to know the right way to perform the activity.

  4. Do we need to perform biennial asset inventories?

    • Ideal Answer: YES. An asset inventory is a key control to ensure that equipment is appropriately accounted for in the financial statements and that it is still in use and safeguarded from theft or destruction.

  5. Is there a place I can go to find out how long supporting documentation for transactions should be kept in my department?

  6. Can I accept payment for charges that I enter into a billing system?

    • Ideal Answer: NO. If you currently enter charges or bill for services and accept payments you are not protected from accusations of misconduct. Segregation of duties is an important internal control that not only ensures the University's assets are protected but also ensures that individuals are not wrongly accused of misappropriating those assets.