Common Audit Findings

Note: Some links go to external websites.

During engagements, we compare a department's transactions and processes to:

These benchmarks allow us to evaluate operations in terms of compliance, effectiveness, and efficiency. In doing so, we have noted there are areas which departments frequently need to strengthen controls. Some examples are listed below.

Internal Controls

Areas in which internal controls can often be strengthened include:

Approval of Transactions

Transactions should be approved by someone who:

Segregation of Duties

Does one person complete a process from beginning to end? If so, is there oversight? For instance, if one person is purchasing supplies is a different person reconciling the transactions? If not, is someone else reviewing the process or reconciliation?

Reconciliations

Are reconciliations occurring regularly? Are they documented?

Physical and Logical Security

Compliance

We regularly review departmental operations for compliance with federal regulations, compliance with North Carolina General Statutes and the rules of the North Carolina Office of State Budget and Management and the North Carolina Office of Human Resources. Our operations are also subject to the policies of the University of North Carolina system as well as internal UNCW Policies.

How can I comply?

Federal Regulations

There are countless Federal regulations that apply to different aspects of our operations, and relevant ones are incorporated into our review. Things that impact many departments include:

State Regulations

Like Federal regulations, there are numerous North Carolina regulations and policies that apply to our operations. We find departments are often not aware of all of these rules, which include things such as:

UNC Policies

The Board of Governors of the UNC system has adopted policies which impact all of our operations.

UNCW Policies

UNCW's policies are intended to govern our daily operations and provide guidance. Often departments do not realize:

Other

Other topics that often come up during reviews include:

Appropriate Accounting

Business Continuity

We are happy to assist your department in improving your operations to strengthen controls in these areas. Please contact us if we can be of help.


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