I learned about all strategies of audits and the preparation for it. Is important the institution have all the policies clear in the catalog to complete the audits process without any possible findings.
I learned about the Sarbanes-Oxley. Never heard about this.
I also learned and copy (because I want it to sea every single day) the 10 common Regulation Finding
Thank you for that list.
I learned that an internal audit could be helpful before an external audit. More internal audits could help you stay on track and help fix areas that need more work. It will give you time to make necessary changes and practice the correct policy's and way of doing things to make sure requirements are set.
This was interesting. Good practices to have and be able to clearly document processes, avoiding issues earlier on and focusing on key areas instead of everything.
Education is always important, as staying up to date on changes and new federal regulations, etc..... Very helpful information
Principles and resources that are key areas of note to this point are:
- Create a culture of compliance.
- Build a culture of best practices so that teams work to excel in areas of compliance and want to highlight their wins.
- The sample forms are a great guide - Academic Affairs has a number of areas that are key to compliance and the audit process.
- Make sure that the catalog is the reference point for policies and that policies are interpreted the same by teams and practiced in alignment with the policy itself.
- When starting the audit process, do a basic evaluation of the institute to pinpoint high-risk areas. Prioritize these areas and start building compliance from the basic high-risk areas. Expand compliance measures from that starting point.
- Pay attention to what other institutions share about the outcomes of their audits, it may help your institute practice proactive compliance.
- Prepare for an audit, follow-up on the report, and create an action plan for adjustments, needed changes, and/or future improvements.
- Pay attention to what different accrediting or governing agencies may require.
Ways to introduce audit and the different process.
One of the most important aspects of a compliance audit strategy is advance preparation of the audit process to ensure that the factors with the potential for the greatest risk are audited in the most detail.
I am interested in getting ready for the audits before accreditation
My take away was the structuring of audit programs. We cannot audit all departments at once but we can create a risk assessment and identify areas which pose most rick to the company if corrections aren't made. However, I think it is best to keep your department in order during the daily day to day activities so when internal audit is underway there are minimal adjustments needed.
Great insight. Most sighted issues by ED.
I found the audit checklist very resourceful. We will definitely implement this information into our internal auditing procedures.
it is very important to set up good internal control to be successful with accreditation. The learning of internal audits is a powerful tools to be in compliance with both the state regulators, accrediting bodies and Federal regulators.
The auditors usually use your policy as the tools in evaluating the institutions therefore it is paramount to follows all your policies, procedure manual and your college must always do what are in your catalog.
Internal control committee must meet regularly so as to be in compliance.
The scope of how to perform audits really allows the audit to be molded around the campus policies and procedures. This outlines the process very well and is a great guide on the basic principals.
This module was helpful in terms of thinking through how to best leverage limited internal audit capacity. Specifically, I will ensure that the following strategies are deployed at my campus.
- Identify areas that are likely to be focused on by individual regulatory agencies and across agencies.
- Identify areas that have high-performance expectations and that audit findings are common.
- Create and train staff on SOPS aligned with high risk areas.
- Assign clear for compliance in specific areas and review internal procedures and outcomes regularly.
- Develop a structured process for auditing high-risk areas and a structure for avoiding repeat findings.
