Internal Audits of General Business Areas | Origin: CM101
This is a general discussion forum for the following learning topic:
Internal Audits: Building a Compliant Campus --> Internal Audits of General Business Areas
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
I learned that even small oversights can lead to unintentional violations of Sarbanes-Oxley, highlighting the importance of diligence and internal controls.
Internal audits aren't just about spotting problems-they're about building trust, protecting data, and strengthening operations. A solid audit process ensures compliance, uncovers risky early, and keeps campuses running with Integrity. Think of it as the health check-up every institution needs to stay strong and resilient.
I was very interested in the GLB act. How vendors can be held accountable for the SOX as well.
From this Module on internal Audits of general Business Areas, I've gained a deeper understanding of how internal audits help identify risks, Ensure compliance, and improve overall operational efficiency. The importance of establishing clear audit processes, assessing internal controls, and conducting thorough evaluations became clear to me. Moving forward, I plan to apply these insights to enhance the audit functions within my organization.
Data security is important, but also to keep in compliance with many federal laws. When a breech occurs, it isn't always just FERPA that is violated, can be others too. It is vital to keep up to date and handle any incidents with caution.
I learned how easy it is to violate Sarbanes-Oxley without realizing it.
In this area I have learned many different things- 1- making sure that marketing and advertising are done properly, 2- SOX learned more about how it will be best to do the internal audit on the financial aspect, 3- making sure Admissions on my radar more.
An area that is often overlooked until just before an audit is faculty and staff professional development and continuing education. Schools need to ensure not only full-time faculty complete professional development, but adjunct faculty. I have seen this cited as a weakness at many institutions.
I learned about the ifap.ed.gov website and how to keep up to date on disclosure requirements.
The information about the faculties and adjunct instructors very helpful moving forward.
I have learnt about the different timeframes with which a school can retain documents. I did not know that retaining old files is not required but if you do, they are subject to review.
I learn about questions to use when audit.
Areas of interest in this section:
- The GLB act. This is the first time that I have heard of this act and used as a supplemental to FERPA.
- The proper retention of records.
- Vendors can be held accountable to SOX also.
- Adherence to copy write laws and software licenses are integral and must be monitored consistently.
- Publishers now publish on demand texts (this is very helpful to know for SMEs).
Comment on Sharan Ravishankar's post: That was something new for me too
It is not required to save all files indefinitely.
The thing that I took away was that Sarbanes-Oxley was used in schools as a form of regulation. I thought that was pretty interesting.
1st item of interest to me was the regulation on the DO NOT CALL directory and the 9pm to 8am prohibiton on telemarketers calls.
2nd- FSLA, as a supervisor in the administrative staff's human resources area the requirements of licenses was important.
3rd- Student records security is very important and and that email should be maintained as secure as the student data in our system.
