HOTLINE: 866.294.5565

The Value of internal Audit at The Value of internal Audit at Georgia TechGeorgia Tech

1 Department of Internal Auditing

HOTLINE: 866.294.5565

The value of Being an Internal AuditorThe value of Being an Internal Auditor

Broad view of the entire institution

Diverse work

Exposure to all parts of organization

Exposure to new technologies and practices and emerging issues

Because we have an opportunity to help the organization and to make a difference

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HOTLINE: 866.294.5565

A Layman's Statement about Internal AuditA Layman's Statement about Internal Audit

“As an internal auditor, I do for the officers and management of the university what they would do themselves, if they had the time. I act as senior management’s ‘eyes’ and ‘ears’ making sure that the Institute’s assets are protected and that we are being good stewards of the resources that have been entrusted to the Institute.”

04/21/233 Department of Internal Auditing

HOTLINE: 866.294.5565

Internal Auditing at Georgia TechInternal Auditing at Georgia TechOur mission defined….Our mission defined….

1. Conduct reviews and evaluations of management practices and procedures at the Georgia Institute of Technology. Reviews include but are not limited to:

– The evaluation of internal control systems to determine their adequacy for the protection of institutional assets, the production of accurate reliable information, and to the assurance that institutional policies and procedures, state and federal laws, and contracts will policies are followed.

– Make determinations as to whether the Institute resources( personnel, property, funds, etc.) are being utilized in an active, ethical and efficient manner, including the underlying causes of any inefficiencies are wasteful practices.

– Make determinations as to whether desired results were benefits are being achieved from approved programs.

– Formulate recommendations to management for improvement in, or correction of, practices and procedures.

04/21/23Department of Internal Auditing4

HOTLINE: 866.294.5565

Internal Auditing at Georgia TechInternal Auditing at Georgia TechContinued…Continued…

2. Conduct special studies of procedural or problem areas as requested by appropriate levels of management.

3. Review information systems to ensure that they are adequately defined, properly justified, documented, and include the necessary internal controls.

4. Issue reports on the results of completed reviews, discuss the reports with appropriate levels of management, distribute them to the president and other levels of management as deemed appropriate.

04/21/23Department of Internal Auditing5

HOTLINE: 866.294.5565

Internal Auditing at Georgia TechInternal Auditing at Georgia TechContinued…Continued…

5. Conduct follow-up on previously reported recommendations.

6. Serve as liaison with federal, state, and other audit agencies.

7. Operate independently of all Georgia Institute of Technology operational activities to ensure complete objectivity when conducting reviews of the valuations.

04/21/23Department of Internal Auditing6

HOTLINE: 866.294.5565 04/21/23Department of Internal Auditing7

Active

Passive

Internal Control

BusinessPerformance

Internal Audit Primary MissionInternal Audit Primary MissionFour Potential OrientationsFour Potential Orientations

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Audit FocusAudit FocusPeeling the onion Peeling the onion

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HOTLINE: 866.294.5565

IA Value as it Relates to FraudIA Value as it Relates to Fraud

1. Information analysis expertise on large scale systems for examination of fraud signatures

2. Providing a collaborative and cooperative bridge for oversight, reporting, streamlined triage, and damage control of fraud incidents

3. Central focus for facilitation of fraud identification techniques specific to our infrastructure: a complex, dynamic, white collar environment

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HOTLINE: 866.294.5565

Resulting Value of our Audit Resulting Value of our Audit ApproachApproach

Senior Management had a direct hand in identifying key areas of risk and setting the scope of reviews... = “BUY-IN”= “BUY-IN”

Audit Plan & Program seen as “valuablevaluable,” “usefuluseful,” “on-targeton-target,” focusing on what mattersfocusing on what matters”

Action PlanAction Plan becomes a “Management ToolManagement Tool” not just an audit report

Guiding the organization in developing a plan to manage its risks

Lead to centralized policy improvements

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