The University of Toledo Finance and Audit Committee Meeting Internal Audit Status Update

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1 The University of Toledo Finance and Audit Committee Meeting Internal Audit Status Update March 12, 2015

2 FY2015 Internal Audit Plan Progress 28 Projects on Approved Internal Audit and Compliance Plan Projects Completed American Language Institute International Faculty Hiring NCAA Football Attendance Research Expenditures Student Financial Aid System Penetration Analysis Academic Performance Program (Athletics) Compliance (Athletics) Recruiting Activities (Athletics) Revenues/Expenses (Athletics) Access to Medical Records Clinical Risk Assessment Department of Pediatrics Ebola Patient Processing Health Care Assurance Program HIPAA Security Projects Completed (continued) ICD-10 Preparedness Internal Medicine Joint Commission Preparedness Meaningful Use Social Media Projects in Draft Report Phase Research and Sponsored Programs Student Experience Facilities (ADA) Projects to be Initiated/in Progress Higher Learning Commission Preparedness Human Resources/Payroll Process Engineering Institutional Compliance Inpatient Physician Charts Appear to be on track for completing the Internal Audit and Compliance plan on time and within budget 2

3 Recent Audit and Compliance Projects Projects Completed NCAA Football Attendance (Athletics) Recruiting Activities (Athletics) ICD-10 Preparedness Meaningful Use Health Care Assistance Program Health Care Compliance and Privacy access to medical records department of pediatrics Ebola patient processing internal medicine social media Projects in Draft Report Phase Research and Sponsored Programs Student Experience Facilities (ADA) 3

4 Impact of Internal Audit and Compliance Effectiveness and Efficiency of Operations Advisory Services (Human Resources and Payroll, Research and Sponsored Programs) Clinical Risk Assessment Information Systems Security (System Penetration Analysis, IT Audits and Risk Assessment) Reliability of Financial Reporting Financial Statement Reviews and Compilations (Athletics, Health Care Assistance Program) Audits of Financially-Significant Areas (Student Financial Aid, Research Expenditures) Hospital Revenue Cycle (Billing Process, Physician Chart Audits) Compliance with Applicable Laws and Regulations Healthcare (HIPAA, Joint Commission, Meaningful Use, ICD-10) Athletics (NCAA, MAC) Americans with Disabilities Act (Facilities, Student Accommodations) Higher Learning Commission Preparedness 4

5 Internal Audit Recommendations UT Internal Audit and Compliance follows up on the status of corrective actions on all high- and medium impact recommendations from its reports This can be accomplished as follows: Follow-up audit several months after the initial audit Following up on individual recommendations shortly after their due date A follow-up audit report will be issued when corrective actions have not been implemented. Audit Recommendation Implementation Status # Projects Total Not Yet Due Implemented Past Due FY FY FY FY FY FY

6 FY2016 Internal Audit Planning/Risk Assessment FY2016 audit planning process to begin shortly Input solicited from Finance and Audit Committee; senior leadership; external auditors Input to include feedback on risk exposure, new initiatives, strategic plans Process and risk universes have been developed using varied sources A risk model will be used to score all potential processes to be audited David Cutri will discuss with the Finance and Audit Committee those high-risk projects that cannot be completed due to insufficient resources and discuss alternatives 6

7 Discussion on the Audit Process Do we need a course correction? Do you have suggestions or input? 7

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