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Internal controls are methods and policies designed to prevent fraud, minimize errors,ÌýpromoteÌýoperating efficiencyÌýand achieve compliance with established policies.ÌýInternal controls also help to detect fraud, errorsÌýand inefficiencies.

Examples of internal controls include

• written policies and procedures,
• cost center reconciliations,
• locking offices to prevent unauthorized access, and
• ensuring that one person does not have complete responsibility for a financial transaction.

Call Internal Audits if

• your area is undergoing a reorganization, restructuring or implementing a new system;
• you need advice on cash handling, account reconciliations or procedural issues;
• you suspect a theft or other types of fraud, waste or abuseÌý(refer to question 4);
• you want an objective review of your operation and internal controls; or
• you are developing new systems and/or procedures and need advice on theÌýproperÌýcontrolsÌýrequired to manage your area, orÌýyou want to know if the resources in your department are properly protected.Ìý

Audits are initiated by Internal Audits with input from the university president andÌýsenior managementÌýof the university.ÌýAudit results areÌýreported to the auditee, the ManagementÌýAudit and Compliance Committee, the university presidentÌýand the Compliance, Audit and Risk CommitteeÌýof the Board ofÌýTrustees.ÌýConsultations can be requested by any universityÌýadministrator.ÌýTheÌýresults areÌýreported only to the administrator requesting the consultation.ÌýView ourÌýÌýfor more information.Ìý

Yes, contact Dale Venturini, associate vice president and chief audit officer, at [click-for-email] or call 215-926-2081. You may also reach out by using the that provides the option of remaining anonymous.Ìý Ìý

When applicable, a follow-up audit is performed approximately one to five months after completion of the audit.ÌýThe purpose of the follow-up is to review the implementation of developed solutions or corrective actions that were agreed upon during the audit.

The status ofÌýimplementation of developed solutions or corrective actions will be reported to the MACC, the president, and the Compliance, Audit and RiskÌýCommittee of the Board of Trustees.

If any of the developed solutions or corrective actions have not been implemented,Ìýthe respective vice president/provost and department head are notified and future follow-up is scheduled.ÌýOn an annual basis, areas with outstanding audit comments where solutions have not been fully implemented are reported to the MACC;Ìýthe president; and the Compliance, Audit and Risk Committee of the Board of Trustees.ÌýÌý

Yes, Internal Audits will doÌýeducational presentations.ÌýWe design the content and duration of these presentations in collaboration with the requestor.ÌýÌý

Management is responsible to establish and follow internal controls to ensure compliance with university and regulatory policies, prevent and detect fraud, and provide accurate and reliable information.ÌýÌý