Audit Standards/Delegation Project - Objective and Goals
The overall objectives of the Audit Standards/Delegation project is to explore solution alternatives for expansion and maintainance of the delegated audit function of accounts payable transactions, improve and standardize the education and training for delegated individuals, create a certification process for all individuals that have completed training, increase efficiencies in transaction processing, develop sampling and reporting techniques necessary for the post audit function, and create an audit compliance committee/entity.
The project goals are:
- Group interpretation of all applicable University policies to model UW Madison’s best business practices and audit standards, which will be used as the foundation of all delegation agreements.
- Standardize the requirements and responsibilities for all delegated individuals.
- Identify accounts payable audit and processing efficiencies and recommend changes to current business processes.
- Develop post audit sampling methodologies that will successfully disclose risk areas.
- Develop and deliver standardized training for all delegated individuals .
- Develop a certification program for individuals that successfully complete training.
- Develop a standing campus-wide committee that will provide recommendations and interpretations of policies, web resources and training materials.
- Develop an audit compliance committee/entity which will review post audit non-compliance findings and will recommend and oversee corrective action when warranted. The committee will develop written guidelines for the audit and resolution process and appropriate actions to adverse post audit findings/lack of compliance with the certification agreement.
- Reduce administrative costs and generate quicker payments while minimizing risks associated with the processing of direct payment transactions.
Audit Standards/Delegation Project Index