I UNIVERSITY of
^^^^^ U FLORIA

.R Audit Focus

A quarterly newsletter from the Office of
Audit & Compliance Review

Brian Mikell, Chief Audit Executive

RiskAsn f Isess t Dveome o W

Inside this issue:

Ve're on the \Veb at:
www.oacr.ufl.edu

What is risk assessment?
Risk assessment is a methodol-
ogy to measure risk according to
likelihood and impact. It is a
process that is utilized by the
Office of Audit & Compliance Re-
view to assess university-wide
risk and to prioritize audit activ-
ity.
How often is risk assessed?
Risk assessment is an ongoing
process; however, every three
years an extensive risk assess-
ment is conducted to develop
OACR's three year audit work
plan. Each year the existing
work plan is revised based on
emerging risks, and every six
months the work plan is again
reviewed and updated to address
changing conditions and emerg-
ing risks.
Who is involved?
Management and executive ad-
ministrative personnel will be
contacted to identify potential
vulnerabilities and address man-
agement's concerns within the
university. OACR will survey and
contact individuals directly to
schedule meetings.

What is the process?
Step 1-During March, OACR dis-
tributes risk assessment surveys
to management.
Step 2-OACR analyzes survey re-
sults and receives other input.
Step 3-OACR rates areas/
processes based on established
criteria, aligning risk with univer-
sity strategic objectives.
Step 4-During March/April OACR
conducts risk assessment inter-
views with management to vali-
date results and further under-
stand risk drivers/controls.
Step 5-Based on the risk assess-
ment results, OACR develops a
draft three year work plan utiliz-
ing available resources.
Step 6-OACR presents the risk
assessment results and seeks ap-
proval of the 2010-2013 work
plan at the June 10 Board of Trus-
tees Audit Committee meeting.
Who will see the results?
The approved work plan will be
distributed to the Board of Gover-
nor's, Auditor General, UF Board
of Trustees and senior manage-
ment. Contact Joe Cannella at
273-1893 for more information.

I |r UNIVERSITY of
UF FLORIDA

d l Co Pe

O,"ffI *e Audi
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Our office charter was revised
and approved by the Board of
Trustees Audit Committee in De-
cember, 2009. The charter was
revised to reflect changes in uni-
versity governance and was reor-
ganized to follow Institute of In-
ternal Auditors (IIA) standards
which stipulate that the office
charter undergo periodic review.

The Charter defines our mission,
organizational alignment, scope,

Paylists now available in Excel
format
During our audit of Payroll, we
heard comments about difficul-
ties with reviewing paylists in
large departments. In January
2010, changes were made in
myUFL to enhance the paylist by
providing a version in Excel. The
new version will enable depart-
mental reviewers to separate a
large paylist into several smaller
ones and distribute those lists to
the appropriate approved or
processor for review. The navi-
gation to the Excel file is through
Enterprise Reporting>Access Re-
porting>Human Resources Infor-
mation>Pay Information>Current
Pay Cycle>Delivered Payroll Pay-
list Reports>Preliminary (or Fi-
nal) Payroll Listings>Excel.
High Exception Added
An automated control has been
added to Time Administration in

and authority. It also establishes
the professional standards for our
staff to follow and specifies the
duties and responsibilities of the
office. We will continue to serve
the university community as a cen-
tral point for coordination and
oversight for activities that pro-
mote accountability, integrity, effi-
ciency and compliance.

To view the complete charter, visit
our website, http://oacr.ufl.edu/.

myUFL. Exempt employees who
report more than 40 regular hours
in a work week will cause the sys-
tem to generate a high exception
which will prevent payment for
excess hours.
Scorecard
To address late terminations and
overpayments, Finance & Account-
ing will begin sending scorecards
to deans, vice presidents and ad-
ministrative directors providing
information regarding a number of
areas, including overpayments,
collection letters and emergency
checks. The scorecards will con-
tain a narrative on each type of er-
ror and include typical causes and
steps for error prevention. http://
fa.ufl.edu/uco/scorecard.asp
Be sure to check for updated Di-
rectives and Procedures on these
and other payroll changes. http://
fa.ufl.edu/uco/handbook/
handhnnk asn?dnc=1 4 1 5

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