| Cycle | Risk Assessment Based on Procedures Performed for the 2014 - 2015 Fiscal Year | Impact | Likelihood |
|---|---|---|---|
| SFA –RP & CM | We noted a low overall risk in the Student Financial Aid cycle related to the areas of Reporting and Cash Management. The procedures implemented appear to be designed appropriately and are supported by written policies and procedures. Additionally, the personnel interviewed appear to be knowledgeable of the federal financial aid guidelines. Testing is to be performed in October which may affect the initial risk rating. | Moderate | Low |
| D | Due to turnover in the Finance and Business Department, there is a lack of knowledge regarding outstanding debt. Further, written policies and procedures do not exist to aid personnel. We noted a low overall risk in the debt cycle as outside parties manage outstanding debt resulting in the likelihood assessed as low; impact is considered moderate due to the large dollar amounts related to debt. | Moderate | Low |
| AE | Currently there are few controls related to invoice review prior to the monthly payment. However, as there are few benefits or motivating factors for Xerox to inappropriately invoice the University and other controls exist such as individual copy codes, the likelihood is assessed as low. Further, the impact on the University is considered minor as the payment to Xerox is not considered material to the operations of the University. | Minor | Low |
The area of Information Technology, Payroll and Personnel, Grants, and Travel & Entertainment were rated based on prior audits; the risk rating on such areas may change based on the results of our 2014 – 2015 audit plan.
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