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NCJ Number: 64608 Find in a Library
Title: IS IT TIME TO RE-EMPHASIZE 'OLD FASHIONED' INTERNAL AUDITS CONTROLS?
Journal: SCHOOL BUSINESS AFFAIRS  Volume:44  Issue:7  Dated:(JULY 1978)  Pages:220-223
Author(s): B T EDWARDS
Corporate Author: Assoc of School Business Officials
United States of America
Date Published: 1978
Page Count: 4
Sponsoring Agency: Assoc of School Business Officials
Park Ridge, IL 60068
Format: Article
Language: English
Country: United States of America
Annotation: OFTEN THE FIRST TO BE ELIMINATED IN A BUDGETARY SQUEEZE, THE INTERNAL AUDIT FUNCTION CAN LITERALLY EXTEND THE EYES AND EARS OF TOP MANAGEMENT TO EVEY FACET OF A SCHOOL SYSTEM'S OPERATION AND CAN SAVE MONEY.
Abstract: IT CAN ALSO CRITICALLY REVIEW HOW PURCHASING DECISIONS ARE MADE THROUGHOUT THE SCHOOL SYSTEM, REVIEW THE BUDGET REVISION PROCESS FOR PROCEDURAL ADHERENCE, AND, WHEN NECESSARY, PERFORM SPECIAL INVESTIGATIONS, ENSURE THAT EQUIPMENT IS ON HAND WHEN NEEDED, CHECK ON THE EFFICIENT MANAGEMENT AND STEWARDSHIP OF THE SCHOOL ACTIVITY FUNDS, AND SUPERVISE FOOD SALES IN THE SCHOOL CAFETERIA. IN ADDITION, THE SYSTEM CAN SERVE AS A TRAINING GROUND FOR INDIVIDUALS NEEDED TO FILL KEY VACANCIES IN FINANCIAL AND OPERATING MANAGEMENT. INTERNAL AUDIT FUNCTIONS CAN HANDLE 'ARM'S-LENGTH' TRANSACTIONS BETWEEN SCHOOL SYSTEM EMPLOYEES AND VENDORS AND CAN INSURE THAT ALL MAJOR PROCEDURAL AREAS ARE COVERED BY AN UPDATED WRITTEN PROCEDURES MANUAL AVAILABLE TO ALL SCHOOL SYSTEM EMPLOYEES. AUDITORS CAN DEVELOP METHODS TO MINIMIZE PAYCHECK ERRORS AND CONTROL UNAUTHORIZED PAYROLL DISBURSEMENTS. THEY CAN DEVELOP ACCOUNTING RECORDS TO SUPPORT THE DETERMINATION OF COSTS ON A SCHOOL-BY-SCHOOL OR A PROGRAM-BY-PROGRAM BASIS. OTHER IMPORTANT INTERNAL AUDIT FUNCTIONS MAY INCLUDE A DAILY OPERATIONS REPORT BY THE INDIVIDUAL CAFETERIA MANAGER AND PROVISION FOR DAILY DEPOSIT OF CAFETERIA RECEIPTS TO MINIMIZE THEFT; A PROCEDURE FOR REVIEW OF MULTIPLE PAYCHECKS AND RELATING PAYMENTS TO SUBSTITUTE TEACHERS TO AUTHORIZED ABSENCES OF REGULAR PERSONNEL; THE PLANNING OF A DATA PROCESSING STEERING COMMITTEE AND LONG-RANGE DATA PROCESSING SYSTEM; AND THE PROMPT PREPARATION OF PERIODIC INTERIM FINANCIAL STATEMENTS. (AOP)
Index Term(s): Accountability; Budgets; Financial management; Program budgeting
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=64608

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