Internal Audit November updates


The Statewide Office of Audit and Consulting Services honored International Fraud Awareness week on Nov. 19  by hosting a training titled 'An Overview of Fraud Prevention and Detection.'  The presentation handout will be available soon on our website:  If you have other training topics or ideas for A&CS to present, contact us to let us know:

Fraud Awareness Corner

Most people are aware that fraud is a possibility for organizations, including higher ed.  We can each take measures to prevent the occurrence of fraud, limit the amount of exposure or the amount “at risk” for fraud, and detect fraudulent activity that has occurred.   This requires implementation of internal controls that are appropriate for the risk at hand, the repercussion of the risk being exploited (reputational risk is a large one for higher education), and the size and location of staffing.  The University of Alaska has internal controls, guidance, and expectations established through various means, including:  Regents’ Policies, University Regulations, Statewide Accounting and Administrative Manual, and university- and campus-level policies and procedures.  Familiarize yourself with the internal controls, guidelines and expectations which are pertinent to your work responsibilities.

Speaking of reputational risk, the following instances headlined recently:

  1. This fraud highlights the importance of being aware of your employees’ purchases on university issued procurement cards.

Unity College Embezzlement

  1. Now for an external twist, this article highlights the risk of fraud perpetrated from external sources, namely through electronic schemes using email, targeting an organization’s employees.  If you were able to participate in OIT’s Cybersecurity Month awareness activities in October, you learned some good strategies for avoiding and responding to these external fraud attempts.

 Phishing Schemes Targeting Higher Ed

If you are concerned about suspicious activity that has come to your attention, please discuss this with your supervisor.  If need be, use the UA Confidential Hotline to report your concerns.