AUDIT & ADVISORY SERVICES |
|
|---|
|
|
|
|
In this issue:
- Operational – AAS Advisory Services
- IT Security – IT Asset Management
- USC Integrity Line – Purchasing Fraud
- News Links
- Contact Information
|
|
|---|
|
Operational - AAS Advisory Services |
|
|---|
|
The Greek philosopher Heraclitus famously said,
“Change is the only constant in life.” This great quote is more relevant than ever these days as the ever-changing dynamics of higher education continue to force University business units to find ways to operate more efficiently and more effectively.
Apart from its ongoing audit services, AAS strives to be a key advisor for University management. Through their understanding of the University environment and applicable procedures and governance, AAS staff is available to assist management with a comprehensive slate of advisory services, including:
- Consulting on new processes and procedures, including controls being designed as part of the implementation of new systems.
- Objective business decision-making analyses.
- Participation on committees in an advisory capacity.
- Advising on University policies and suggesting appropriate departmental procedures to ensure compliance with those policies.
We also offer a range of training programs to University employees to help them better understand internal controls and how to effectively balance risks and controls. We can develop a training program tailored specifically to your department’s needs.
If your department could use our assistance, give us a call at (803) 777-2752 or drop us a note at aaservcs@mailbox.sc.edu.
|
|
|---|
|
|
IT Security – IT Asset Management |
|
|---|
|
University Policy IT 3.00
, Information Security, defines an information technology (IT) asset as: "Any technology, software, or device that stores, transmits, or processes university data." These include smartphones, laptops, desktop computers, and similar devices frequently used on the University’s network by students, faculty, and staff. IT Asset Management is extremely important in terms of users and technical support teams managing an accurate inventory of these IT assets. An accurate inventory is the first step toward protecting the University’s data and network from unauthorized people and malicious activities. You have to KNOW what you have to PROTECT what you have. In the event an IT asset is lost, stolen, compromised, or no longer needed nor used on the University’s network, immediately notify your Manager and contact the Division of Information Technology Service Desk at 803-777-1800. |
|
|---|
|
USC Integrity Line - Purchasing Fraud |
|
|---|
|
|
|
In March, Jamie Petrone, a former director of finance and administration at Yale University, was convicted of wire fraud and tax offenses related to the theft and resale of $40 million in electronic equipment bought with university funds. Over the course of eight years, Petrone used her purchasing authority to buy thousands of devices, such as computers and iPads, claiming they were necessary for Yale’s Department of Emergency Medicine. She diverted shipments to her own home or intercepted delivery at the school, then sold the items to consumers and pocketed the profits.
Petrone utilized split transactions to keep expenditures below her purchasing card transaction limit. A split transaction occurs when a buyer intentionally divides a purchase into multiple transactions to circumvent single transaction limits (e.g., a $6,000 purchase is split into two payments of $3,000 to evade a single transaction limit of $5,000). Petrone’s fraudulent actions were finally stopped thanks to an anonymous call to Yale’s reporting hotline, which led to an investigation and her subsequent arrest and conviction. [See News Links below for a similar case at Stanford University]
Both South Carolina and University p-card policies strictly prohibit split transactions. The single transaction limit for UofSC cardholders is $4,999.99. For purchases of $5,000 or more, departments must use another means of procurement, such as a purchase order. It’s important for cardholders and their liaisons or department heads to ensure p-cards are used only for legitimate University business, and that purchases adhere to p-card program policies. If you suspect p-card or other purchasing fraud, please contact the USC Integrity Line.
* * *
USC Integrity Line Reporting
You can report your concern anonymously to the USC Integrity Line:
Reports are shared with a select group of three individuals:
-
Chair of the Audit, Compliance and Risk Committee of the Board of Trustees
-
Chief Audit Executive
-
General Counsel
These individuals determine the appropriate path forward for investigating your report.
Click
here
for more information on the USC Integrity Line
|
|
|---|
|
Relevant University Policy:
University employees are expected to report any concerns regarding possible noncompliance with laws, regulations, and policies.
|
|
|---|
|
Fraud/Ethics
Information Technology
Title IX and Equal Opportunity
|
|
|---|
|
Contact Audit & Advisory Services
1600 Hampton St.
Suite 610
Columbia, SC 29208
Have suggestions or requests for future newsletter topics? Send us an email.
|
|
|---|
|
|
|
|
