tracey sadler, cia, cgap texas a&m university system
TRANSCRIPT
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Financial Aid Data Analysisand Continuous Auditing
Tracey Sadler, CIA, CGAP
Texas A&M University System
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Assist the Board of Regents, Chancellor, and Chief Executive Officers by providing independent, objective assurance and consulting services designed to add value and improve the A&M System's operations. The Department brings a systematic, disciplined approach to evaluate and improve the effectiveness of the A&M System's risk management, control, and governance processes.
System Internal Audit Mission
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GTAG 3 defines continuous auditing as "...a method used to perform control and risk assessments automatically on a more frequent basis.... Continuous auditing is any method used to perform audit related activities on a more continuous or continual basis.
Benefits of continuous auditing include the review of 100% of auditable transactions/ data versus a sampling, the identification of errors or other issues through frequent monitoring and review, and the facilitation of trend analysis to identify problems and/ or other concerns.
What is Continuous Auditing?
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Continuous Auditing◦ Repetitive, on-going intervals◦ Not based on audit project timeline◦ In depth automated testing
Data Analytics to Continuous Auditing
Data Analytics:◦ 100% transactional
coverage◦ Created on demand, reuse is
considered
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Analyze risk
Identify systemic problems
Identify individual over awards
Identify areas to increase effectiveness
Why review 100% ?
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Are we
missing
something?
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DATA ANALYSISCONTINUOUS AUDITING
SCRIPTING EXPERT
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Characteristics of Scripts
Scripts had to be used at every university, regardless of the source system
Intent to reuse annually or even monthly
Easily updated for ever changing SFA rules
Scripts had to be easily read by other auditors to use in the future
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Standardized naming convention and a record of the results.
“rpt” to denote final test report result
double digit numbering to keep the rpt in natural order – General Eligibility, Pell, etc.
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General Eligibility - 7 areas
Pell compliance – EFC; maximum and minimum awards; prior degrees
SEOG Compliance –Pell; maximum and minimum awards
Disbursement timing compliance – disbursement dates
Disbursement limits compliance – annual and lifetime maximum Stafford loans
Data Accuracy – University data must match data from the federal systems
Texas Grants Compliance –Texas Grants is the second largest aid program in the state.
Notification Compliance – Date student was notified of funds availability
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ERRORS?
Did no results prove compliance?
Rate of errors reasonable?
Was data in the field correct?
What does a high error rate mean?
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ARE
THESE
VALID?
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University set parameters for SAP
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This person was 40 years old.
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WHAT’S A PLAUSIBLE
CAUSE?
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Banner can run checks for missing data or data that doesn’t match.
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Other risk areas?
Systemic Errors?
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Summary Highlights of Results - 2012
Pell Grants to students with prior bachelor degrees: 18
SEOG awarded without Pell: 10
Stafford over awards: 183
Data discrepancies: 2,755
Risks identified – Notification of loan disbursementsMisinterpreted SAP progress policyData entry validity checks from related offices –
Registrar/ Admissions
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Tracey Sadler, CIA, CGAP Senior Internal AuditorTexas A&M University [email protected]
www.tamus.edu
Contact