BOV Fall 2010: BOV examines audit
September 30, 2010
The College of William and Mary Board of Visitors’s Audit Committee met yesterday morning to discuss the state of the College’s Office of Internal Audit.
Director of Internal Audit Mike Stump delivered a presentation to the committee.
“As I sit here, there is nothing that keeps me awake at night,” Stump said when asked if there were any current projects of which the BOV should be aware.
Stump said that he had found small frauds in the use of the College’s “small-purchase card,” which allows for incidental purchases and is budgeted for usage of up to $4 million annually.
“We look at those statements every month; it’s an ongoing project,” Stump said. “We’ve had a handful of very small frauds.”
He added that other universities and foundations have experienced difficulties with similar small-use cards, which is why statements are reviewed by auditors each month.
Stump also discussed risk management considerations with the committee, including assets and expenditures considered to be risky by the Office of Internal Audit.
Committee member Laura Flippin ’92 suggested the Office of Internal Audit look at the distribution of financial aid, since federal financial aid processes changed this past year.
At approximately 10 a.m., the committee went into closed session to discuss a personnel matter involving an employee at the College.
The Office of Internal Audit is scheduled to complete an audit of the Department of Student Activities soon.