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it is very important to set up good internal control to be successful with accreditation. The learning of internal audits is a powerful tools to be in compliance with both the state regulators, accrediting bodies and Federal regulators.
I found the audit checklist very resourceful. We will definitely implement this information into our internal auditing procedures.
My take away was the structuring of audit programs. We cannot audit all departments at once but we can create a risk assessment and identify areas which pose most rick to the company if corrections aren't made. However, I think it is best to keep your department in order during the daily day to day activities so when internal audit is underway there are minimal adjustments needed.
One of the most important aspects of a compliance audit strategy is advance preparation of the audit process to ensure that the factors with the potential for the greatest risk are audited in the most detail.
Principles and resources that are key areas of note to this point are:
Education is always important, as staying up to date on changes and new federal regulations, etc..... Very helpful information
This was interesting. Good practices to have and be able to clearly document processes, avoiding issues earlier on and focusing on key areas instead of everything.
I learned that an internal audit could be helpful before an external audit. More internal audits could help you stay on track and help fix areas that need more work. It will give you time to make necessary changes and practice the correct policy's and way of doing things to make sure requirements are set.
I learned about the Sarbanes-Oxley. Never heard about this.
I also learned and copy (because I want it to sea every single day) the 10 common Regulation Finding
Thank you for that list.
I learned about all strategies of audits and the preparation for it. Is important the institution have all the policies clear in the catalog to complete the audits process without any possible findings.
I was particularly interested in the sample audit forms and procedures being categorized and in an itemized format which made it easy to follow and the said format could be used for generating files to correlate groups of documents in preparation for inspection as well as for use by Government and local officials to ensure compliance with State and Federal requirements.
I learned that preparation is key. Campus rules should be in order since this can be used as a guide for auditors. Auditors should be able to explain their calculations for the audit. Most importantly follow up. If it is to correct actions or start new issues. Follow up to ensure that it is complete.
I learned about the different types of audits and the importance of language used by each department that may mean the same thing but different words are being used. I plan on looking at this to see how to better communicate with one another.
I learned the various process of an audit. What to do and expect from an auditor. This process will be applied to upcoming audits.