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| Carolyn Saint, Gary Nimax, JJ Sullivan, and Christine Kennedy-Tyburski |
What's the difference between UVA's Audit & Compliance department and UVAFinance's Compliance Team? What do they do, how do they work with people across Grounds, and how can we best work with them?
Carolyn Saint and Gary Nimax from Audit & Compliance, along with JJ Sullivan and Christine Kennedy-Tyburski of UVAFinance Compliance, join Patty and Brandi on this episode of Finance Matters to give answers and insights into these two vital functions.
Listen in below!
See the show notes posted below for easy access to resources mentioned in the pod, plus a quick recap of the the main points of the podcast.
Recap of Important Points
What’s the Difference Between UVAFinance Compliance and The Office of Audit & Compliance at UVA?
- UVAFinance Compliance: Focuses on risk management and internal controls through a consultative and investigative approach. Works with internal and external auditors to ensure processes align with organizational goals and policies.
- Office of Audit & Compliance: Institutional Compliance: Ensures adherence to regulations and organizational policies using a charter-based program guided by federal standards. Maintains a compliance helpline to report suspected compliance concerns, which may be done anonymously if necessary. Facilitates collaboration across the University through a compliance network. UVA Audit: Internal audit plans are based on risk assessments and a two-year plan is approved annually in the June meeting of the Audit, Compliance, and Risk Committee of the Board of Visitors. The plan is updated as needed based on changes in organizational priorities or resources.
Both teams are partners in fostering a culture of accountability, collaboration, and effective risk management at UVA.
Key Points:
- Audit operates independently as assurance providers, advisors, and occasionally, investigators.
- Compliance integrates more directly with teams, helping implement solutions while upholding policies.
- Audit and Compliance are not just about "catching mistakes"; they aim to empower departments to achieve their goals effectively and safely.
How to Work with Them:
- Be proactive and timely in responding to audit and compliance inquiries.
- Provide context for issues to streamline resolution.
- Use resources like the fraud, waste, and abuse hotline, compliance helpline, and compliance champions for guidance.
- Find the approved UVA Audit plan for FY2025 and FY2026 here: https://bov.virginia.edu/sites/g/files/jsddwu1171/files/2024-06/%2724%20JUN%207%20ACR%20BOOK%20-%20OPEN%20SESSION.pdf
Resources Mentioned:
- Office of Audit and Compliance website
- Audit Charter
- Compliance Charter
- For the UVA Compliance Helpline, online reporting mechanism, and the Commonwealth's Fraud, Waste, and Abuse Hotline and online form: https://audit.virginia.edu/resources-and-references
- UVA Compliance Helpline and Subject-Specific Reporting Portals
- What are Internal Controls?
- Compliance Network
- Seven Elements of an Effective Compliance Program
- UVA Policy Directory
- GOV-002: Reporting and Investigation of Fraudulent Transactions
- GOV-003: University Institutional Compliance Program for Adherence to Federal, State, and Other Regulations
- FIN-036: Signatory Authority for Executing University Contracts
- Office of State Inspector General for VA
- Audit Two-Year Plan (from June 2024 BOV Meeting - scroll to "Meeting Documents" at the bottom of the page)
- UVA Code of Ethics for Faculty & Staff
- COSO Framework Resources