Volume 1, Issue 1
Welcome to the first edition of Audit Insights! OCPS Internal Audit is pleased to announce the launch of a new quarterly interactive Internal Audit Newsletter. We are launching this newsletter to enhance knowledge and understanding of risk, controls, audits and overall good practices. We believe effective communication is important in implementing and maintaining effective internal controls in our daily work activities. The flow of information, guidance, knowledge, ideas and suggestions to and from employees/departments assists Orange County Public Schools in its success.
What to expect in an audit Planning Fieldwork Reporting Follow-Up
Audits can be a little overwhelming. In this article, we tell you the different phases that our audits have and what we do in each of them.
Services we perform The OCPS Internal Audit Department provides a wide range of services. Here, we talk about some of the types we do for the district.
Internal Control p
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Authorizers and approvers, remember: You are just as responsible and accountable as the person initiating the item being approved.
Did you Know... 42% of frauds were detected by tips which is nearly 3 times as many as the next most common method? The next most common method is: Internal Audit at 16% *According to Occupational Fraud 2022: A Report to the Nations
Internal Audit Mission Internal.Audit@ocps.net
We provide independent, objective assurance that adds value and enhances the district’s performance,accountability, and transparency.
MILESTONES IN AUDIT HISTORY
In this brief walk down memory lane, we take a look at the significant events that set the stage for what we know now as the field of Auditing.
1494 In the 15th century... A Franciscan Friar named Luca Pacioli published the first book on double-entry bookkeeping system of accounting.
Origins
The etymology of the word “Audit” is from the Latin Audire (hear), Auditus (hearing). The late Middle English produced the word Audit.
1844 In the 19th century... British Parliament passed the Joint Stock Companies Act. The act required that directors report to shareholders via an audited financial statement.
1854 10 years later...
The world’s first professional body of chartered accountants (CA) - the Institute of Chartered Accountants of Scotland (ICAS) was established in Edinburgh, Scotland. It works as a regulator, educator, influencer and thought leader.
1887 A couple of decades later in America...
The American Association of Public Accountants (AAPA) was formed, which later became American Institute of Certified Public Accountants (AICPA)
In the next issue,
we will show how several well documented and significant events shaped the audit and financial world, we now know... *Information sourced to LinkedIn
INSIGHTS
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a e k Ta k a e Br In our first Fun Section, we have an OCPS themed crossword puzzle named “Things related to OCPS...” Things related to OCPS ACROSS 3. Allies in education. 4. Local governing body. 5. [BLANK] County Public Schools.
DOWN 1. Association of three (3) stakeholders. 2. Strength of the District. 4. If it weren't for the [BLANK] we wouldn't be here.
e v a H un! f Internal.Audit@ocps.net
An OCPS Internal Audit Newsletter