The Financial, Operational & Compliance Audit Group is responsible for assuring that financial and operational controls are in place and working properly throughout the University. Our audit engagements range from audits of small departments to large schools, as well audits of specific departmental and University-wide processes. Our goal is to provide a beneficial service to each of our clients by identifying inefficiencies and control weaknesses and recommending ways to correct them. Our evaluations are objective and professional. In addition to the standard audit, we offer the following services:
Financial & Operational Control Audits
We will provide an objective and professional evaluation of an area, department or functional operation's system of internal controls. We will advise on control weaknesses and opportunities for improvement to ensure efficiency and effectiveness of operations. If you are looking for information regarding preparation for an audit please see our FAQs.
We can combine a financial and operational control audit of an area with an audit of the information systems that support that particular area. In doing an integrated audit, we can assess whether the business objectives are linked to the information systems that are in place. See also Information Technology Audit.
Business Process Reviews
We will review and evaluate business processes and assess need for new business processes. We will advise on aspects of policies, process enhancements and procedures.
We will perform a limited review of an area at the request of a department head or senior management. It is usually short-term in nature and is intended to provide insight into the operations from a controls and/or efficiency perspective. Distribution of the report is limited to a need-to-know list as determined by the person/s requesting the review.
Departments/Local units may use the Controls Self-Assessment tool to evaluate their business activities and internal controls.
We will review potential changes to the Harvard contract boilerplate documents under consideration during a project’s pre-construction period, assist in the negotiation of labor burden rates and their related components, provide support on issues for projects below the Corporation/JCI threshold for independent cost audits ($5 Million) and share knowledge University-wide on audit issues that may have multi-project or University-wide potential impacts. We will respond to stakeholder requests for information and services related to project accounting and controls.
For contact information, please see: Financial, Operational & Compliance Audit