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MIT 18 01 - Study Guide

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Audit DivisionAudit Division TheMITAuditDivisiondeliversauditservicesthrougharisk‐basedprogramofauditcoverageincludingcomplianceassessmentsandfinancial,operational,andinformationtechnologyreviewsandaudits.Theseefforts,incoordinationwiththeInstitute’sexternalauditors,provideassurancetomanagementandtheAuditingCommitteethatgoodbusinesspracticesandpoliciesareadheredto,adequateinternalcontrolsaremaintained,andassetsareproperlysafeguarded.TheAuditDivisionwasfullyresourced,employing13professionalstaff,atthebeginningoffiscalyear2004,operatingaroundfourfunctionalteamsresponsiblefordistinctareasoftheAuditPlan:FinancialandComplianceReview,OperationalAudit,InformationTechnologyAudit,andConstructionAudit.InformationTechnologyAuditresourcesprovidesupporttotheotherteams,therebyintegratingsystemsexpertiseintoexaminationofbusinessprocesses.Thedivisionalsohousesaspecializedunit,ProfessionalStandardsandStrategy,staffedbyanexperiencedmemberofthedivisionwiththetitleassociateauditmanager.WorkingwiththeInstituteauditorandtheauditmanager,thisunitguidesthedivisioninsettingpolicyanddirectiontohelpusachieveourlong‐termgoalofbecomingMIT’sworld‐classauditdivision.Thisindividualalsoprovidedprojectsupporttoastudyofsharedadministrativeserviceslaunchedbytheexecutivevicepresidentaspartofthe2005Institutegeneralbudgetplanningcycle.Aspartofthe2004budgetrealization,theAuditDivision andtheOfficeofBudgetandFinancialPlanning,locatedinadjacentoffices,collaboratedtoshareadministrativesupportstaff,resultingintheeliminationofahalf‐timeposition.This conceptwasexpandedtoincludetheOfficeofSponsoredPrograms,locatednearby,withallthreeofficesoperatingunderaplanof“distributedservices,”wherebysupportstaffisshared,eachspecializingintheperformanceofcertainservicesprovidedtoallthreegroups.Recentevaluationofthisapproachindicatesthatthemodelissuccessful,adaptable,andexportabletootherareaswhereadministrativetasksaresimilaramongunits.Auditresourceswereredistributedduringthefirstquarterof2004toaccommodateanewassociateauditmanager,specializingincomplianceandoperationalriskmanagement.TheadditionofthisindividualheraldedtherecentlaunchofanewResearchAdministrationComplianceProgram(RACP)underthejointdirectionofthedirectoroftheOfficeofSponsoredProgramsandtheInstituteauditor.Thenewprogramwillprovideongoingresearchcompliancemonitoringbytwoindividuals,withautomatedsupportprovidedbyanindividualwithahalf‐timeappointmenttothiseffort;allthreeindividualsarededicatedtoresearchcompliance,reportingtotheOperationalandComplianceRiskManagementassociateauditmanager.AfourthindividualwillrepresenttheOfficeofSponsoredProgramsinthisfunction,providingpolicydirectionandperformingresearchcompliancefunctions maintainedbythatoffice.FormationoftheRACPwasinitiatedbytheexecutivevicepresidentinrecognitionofthegrowingexternalfocusonresearchcomplianceandtheprominenceofMITwithinthatframework.18–3MIT Reports to the President 2003–2004


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MIT 18 01 - Study Guide

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