In an effort to improve efficiency the Department of Internal Auditing (Internal Audit) will be implementing automated continuous auditing and monitoring capabilities. This capability will transition the Institute from the current quarterly PCard audit cycle, which examines a sample of 300 transactions, to a continuous process which evaluates all PCard transactions.
Monitor is the application that is being implemented by the institute to accomplish the goals of furthering compliance and preventing fraud. The new continuous monitoring process will provide automated alerts and report distribution that will enable business process owners to address issues in a more timely manner, substantially reducing the amount of potential fraud and misuse. This new process will also allow Internal Audit more time in assisting management in mitigating issues and determining their root cause.
Phase 1 and Phase 2 of the rollout of Monitor will be to Administration and Finance units. In Phase 3, new reports will be designed and tested to address the concerns of the academic and research units. A business process review and analysis will be conducted prior to rolling Monitor out to the academic and research units. This review will be done to ensure that all PCard related business processes are understood so that we are able to ensure the best experience possible with Monitor. These business process changes will then be incorporated into project training and communications for the rollout to academic and research units.
Successful implementation of Monitor should yield results which support the ability to introduce policy changes reducing the level of effort required to be in compliance.
Simplified Process Overview