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Advisory Services

Consulting and related client service activities, the nature and scope of which are  determined in agreement with the client,  are intended to  proactively  add value and improve  the organization s  operations without  formal audit reporting

 

Examples of Advisory Services:

  • Facilitative
  • Assisting Management with a control self-assessment or other related assessment
  • Process Evaluation
  • Advising on the adequacy of draft policies and procedures related to new or updated processes
  • System Implementation
  • Advising on the adequacy of proposed controls related to new systems implementation
  • Risk Assessment
  • Assistance with evaluating risks exposures most prevalent in your department or area so that you may ensure they are properly controlled
  • Committee Work
  • ARC staff serve on various University-wide committees and task forces to provide input regarding best practices from both control and risk-based perspectives

  

Advisory Services vs. Routine Audits

Advisory Service
 Audit
Typically requested by Management Typically performed based  on  risk assessment  and annual audit planning  
Consultative in nature Assurance activity
Detailed results are not reported to the Board* Detailed results are reported to the Board
Corrective action plans not requested of department management Corrective  Action Plans required  from department management  
Does not require follow-up process Requires follow-up to monitor status of  Corrective  Action Plans  

 *If an Advisory Service results in a critical finding, the Audit Team may be required to report details to the Board

 

How Can We Help?

The Audit, Risk &  Compliance team  has a staff of professionals with the education, experience and credentials to make a positive impact in your area. We have experience from a variety of corporate and not-for-profit industries  and  possess advanced degrees   as well as p rofessional designations.  We ma intain our professional certifications and stay up-to-date on issues impacting  higher education and  the University  by attending and presenting  continuing education programs at the national and local level.

Our recommendations are designed to help you manage your operations more efficiently resulting in a m ore effective use of resources, as well as safeguard University assets and  assure compliance with applicable laws and regulations.  This process might include alternate ways of approaching a  process or problem  based on our experience with similar situations in other areas. As a result, we can identify strengths and weaknesses with in  processes and make practical recommendations to ensure your department’s operations are based on sound business practices that  comply  with University policy.

  

To request an Advisory Service or for more information, please contact us at internalaudit@vanderbilt.edu or 615-343-6660.