Regular readers of my blog know that Visual Risk IQ has been especially active in the Higher Education arena in 2009, helping adapt Continuous Controls Monitoring (CCM) for a Class One Research University. In addition to monitoring for Accounts Payable controls compliance, duplicate payments, and vendor master file integrity, we have also built an innovative Grants & Contracts module that helps track compliance with various financial and operational milestones required by various Federal Grantors.
The CCM module tests the validity of expenditures, overhead rates, and labor charges, and also can be easily extended for more complex tasks like Effort Reporting and Financial Aid compliance. But perhaps it was overkill for the job, given that one of the largest inspection functions within the Federal Government is behind on its audit plan this year.
Yep, they're too busy at the National Science Foundation investigating Internet Porn, so they're behind on their audit plan. For more information, see the Washington Times .
Maybe if their Office of the Inspector General used a more efficient method for selecting which grants and contracts to inspect. More data-driven continuous risk assessment, or perhaps more use of data analysis in controls assessment would help with their efficiency / effectiveness.
Other suggestions abound. What do you think?
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1 comment:
Some folks will stop at nothing to increase the # of comments on their blog. :-)
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