
Higher Education Audit and Assurance Best Practices / Benchmarking Studies Board and Audit Committee Constituent Relationship Management (CRM) Construction Project Risk Management Enterprise Risk Management Financial Modeling and Decision Support Financial Ratios / Benchmarking Forensic Accounting and Fraud Investigations Information Technology and Data Privacy Internal Audit Regulatory Compliance Sponsored Research Compliance Strategy and Finance Tax

Internal audit

Baker Tilly has performed internal audit services for a significant number of higher education and research institutions.

For many institutions, we supplement the resources of existing internal audit functions in key skill areas. Our team also provides "surge capacity" with additional resources to address critical, time-sensitive matters such as government audits.

We understand the issues that universities and research institutions routinely face and appreciate the importance of information flow between the centralized university offices and the often decentralized schools, departments, and institutes that they serve.

Client experience: Enhancing internal audit capabilities
Institutional challenge A large university was challenged to develop, and maintain in-house, the specialized skill sets related to sponsored research compliance, construction project risk management, and technology risk. The institution wanted access to best practices, proven methodologies, and highly-trained professionals to supplement its internal audit resources with key subject matter expertise in these areas, while also benefitting from knowledge transfer to its in-house internal auditors. Capabilities provided Baker Tilly’s experienced professionals teamed seamlessly with the institution’s internal audit department to develop and execute internal audit plans and report results in the areas of sponsored research compliance, construction project risk management, and technology risk. Specifically, our combined teams performed internal audits over effort reporting compliance, subrecipient monitoring, project-specific construction contractor billing compliance, information privacy, and information technology security. Results The university’s internal audit function provided assurance and valuable recommendations in several complex areas. Existing internal audit personnel benefitted from the close collaboration with Baker Tilly subject matter experts and the resulting knowledge transfer. The Board of Trustees and management gained comfort from knowing that the university’s high risk areas were receiving attention from professionals who perform work in these same areas at other institutions.
Additional internal audit capabilities
Co-sourced internal audit services Efficiency reviews Employee and student benefits Human resources Internal controls reviews Procurement and accounts payable Quality assessment reviews Restricted funds Student lending