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Colleges, universities and school districts face increasing challenges with growing student bodies, integration of complex systems and procedures, and the need for transparency and employee accountability. Core educational responsibilities are often complicated by additional functions like management of scholarships, financial aid, food service and medical care services.
Progressive, forward-thinking educational institutes are using data analytics to address the risks presented by these constantly evolving issues. CaseWare IDEA® helps you efficiently manage resources, procedures and data with confidence.
Analytics for Education Professionals Competitive Advantage Analytics Applications
Significantly reduce fraud, waste and errors to prevent unnecessary losses
Identify operational efficiencies to take advantage of cost savings
Analyze 100% of data for accurate budgeting and forecasting
Take a proactive approach in assessing, addressing and managing risks
Build and maintain more effective compliance programs
Detect abnormal spending patterns and potential fraud within payroll, vendor data, travel and expense, purchasing card (p-card) transactions and other financial data
Track trends and emerging issues around enrollment, recruiting, retention and graduation rates
Streamline and automate processes to increase productivity
Financial Aid Identify aid in excess of needs assessment and overpayments Monitor loan agreements for repayment Find course withdrawals below full-time course load, without a corresponding reduction in aid Travel & Expense Identify frequent travelers and corresponding compliance with travel policies and procedures Pinpoint travel over holiday periods for potential personal travel Purchasing Cards Monitor for duplicate payments between p-card merchants and accounts payable vendors Check for charges at inappropriate Merchants (i.e. travel, food, fuel) by MCC code Pinpoint Split charges to circumvent purchasing card limits Highlight cards used by terminated employees and/or employees on leave of absence Tuition Billing Compare refund check addresses to employee addresses or drop boxes Identify missing refund check numbers Compare refund payments to refund policy Review students with more than three address changes in one academic year Salaries & Payroll Identify multiple paychecks to same bank account Compare check amounts per ledger to electronic bank files List employees with salary increases greater than a specified percent Compare refund payments to refund policy Compliance Identify expenditures made outside a grant’s effective dates Identify unaccountable charges (administrative costs) based on grant rules to be compliant with government and other grantor’s regulations Kickback or Conflict-of-Interest Schemes Look for vendor prices greater than the standard Identify price increases greater than acceptable percentages Check for continued purchases in spite of high rates or returns, rejections, or credits Look for high volume purchases from one vendor Asset Management Identify fully depreciated items and assets higher than replacement cost Recap asset values, in value order, by net or cost amount Recalculate expense and reserve amounts using replacement costs Compare useful lives of assets by category Extract assets with useful lives or depreciation rates beyond set norms
Schools have many of the standard ledgers. Payroll and Accounts Payable can be key concerns. Typical test areas include:
Phantom Vendor Schemes Match names, addresses, and phone numbers between employee and vendor files Check vendor addresses against marketing address lists Questionable Invoices Identify invoices without a valid purchase order Look for invoices from vendors not in the approved vendor file Find invoices for more than one purchase order authorization Identify multiple invoices with the same item description Extract vendors with duplicate invoice numbers Look for multiple invoices for the same amount on the same day Find invoice payments issued on non-business days (e.g., Saturdays and Sundays) Identify multiple invoices at or just under approval cut-off levels Let's Put Data Analytics to Work for You!
In the past they were only able to test approximately 20% with sampling across the board, due to lack of resources, now they can do 100% testing based on exception reports that we created using IDEA.
- Alex Muina, CRISC, CISA, GNSA, Assistant Director, University of Miami
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