Alex Muina, CRISC, CISA, GNSA
Asst Director, IT Audit, Audit & Advisory Services
The University of Miami is a large diverse institution with 3 campuses: academic, medical, and marine biology atmospheric research. Their audit house is divided up into two sides, the academic and administrative side, which houses 9 auditors, as well as, the medical group, which has 5 auditors.
Our P-Card process accounts for more than half of all our transactions across the university, we performed an audit of the P-Card department and based on our analysis we found that there were many deficiencies in the way they were going about monitoring P-Card purchases. Based on our data analytics we were able to bring out different findings to assist them to do a better analysis. We streamlined the P-Card process through automation, we created scripts and exception reports - automating the entire process for them. 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.
We were able to overcome their lack of resources, we were able to automate the whole review process. Exception reports from the exception testing allowed them to spend half the amount of resources they were spending in the past to properly review P-Card purchases. Through our P-Card process we were able to bring in managers from different departments and they saw the benefit of the work we did with the P-Card group and saw the benefit of data analytics to overcome resource issues that our departments face across the university. They wanted to use the same resource to analyze their purchases and transaction in a more efficient and cost-effective manner, so many managers came forward asking us to do similar work we did with the P-Card process. We overcame resource issues, as I mentioned, is a big challenge for the university. Executive management is particularly happy and interested in that because they use to spend 2 FTEs on reviewing the process, now through automation we would limit that to one or half of a full-time employee.