No. The state auditors are employed by the State of Tennessee. Every other year they arrive on campus and perform a required external audit of the College's financial statements. The Chattanooga State Community College Internal Audit Department is employed by the College and reports administratively to the College President and functionally to the TBR Audit Committee through TBR’s Chief Audit Executive.
External audits are conducted by auditors that are not employees of the organization and are usually focused on verifying amounts on financial statements. Internal audits, performed by the organization's own employees, focus on determining that the organization has internal controls that will assist in achieving the institution's goals and objectives.
There are some audits required by state law and/or TBR policy which we must perform on a periodic basis. Internal Audit also performs a risk assessment for the College and prioritizes those deemed to be high risk. Any shortages, thefts or missing equipment may also require an internal audit review, as well as reports of fraud. Special audits and advisory consulting services may also be requested by management.
- Know which policies and procedures apply to you and refer to them when making decisions.
- Separate duties of your employees so that they cross-check each other.
- Make sure all your records are accurate and reconcile your accounts timely.
- Write a short note to explain transactions and decisions so that you don't have to rely on your memory when an auditor asks about a transaction.
- Do your best to do the right thing and don't worry about trying to be perfect.
The Tennessee Board of Regents has issued Guideline G-070 "Disposal of Records" concerning the retention of records