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* indicates a required field.
FRAUD REPORTING
* POLICY NAME:
* POLICY TYPE:
Board Policy
POLICY #:
B.4.2.
*STATUS:
Active
*CONTACT
OFFICE:
Office of Internal Audit
*OVERSIGHT
EXECUTIVE:
Internal Audit Director
*APPLIES TO:
All UMW Constituencies
*PURPOSE:
The purpose is to safeguard University of Mary Washington assets.
DEFINITIONS:
*POLICY
STATEMENT:
The Internal Audit Department shall be notified in all cases where assets have been
or are suspected to have been lost through defalcation or other security breaches in
the financial and operating systems. Fraud encompasses any illegal acts
characterized by deceit, concealment, or violation of trust. Frauds are perpetrated by
individuals and organizations to obtain money, property, or services; to avoid
payment or loss of services; or to secure personal or business advantage.
PROCEDURES:
* General
Procedures for
Implementation:
* Process for
Developing,
Approving, and
Amending
Procedures:
Upon learning of a possible fraudulent situation, the Internal Audit Director shall
immediately notify the President of the University, the Rector of the Board of
Visitors (BOV), and the BOV Audit Committee Chairperson to report the potential
loss and discuss an appropriate plan of action, including whether notification should
be given to the Auditor of Public Accounts and the Department of State Police as
required by the Code of Virginia, Section 30-138. Internal Audit also will notify the
Human Resource Director in all cases where an employee of the University is
implicated. After the loss has been verified, the Internal Audit Department shall have
the responsibility to perform sufficient tests to identify the weaknesses in the
financial and/or operating procedures that permitted the loss to occur and to make
recommendations regarding corrective measures and improvements.
The Board may, at its discretion, develop, approve, or amend procedures for
any policy at any of its regularly scheduled or called meetings. With regard to
fraud reporting, the Internal Audit Director monitors the Virginia Code and will
discuss with the Rector of the Board the need for any revision to the UMW
policy in order to comply with the Code prior to making a recommendation to
the BOV Audit Committee for Board action.
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* Publication and
Communication:
* Monitoring,
Review, and
Reporting:
University constituents are informed of newly adopted or revised Board policies by
means of published minutes following all meetings of the Board of Visitors. Draft
minutes are linked electronically on the Board's web page on the UMW web site
within 10 business days following each meeting, and approved minutes are linked
within three business days following approval. Signed originals are maintained in the
Office of the President and copies are filed in the UMW Simpson Library Special
Collections.
The Fraud Reporting Policy is monitored by the Director of Internal Audit, who
reviews it with each newly appointed BOV Rector and Audit Committee Chair.
RELATED
INFORMATION:
Policy
Background:
* Policy Category:
Board of Visitors
Category Cross
Reference:
Related Policies:
HISTORY:
* Origination Date:
* Approved by:
* Approval Date:
* Effective Date:
* Review Process:
* Next Scheduled
Review:
Revision History:
October 24, 1992
The Rector and Visitors of the University of Mary Washington
November 17, 2006
November 17, 2006
The Director of Internal Audit will review this policy and recommend changes
as needed to the Board of Visitors.
July 2012