Internal Audit Fundamentals
This provides independent, objective assurance and advisory services designed to add value and improve an organization’s operations.
Internal Auditing
This is the process of comparing two sets of records to identify and investigate differences.
Reconciliation
What three conditions must be met in order for fraud to occur according to the fraud triangle?
Pressure, rationalization, and opportunity
Known for career-focused and technology-driven programs, this UW campus recently adopted a new official name
UW-Stout Polytechnic
The Milwaukee Brewers made their first and only World Series appearance in this year
1982
A formal document that includes the internal audit function’s mandate, organizational position, reporting relationships, scope of work, types of services, and other specifications.
Internal Audit Charter
A department employee approves their own reimbursement and also processes the payment. What control principle is missing?
Separation of duties
Following 'Tips', what is the most cited method for detecting occupational fraud? Per ACFE 2026 Report.
Internal Audit
In this year, the Universities of Wisconsin restructured by integrating 13 two-year branch campuses with nearby four-year universities
2018
Wisconsin is famous for dairy, but it also produces more than half of the nation's supply of this fruit
Cranberries
Rather than auditing every department equally, Internal Audit directs more resources toward areas with greater potential impact and likelihood of adverse events. This is the foundation of this approach.
Risk-based auditing
A university identifies the possibility that unauthorized individuals could access student financial information. The possibility of unauthorized access is the ______; requiring multi-factor authentication is the ______.
Risk;
Control
What are the three major categories used to classify occupational fraud in the Fraud Tree?
Asset Misappropriation, Corruption, and Financial Statement Fraud
Of the 13 Universities of Wisconsin four-year campuses, this many are located north of UW-Madison
8
These two Wisconsin-born actors portrayed the Hulk and the Green Goblin in Marvel films
Mark Ruffalo and Willem Dafoe
An auditor who previously managed a university process is asked to audit that same process 12 months after leaving the position. What professional principle should be considered before assigning the engagement?
Objectivity / Impairment of objectivity
An audit finds that a department has a well-designed approval control requiring two signatures for purchases over $10,000. Testing shows, however, that employees frequently bypass the second approval. What aspect of the control is primarily deficient?
Operating effectiveness
This type of investment fraud pays existing investors with money collected from new investors rather than legitimate business profits.
Ponzi Scheme
Approximately this many degrees are awarded annually across the Universities of Wisconsin
37,000
During Green Bay's famous "Ice Bowl" against Dallas in 1967, the official game-time temperature was this
-13 degrees
Internal auditing strengthens the organization’s ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective ________, ________, ________, and ________.
Assurance, advice, insight, and foresight.
An automated control prevents purchases from exceeding an employee's authorized spending limit. However, the system administrator can modify the limits without independent approval or a documented review. What underlying control risk should concern the auditor?
Inadequate change management over the automated control
This FBI investigation uncovered a scheme in which wealthy parents bribed officials to help their children gain admission to elite universities through fraudulent test scores and athletic recruiting credentials.
Operation Varsity Blues
"College Admissions Scandal"
Bucky Badger went viral with this 2010 parody music video centered around a popular dance craze
Teach Me How to Bucky
Wisconsin's nickname and state symbol, the Badger, refers not to the animal itself but to 1820s miners who dug tunnels while extracting this metal
Lead