INDEX  

Charter

Goals and Objectives

Why Me? (FAQs)

Common Audit Findings 

Preparing for an Audit 

Reporting Fraud,

Waste, or Abuse

Student Internships 

Other Useful Sites

Staff

Internal Audit Home 

  

Longwood University 
Internal Audit 
201 High Street 
Farmville, VA  23909 
Phone: (434)395-2283 
Fax: (434)395-2229 

Reporting of Fraud, Waste, or Abuse of State Resources

I. PURPOSE:

 

 To provide procedures for handling all suspected incidences of fraud within the University.

II. PROCEDURES:

 

A. The Code of Virginia (Section 2.1-155.3) requires the head of an agency or institution to notify the Auditor of Public Accounts and the Department of the State Police of all incidences of fraud within their agency or institution.

B. In addition to compliance with the State code, the institution should notify the Internal Audit Department in cases that circumstances suggest the possibility that assets have, or are thought to have, been lost through defalcation or other breaches in the financial and operating systems. Upon such notification, the Internal Audit Department should ensure that proper authorities within the University have been notified and that they are aware of the reporting requirements under the Code of Virginia.

C. Although it is not mandatory that Internal Audit investigate each situation, it should be informed and make a judgment regarding the impact of the situation on internal controls and on future audit testing.