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Policy 1303

Reporting Fraud to the Auditor

I. Purpose

The purpose of this policy is to provide procedures for handling all suspected incidences of fraud within the University.

II. Policy

This institution establishes the following procedures for reporting fraud to the Internal Auditor.

III. Procedure

  1. Section 2.1-155.3 of the Code of Virginia requires the head of an agency or institution to notify the Auditor of Public Accounts (APA), the State Inspector General, and the Superintendent of State Police of all incidences of fraud within their agency or institution.
  2. In addition to compliance with the Code of Virginia, 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 institution have been notified and that they are aware of the reporting requirements under the Code of Virginia.
  3. Although it is not mandatory that Internal Audit Department 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.

Approved by the Board of Visitors November 1988.
Revised and approved by the Board of Visitors, September 7, 2002.
Revised and approved by the Board of Visitors, December 6, 2013.