Higher Education has entered a unique time. The pace of change is faster than ever and a unique challenge for internal auditors. To meet the challenges, auditors must be agile and always poised to address changes to the regulatory landscape and other emerging risks. We also need to lead the charge when working with the other assurance teams such internal control, compliance, risk management, and many others.
Colleges and Universities live and die on their reputations. Recently higher education was dealt a black eye with the admission scandal that very publicly dragged several top universities into the headlines and ended with millions in losses, dozens of top officials losing their jobs, and at least one person behind bars. The news however was not surprising to most. Many in the public assume the wealthy are buying their way into universities, just like they assume politicians use their influence to guarantee a place for their children and grandchildren, and that alumni pull strings with peers in top administration. With the bad press and sullied reputations, are you including these reputational risks in your audit risk assessment and audit plan?
