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Procurement Card Program Rating Scale

As the Office of Internal Auditing (OIA) continues to provide assurances to departments through P-Card audits, we utilize an overall residual risk ranking scale method to provide UNF senior leadership with a snapshot of departmental P-Card programs within their various areas.

While the overall goal of the department is to achieve a ranking of “Excellent”, OIA utilizes the “Good” ranking as the benchmark for overall audit expectations. 

 

Overall P-Card Audit Residual Risk Ranking Scale

Excellent

  • P-Card control system scoped within the audit is functioning admirably and remaining operating risks are very low.
  • No audit observations were noted during the review.

Good

  • P-Card control system scoped within the audit is functioning as expected and remaining operating risks are low.
  • Collective audit observations are considered minor deficiencies.
  • Related corrective action need only be addressed to improve current P-Card operations.

Fair

  • P-Card control system scoped within the audit is functioning in a manner which provides reasonable assurance that most major risks will be mitigated.
  • Corrective action to address the audit observations may not be critical to the University’s overall business operations, but needs to be addressed to minimize financial, reputational, operational, and strategic risks.

Poor

  • P-Card control system scoped within the audit needs major improvement, as deficiencies identified could significantly impair operations.
  • If corrective actions are not implemented timely, issues may escalate to cause critical financial, reputational, operational, or strategic risks.
  • Management corrective action plans should be given priority as additional follow-up audits will occur to ensure implementation.