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.
