It's time to dust off those P&Ps! REDW's Internal Audit team is here to help you find the finish line with your organization's policies and procedures.

For all types of organizations, turnover and evolving roles are common issues that both contribute to outdated policies and procedures and require their updates. For Internal Audit Awareness Month, REDW National Tribal Practice Leader Wes Benally and Internal Audit Audit Senior Manager Cait Gutierrez discuss the importance of an internal audit and the role it plays in tribal organizations. They highlight the need for effective financial policies and procedures and the impact they can have on an organization's success. Cait shares examples of how noncompliance with financial regulations and the lack of proper policies and procedures can negatively impact organizations.

Takeaways

• Internal audit is a critical function in organizations, including tribal organizations, and plays a key role in risk mitigation.
• Financial policies and procedures are essential for the success of an organization and should be regularly reviewed and updated. Outdated policies and procedures can lead to inefficiencies, increased risks, and potential noncompliance with financial regulations.
• Common risks in organizations include turnover, fraud, bottlenecks, and loss of funding.
• Collaboration and buy-in from all levels of the organization are crucial for the successful development and implementation of policies and procedures.
• Regular reviews and updates of policies and procedures are recommended, and projects can be phased to manage resources effectively.

Chapters

• 00:00 - Introduction and Importance of Internal Audit
• 03:45 - The Role of Policies and Procedures in Risk Mitigation
• 07:30 - The Impact of Outdated Policies and Procedures
• 10:45 - Striking a Balance: Efficiency and Risk Mitigation in Policy and Procedure Design
• 14:13 - Common Risks and the Benefits of Regular Reviews and Updates
• 24:46 - Areas That Often Need Policy and Procedure Updates
• 27:35 - Next Steps and REDW's Expertise in Financial Policies and Procedures
• 31:19 - Don't miss the New Mexico Society of CPAs Tribal Conference!

References

• Contact Cait Gutierrez on REDW's Internal Audit team to set up a consult or for help assessing your organization's needs
• Event info: New Mexico Society of CPAs (NMSCPA) Second Annual Tribal Conference - May 16, 2024
• Register for in-person attendance for the Second Annual Tribal Conference hosted by NMSCPA and REDW
  • Address: 3400 Menaul Blvd NE, Albuquerque, NM 87107
• Register for virtual attendance for the Second Annual Tribal Conference hosted by NMSCPA and REDW

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