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FGCU audit committee unanimously approves PBF data-integrity audit, recommends full Board approval
Summary
The Audit and Compliance Committee of Florida Gulf Coast University on Feb. 12 approved a Performance-Based Funding Data Integrity Audit that found the university—ollowed processes to provide complete and timely data to the Board of Governors; the committee will recommend the report to the full Board.
The Audit and Compliance Committee of the Florida Gulf Coast University Board of Trustees unanimously approved a Performance-Based Funding (PBF) Data Integrity Audit at its Feb. 12 meeting in Academic Building 9.
Director of Internal Audit Bill Foster said the audit, required by Florida Statutes and Board of Governors regulations, assessed whether university processes produced complete, accurate and timely data for the Board of Governors' 10 PBF metrics. Foster said the PBF metrics depend on 13 recurring annual data submissions and that the university uditors had tested as many as 8,000 data elements across the last six years.
"The purpose of the Audit was to determine whether the University’s processes operated effectively to provide complete, accurate and timely data submissions that supported the BOG’s PBF Metrics," Foster said.
Committee Chair Joseph Fogg asked which auditors conducted the review and for their qualifications. Foster identified Internal Auditor III Ron Tortorello, who holds a master egree in cybersecurity from Dakota State University and an MBA from FGCU and has several information-technology audit certifications, and Internal Auditor III Jena Valerioti, who holds an MBA from FGCU. Foster said he "fully trusted the OIA team." Chair Fogg also noted the audit carried a clean opinion; Foster confirmed that.
Trustee Henry Saad asked about internal checks and balances. Foster described the verification process used during annual data audits: staff compare current source data to the data as originally submitted, investigate discrepancies (for example, a grade recorded as "incomplete" at submission later changed to a final grade), and return to source documentation to confirm what was accurate at the time of submission and to document any later changes.
Trustee Doug VanOort moved to approve the audit and recommend it to the full Board; Trustee Derek Lura seconded. The committee voted unanimously in favor. Chair Fogg said the committee ction would be forwarded for final approval by the full Board later the same day.
The committee recorded no old business or new business and adjourned at 8:41 a.m. Minutes were prepared by Assistant Director of Board Operations Melissa Pind.
