Procurement risks and controls

This video features Baker Tilly’s internal audit and risk advisory specialists discussing the significance of internal control frameworks in managing procurement risks within higher education institutions. It outlines the five stages of the procurement cycle and top procurement controls and provides a foundational understanding of internal controls and their importance in mitigating risks.

The video highlights the following key points:

1. Defines “internal control” and provides an overview of five key components and principles
2. Identifies the top procurement risks in today’s higher education environment
3. Discusses common controls needed when there is a lack of control structure

And answers the following questions:

• How is risk defined and measured? And what is the potential impact to achieving an institution's mission and strategic objectives?
• How does the decentralized nature of procurement in higher education institutions pose a risk, and what measures can be taken to address it?
• What are some specific challenges related to contract management, and how can they be addressed?
• What role does the procurement card (P-card) play in higher education procurement, and what are the associated risks?
• How can the principles of segregation of duties be applied to mitigate procurement-related fraud and misuse in higher education?

Presenters and subject matter specialists:

• Katlyn Andrews, CIA​, Senior Manager
• James (Jim) Schoppe, CPA​, Senior Manager

Does your institution have the necessary controls in place to navigate procurement risks effectively?
Let Baker Tilly help!