UW-System auditors have been conducting purchasing card continuous auditing, and as a result, we have reduced the credit limits on P and PT cards to $1500/single purchase and $10,000/billing cycle. If you are aware of a purchase that will exceed this $1,500 single purchase limit please contact Jackie Kriesel at firstname.lastname@example.org so she can temporarily raise the single purchase limit for you.
The continuous purchasing card audit goals are:
- Risk-based identification of P card expenditures that may not be allowable using automated techniques.
- Determination and evaluation of whether systematically-identified expenses are allowable.
- Ensuring consistent testing methodology for institution data submitted to UW System Administration.
The Office of Internal Audit (Internal Audit) utilized IDEA, a data analysis software, and U.S. Bank’s Payment Analytics, a web-enabled auditing tool, to run queries against P card transaction data. The queries and tests developed identify the following:
Purchases on Holidays and Key Shopping Dates - Purchases made on UW Approved Holidays, along with other key shopping days [New Year's Day, Martin Luther King, Jr. Day, Memorial Day, Fourth of July, Labor Day, Thanksgiving, Black Friday, Cyber Monday, Christmas Eve, Christmas Day, New Year's Eve] were scrutinized.
Flagged Merchants – Purchases from flagged merchants were identified and scrutinized.
Flagged Merchant Category Codes - Purchases from vendors operating under flagged merchant category codes were identified and scrutinized.
Key Words Matched Against the Item Description Field – Key words in the item description field indicates the good or service that was purchased by the cardholder.
Split Transactions – Transactions that appear to be split purchases (i.e. dividing a single transaction at the same merchant to avoid a single purchase limit) were queried using U.S. Bank’s Payment Analytics.
You can contact Jackie at 715-836-2520 or at email@example.com for more information.