Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve Renown Health’s operations. It helps Renown accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

The internal audit activity is established by Renown’s Audit and Compliance Committee of the Board of Directors. Internal audit’s responsibilities are defined by the Committee of the Board as part of their oversight role.

To report a compliance concern, please call 1-800-611-5097.

breast-health-mammogram
Melinda Montoya,
Vice President and
Chief Compliance Officer

Department Information and Resources

Use the links below to learn more about Renown's internal auditing efforts.

 

FAQs

Why are audits performed?
The overall goal of an internal audit is to improve Renown's operations. Internal auditors provide reasonable assurance to the Audit and Compliance Committee of the Board (Committee of the Board) and management that risks are identified and managed; financial, managerial and operational information is accurate, reliable and timely; and activity is compliant with policies and procedures and applicable laws and regulations.

How are departments selected for an audit?
The internal audit plan is developed using a risk-based methodology, including input of senior management and the Committee of the Board. The Chief Audit Executive reviews and adjusts the plans as necessary, in response to changes in the organization’s business, risks, operations, programs, systems and controls. Any significant deviation from the approved internal audit plan is communicated to senior management and the Committee of the Board through periodic activity reports.

What types of audits do we perform?

  • Financial
  • Operational
  • Compliance
  • Information Systems
  • Consulting and Advisory Services
  • Special Investigations

What happens during an audit?

The audit process consists of four phases:

Planning: The objectives and scope are determined. A meeting is held with the department head and lead fiscal administrator to discuss the audit plan and its requirements.

Fieldwork: This involves conducting interviews and testing compliance with policies and procedures. Internal controls are also assessed and tested.

Reporting of Results: A summary of audit findings and recommendations is prepared and presented to management for discussion. Once the findings/recommendations are finalized, a report is issued to management.

Monitoring and Follow-Up: This phase ensures that all audit recommendations have been satisfactorily implemented. Some verification procedures may be performed to ensure that recommendations have been adequately addressed.

What should I do if I learn of fraud, waste or abuse?
You may contact our office one of several different ways:

Renown Health Confidential Reporting Hotline
Email
auditandcompliance@renown.org
Mail
Renown Health VP Chief Compliance and Privacy Officer
1155 Mill Street, MS N-14
Reno, NV 89502

Why would I want to request an internal audit?
Audits help Internal Audit evaluate Renown’s operations and system of controls. For example, if a department has recently adopted additional supervisory responsibility or installed new computer systems, an audit can review the procedures to determine their effectiveness. Periodic audits help maintain overall compliance.

Can I request Internal Audit's assistance?
Any member of management can contact Internal Audit for an audit services consultation. Leadership and staff review requests and decide how to best meet your needs.

How long do audits take?
An audit's duration depends on the size, complexity and involved risk of each department. Based on these factors, budget hours are established during the planning phase of each audit. Generally, audits last from two to six months.

Who receives the final audit report?
Copies are sent to the Director, Vice President, and Executive Vice President, the CEO, the Committee of the Board and our external auditors, as applicable.

What are the benefits of an audit?
Internal Audit assesses each department's control environment and compliance with regulations. We provide recommendations and suggestions to improve the overall efficiency and effectiveness of procedures and processes, which can help achieve Renown’s goals.

What is a department's role during an audit?
The internal audit activity, with strict accountability for confidentiality and safeguarding records and information, has unrestricted access to any and all of Renown’s records, physical properties and personnel. All employees are requested to assist internal audit activity in fulfilling its roles and responsibilities.

What are the objectives of an internal audit?
Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve Renown's operations by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Regarding internal control, the goal is to provide reasonable assurance regarding the achievement of objectives in the following categories:

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws, regulations, policies and procedures.

What activities are audited?
The scope of internal auditing encompasses, but is not limited to, the examination and evaluation of the adequacy and effectiveness of the organization's governance, risk management and internal controls as well as the quality of performance in carrying out assigned responsibilities to achieve the organization’s stated goals and objectives. This includes:

  • Evaluating risk exposure relating to achievement of the organization’s strategic objectives.
  • Evaluating the reliability and integrity of information and the means used to identify, measure, classify and report such information.
  • Evaluating the systems established to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on the organization.
  • Evaluating the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
  • Evaluating the effectiveness and efficiency with which resources are employed.
  • Evaluating operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
  • Monitoring and evaluating governance processes.
  • Monitoring and evaluating the effectiveness of the organization's risk management processes.
  • Evaluating the quality of performance of external auditors and the degree of coordination with internal audit.
  • Performing consulting and advisory services related to governance, risk management and control as appropriate for the organization.
  • Reporting periodically on the internal audit activity’s purpose, authority, responsibility and performance relative to its plan.
  • Reporting significant risk exposures and control issues, including fraud risks, governance issues and other matters needed or requested by the Committee of the Board.
  • Evaluating specific operations at the request of the Committee of the Board or management, as appropriate.

What are the differences between internal and external audits?
There are multiple differences between the internal audit and external audit functions, such as:

  • Internal auditors are company employees, while external auditors work for an outside audit firm.
  • Internal auditors are hired by the company, while external auditors are appointed by a board vote.
  • Internal auditors do not have to be CPAs, while a CPA must direct the activities of the external auditors. Internal auditors demonstrate their competence by obtaining Certified Internal Auditor (CIA) designation.
  • Internal auditors are responsible to management and the board. External auditors are responsible to the board.
  • Internal auditors can issue their findings in any type of report format, while external auditors must use specific formats for their audit opinions and management letters.
  • Internal audit reports are used by management, while external audit reports are used by stakeholders, such as creditors and lenders.
  • Internal auditors can be used to provide advice and other consulting assistance to employees, while external auditors are constrained from supporting an audit client too closely.
  • Internal auditors examine issues related to organization business practices and risks, while external auditors examine financial records and issue an opinion regarding the financial statements of the organization.
  • Internal audits are conducted throughout the year, while external auditors conduct a single annual audit.
  • Internal audits often involve a return on investment for the organization, in terms of savings in costs, while external audits are required by government entities and useful for obtaining loans for the organization with their independent assessment of the financial status of the organization.

Larger organizations typically use both functions, thereby ensuring that their records, processes and financial statements are closely examined at regular intervals.