🎙️Why Your Organization Needs Updated Policies and Procedures

Insight in Indian Country Podcast

Trusted Expertise to Serve Tribal Nations

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For all types of organizations, turnover and evolving roles are common issues that both contribute to outdated policies and procedures and require their updates.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 Outdated policies and procedures can lead to inefficiencies, increased risks, and potential noncompliance with financial regulations.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07:30 – The Impact of Outdated Policies and Procedures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!

Get connected to expert insights for Tribal Nations. Subscribe to the Insight in Indian Country Newsletter.

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.

Meet Your Host

Wesley Ryan Benally, CPA

REDW Principal and National Tribal Practice Leader

As the leader of REDW’s National Tribal Practice, Wes is committed to improving financial literacy throughout Indian Country and hosts the Insight in Indian Country Podcast. He oversees audits of a wide range for Native American communities, state and local government agencies, and non-profits, nationwide, is a member of the Arizona State Board of Accountancy’s Peer Review Oversight Advisory Committee and serves as an instructor with Arizona State University’s American Indian Policy Institute. In addition, as a Board member for a tribal gaming entity that operates in two states, Wes keeps up with regulatory issues important to tribal gaming operations. Wes is an enrolled member of the Navajo Nation.