Jacob Flournoy is the Internal Audit Director for the University of Arkansas System. He received his BBA degree from the University of North Texas in 1978 and his MBA degree from the University of Oklahoma in 1984. In addition to being a Certified Public Accountant, Jacob is a Chartered Global Management Accountant, Certified Internal Auditor, Certified Information Systems Auditor, and Certified Fraud Examiner.
Jacob became the Internal Audit Director for the University of Arkansas System in 1991. He established the Internal Audit Department and worked with the Board of Trustees and senior management to develop charters for the University’s Audit and Fiscal Responsibility Committee and the Internal Audit Department. Other notable projects included working with the University’s board and senior management to develop policies on budgeting, ethics, financial accounting and reporting, freedom of information, and fraud and whistleblowers. He established the University of Arkansas System’s Fraud Hotline and developed a risk based audit universe for the University of Arkansas System. He also worked with senior management and the Arkansas Legislature to enact legislation that protects audit documentation.
Jacob continually monitors and analyzes the University’s established internal control structure. He directs internal audits and coordinates external audit contracts over the University of Arkansas System’s approximately $3.8 billion in assets, $2.5 billion in revenues and $2.4 billion dollars in expenses, and is responsible for developing and effectively communicating solutions to the auditing challenges within the University of Arkansas System. Over 50% of the employees that have left the Internal Audit Department during his tenure as director have been promoted to increased levels of responsibility within the University of Arkansas System or the State Government of Arkansas.
Jacob has made many contributions to both state and national professional organizations. He has served as Chair of the Arkansas Society of CPAs Accounting Principles and Auditing Committee. He served as an Annual Conference Host for the Association of College and University Auditors. Jacob has also served as President of the Central Arkansas Chapter for the Institute of Internal Auditors, as well as served in numerous other chapter officer positions. He has taught auditing courses for the AICPA in 25 states and Washington DC to over 1,600 CPAs during the last fifteen years. He also engaged in contracts with ACT, Inc. and Professional Examination Service over the last eleven years to write and edit questions for the Auditing and Attestation, Financial Accounting & Reporting, and Business Environment & Concepts parts of the Uniform CPA Exam
Jacob was selected as the recipient of the 2014 Arkansas Society of Certified Public Accountants Outstanding CPA in Government Award. He is licensed in Texas and Arkansas and is a member of the Arkansas Society of Public Accountants, the American Institute of Certified Public Accountants, the Institute of Internal Auditors, the Information Systems Audit and Control Association, the Association of Certified Fraud Examiners, and the Association of College and University Auditors.