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Internal Controls
Internal Controls Defined
Internal controls are broadly defined as processes, affected by the board of trustees, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Reliability and integrity of financial and operational information.
- Effectiveness and efficiency of operations and programs.
- Safeguarding of assets.
- Compliance with laws, regulations, policies, procedures, and contracts.
Responsibilities
Administrative management is responsible for maintaining an adequate system of internal control. Management is responsible for communicating the expectations and duties of staff as part of a control environment.
Internal Audit’s Role
Internal Audit assists the University in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement as part our internal auditing and consulting activity.