About Internal Audit
Internal Controls
Definition of Internal ControlsInternal controls are processes in place by the University designed to provide reasonable assurance regarding the achievement of objectives over the reliability of financial reporting, compliance with applicable laws and regulations, and effectiveness and efficiency of operations. Internal control extends to functions beyond the accounting and financial departments.
Examples of internal controls include, but are not limited to:
- Policies & procedures
- Reconciliations
- Monitoring of reports
- Inventories
- Segregation of duties
- Restricted access to physical and electronic data
Click Here to Review and Download the Control Self Assessment
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