Internal Controls

Definition of Internal Controls
Internal 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

Inventories

Reconciliations

Segregation of Duties

Monitoring of Reports

Restricted Access to Physical and Electronic Data