Internal Controls

Primary Purpose

One of the primary purposes of Financial Affairs Compliance is to review and evaluate compliance with institutional controls, policies and procedures. The objective is to assist the University's Management Team in the effective discharge of their responsibilities by furnishing them with analyses, recommendations and information concerning the activities reviewed and by promoting effective internal control at reasonable cost.

Reviews may result in

  • Changes or additions to University policies and procedures.
  • Changes in organization staffing levels or structure.
  • Changes in policies and procedure based on regulatory interpretations.
  • Improvements in internal supporting documentation.
  • Service improvements to students, employees or user departments.
  • More effective use of scarce resources such as staff, funds, or space.

General responsibilities include, but are not limited to, conducting reviews of University departments, units and control systems to determine whether they are effectively carrying out their functions of administration, accounting, safeguarding of University assets, and control in a manner that is consistent with University objectives.

These responsibilities include the following

  • Review the systems established to ensure compliance with policies, plans, procedures, laws, and regulations which could have a significant impact on operations.
  • Review the means of safeguarding assets and verify the existence of such assets.
  • Review operations or programs for compliance with established objectives and goals.
  • Conduct special examinations at the request of the University's Management Team.
  • Be the campus liaison to all external auditors including but not limited to the Legislative Auditors:
    • Assist all external auditors, with the primary goal being a timely, unqualified audit.
    • Prepare preliminary audit work papers as requested.
    • Coordinate the information requested by the auditors.
    • Coordinate the University's response to audit findings or comments in a timely manner.
    • Facilitate corrective actions required on findings or comments.

Resources

Internal Control Self-Assessment Questionnaire

If you have information concerning the misappropriation of University assets, please call 575-5553 for a confidential discussion of your concerns.