Internal Controls

Internal Controls:

• promote orderly, economical, efficient, and effective operations
• help to produce quality products and services consistent with the organization's mission
• safeguard resources against loss resulting from waste, abuse, mismanagement, errors, and fraud
• promote adherence to laws, regulations, and management directives
• help to develop and maintain reliable financial and management data, and accurately present that data in timely reports
• impact every aspect of an organization – all of its people, processes and physical structures
• are woven into the day-to-day responsibilities of managers and their staff
• provide a level of assurance to an organization, but do not guarantee success
• are dependent upon people and will succeed or fail depending on the attention people give them
• must make sense within each organization's unique operating environment
• help an organization achieve its mission

• Have I exercised my responsibility for the day-to-day management of the project?
• Have I lived up to my responsibilities through diligent oversight of my job duties?
• Have I considered how this transaction would be perceived if it were reported in the newspaper?

• Fulfilling the duties and responsibilities established in one’s job description
• Meeting applicable performance standards
• Following steps outlined in approved campus, department, unit or office policies and procedures
• Taking all reasonable steps to safeguard assets against waste, loss, unauthorized use and misappropriation
• Reporting breakdowns in internal control systems to your supervisor
• Refraining from the use of your official position to secure unwarranted privileges

• Maintaining an environment that encourages the design of internal controls
• Documenting policies and procedures that are to be followed in performing functions
• Identifying the control objectives for the functions and implementing cost effective controls designed to meet those objectives
• Testing the controls regularly to determine if they are performing as intended