Internal Controls
Internal Controls Combined
Internal controls are safeguards for university processes designed to provide reasonable assurance as to the achievement of objectives for:
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Reliability and integrity of financial and non-financial information
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Efficiency and effectiveness of processes and programs
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Safeguarding of assets
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Compliance with university governance, state governance, and federal law
Best Practices
- Written rules, policies, and procedures should be used in all departments
- Departments should be familiar with University policies and procedures
- Staff should be adequately trained for their current position
- Departments should have an operating plan and goals to be met
- Goals should be prioritized
- Never sign anything you do not understand
- Never give anyone else signing authority on your behalf
- Is there a formal written policy for cash handling and collections?
- Receipts should always be given
- Ensure checks are properly payable to the University entity which is collecting the money
- Ensure the collection of funds and the deposit are performed
- Is a safe or lock-box used?
- Safe access should be limited
- Deposits should be made in a timely manner
- If a cash register is used, ensure the drawer is reconciled regularly
- Segregation of duties is necessary for keeping one employee from having complete control over a process
- Petty cash should be kept in a secure location
- Access should be limited
- The custodian of the funds should not be the one to count the fund
- Should be used for University business only
- Supporting receipts should be maintained
Please refer to University Rule 3359-11-17
Conflict of Interest forms can be obtained by visiting the OAA Website
- The department should have a written policy on expense approval
- Procurement card users should be aware of the policies in the manual
- Segregation of duties for authorization and reconciliation
- Are there procedures in place to prevent the creation of new vendors or detection of duplicate vendors?
- Does the invoice match the authorization and receiving document?
- Ensure computer equipment is secure to prevent theft
- Access to computers is limited to authorized users
- Do not share passwords
- Ensure computer back-up is performed regularly
- Files should be saved on secured network drives
- All software should have appropriate licenses
- Anti-Virus software should be used
- Access to all networks and resources should be cut off upon employee termination