Internal Audit

Internal Controls
Collection of processes that are intended to provide reasonable assurance that a department’s activities are:

• effective and efficient
• providing reliable financial information
• incompliance with applicable laws and regulations, including University policies

University management, not Internal Audit, is responsible for creating and maintaining a
good system of internal controls.  Internal Audit can provide evaluations of systems already in place.

Examples of Internal Control:

• Physical Safeguards
• Separation of Duties
• System of Approvals
• Periodic Reconciliations
• Controls on the Handling and Deposit of Funds