Risk evaluations report the results of area compliance with internal control policy. The work of employees handling University assets should be complementary to or checked by other employees. This practice provides a means for detecting errors and decreases the chance of fraud. Fix Responsibility Identify functions with individuals by using an organization chart. Written Procedures Supply employees with strict control procedures and ensure procedures are followed.
Documented procedures ensure that operations continue if key personnel leave or take vacation.
Accounting Records Maintain accurate accounting records in proper order. Provide an authorization and record procedures system to ensure reasonable accounting control over assets, liabilities, revenues, and expenses. Include such forms as invoices, warrants, vouchers, and written receipts. Current Records Maintain current accounting records. Rotation of Duties Periodically rotate duties or have others perform the functions of vacationing employees.