Internal controls are necessary to ensure that University assets are not exposed to misappropriation or unauthorized access and use. Internal Control Internal control includes plans, methods, and procedures adopted by the University to safeguard University assets, check the accuracy and reliability of the accounting data, promote operational efficiency, and encourage adherence to applicable policies.
Internal control includes both internal accounting controls and administrative controls.
Funds, property, and other assets are safeguarded against waste, loss, liability, unauthorized use, or misappropriation. Assets, liabilities, equities, revenues, expenses, and budgetary transactions are properly authorized and recorded in order to prepare accurate accounts, reliable financial and statistical reports, and to maintain accountability over assets. Administrative Controls Administrative controls include all operational controls within the University. The Assistant Vice President for Business Affairs is the University's Internal Control Officer. The Internal Control Officer is responsible for coordinating the University's overall effort of evaluating, improving and reporting on internal controls.