It is a means to an end, not an end in itself. Internal control is effected by people. It's not merely policy manuals and forms, but people functioning at every level of the institution. Internal control is geared to the achievement of objectives in several overlapping categories. Internal control can be expected to provide only reasonable assurance to an institution's leaders regarding achievement of operational, financial reporting, and compliance objectives.
Effective administration involves planning, executing, and monitoring.
Internal control is a tool used by administrators to accomplish these processes. The core of any educational institution is its people. They are the engine that drives the organization. Risk Assessment - Colleges and universities must be aware of and deal with the risks they face. They must set objectives that integrate key activities so the total organization operates in concert.