Information and Communication Pertinent information must be identified, captured and communicated in a form and timeframe that enables people to carry out their responsibilities. Information systems produce reports containing operational, financial and compliance-related information that make it possible to run and control the organization. Effective communication also must occur in a broader sense, flowing down, across and up the organization. Monitoring - Internal control systems need to be monitored a process that assesses the quality of the system s performance over time. This is accomplished through ongoing monitoring activities, separate evaluations or a combination of the two.
Ongoing monitoring occurs in the course of operations.
Internal control deficiencies should be reported upstream, with serious matters reported to top management and the Regents. The internal control definition with its underlying fundamental concepts of process, effected by people, providing reasonable assurance together with the categorization of objectives and the components and criteria for effectiveness, and the associated discussions, constitute this internal control framework. No one person has control over all aspects of any financial transaction. Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available. Ensure r ecords are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.