Internal Control
UNDERSTANDING INTERNAL CONTROLS
A Reference Guide for Managing University Business Practices
Understanding Internal Controls Table of Contents
INTRODUCTION .................................................................................................................................................................1 OBJECTIVES ......................................................................................................................................................................1 SCOPE ...............................................................................................................................................................................2 RESPONSIBILITY................................................................................................................................................................2 BALANCING RISK AND CONTROL .....................................................................................................................................3 CHARACTERISTICS FOR FRAUD.........................................................................................................................................3 INTERNAL CONTROL DEFINED..........................................................................................................................................4 INTERNAL CONTROL PROCESS .........................................................................................................................................4 CONTROL ENVIRONMENT.................................................................................................................................................5 RISK ASSESSMENT ............................................................................................................................................................7 CONTROL
A Reference Guide for Managing University Business Practices
Understanding Internal Controls Table of Contents
INTRODUCTION .................................................................................................................................................................1 OBJECTIVES ......................................................................................................................................................................1 SCOPE ...............................................................................................................................................................................2 RESPONSIBILITY................................................................................................................................................................2 BALANCING RISK AND CONTROL .....................................................................................................................................3 CHARACTERISTICS FOR FRAUD.........................................................................................................................................3 INTERNAL CONTROL DEFINED..........................................................................................................................................4 INTERNAL CONTROL PROCESS .........................................................................................................................................4 CONTROL ENVIRONMENT.................................................................................................................................................5 RISK ASSESSMENT ............................................................................................................................................................7 CONTROL