What is Internal Control?
Internal control is an integrated system of organizational policies, procedures, and activities put into place to:
- Keep the unit on course to achieve the unit's and the university's mission.
- Promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial data.
- Promote compliance with laws and regulations.
Simply put, internal controls are good business practices. They are basically just using common sense as you carry out your job responsibilities. Internal control is anything that you do to safeguard the university's assets or make more efficient or effective use of these assets. Individual internal controls include:
- Approving transactions
- Authorizing transactions
- Verifying transaction validity and accuracy
- Use of passwords
- Reconciling statements
- Segregating duties
- Reviewing operating performance
- Securing assets
- Monitoring accounts
- Analyzing
- Comparing
- Reporting
- Observing
- Communicating
Contact Info
P.O. Box 4115
Flagstaff, AZ 86011
928-523-6438
928-523-6630 fax
Blome 106C
523 S Knoles Dr