Internal Controls: University Governance and Management

Below is a listing of internal control (IC) best practices and the related University policy, if applicable:

IC 1: The department purpose/mission is clearly stated and communicated.

For achievement of established University goals and values, the purpose and mission for every department should be published for strategic alignment.

IC 2: Procedures for day-to-day business and administrative processes are documented.

The department should develop and document standard procedures/guidelines for key business processes that incorporate University policy and procedures. Business processes to develop include:

• Account reconciliation
• Purchasing
• Reviewing & approving expenditures
• Expenditure (voucher) processing
• Departmental credit card processing
• Check/cash handling and deposit process

These procedures should include a brief description of each process, name and title of personnel responsible for each task, name and title of personnel responsible for reviewing/approving the activity, and any required documentation. The development of standard procedures will assist in the consistency of operations and business continuity.

IC 3: Staff members complete cross-training activities for key business functions.

To ensure reliable and consistent process execution, staff member cross-training is recommended for business continuity purposes.

IC 4: Department records (i.e., paper and electronic) are retained and disposed in accordance with University policy.

The Department needs to review the Records Management Website and University Policy 7.1.55 Record Retention and adhere to record keeping requirements for all records kept by the department to ensure they are complying with the different requirements. Outdated records should be disposed of in accordance with the policy, using Records disposal forms.