Internal controls

A comprehensive strategy (i.e., which includes people and tone as well as policies and procedures) designed to provide reasonable assurance that the following objectives of the University are achieved: • Effectiveness and efficiency of operations, • Reliability of financial reporting, and • Compliance with applicable laws, regulations, policies, and procedures, as well as contracts, grants and donor restrictions. Key activities include protection of assets; adequate authorization and record keeping procedures; proper segregation of duties; and monitoring and assessment of internal controls.