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.