Responsibility for Internal Controls
University management is responsible for maintaining an adequate system of internal control. Department managers should evaluate the adequacy and effectiveness of controls within their units. Their evaluation may take the form of a Control Self-Assessment. Implementation of internal controls determined from the self-assessment will enable managers to establish a positive control environment in their departments. Additionally, management may use the work of internal and external auditors in considering the effectiveness of internal control.
Internal Audit's mission is to independently evaluate the adequacy of existing University internal control systems by analyzing and testing controls. Internal Audit makes recommendations to management to improve controls based on system testing and control analysis. Internal auditors also normally perform internal control evaluations as part of their regular duties, or upon special request of the board of directors, senior management or subsidiary/divisional executives.