What are internal controls?
There are many definitions for internal controls, but one of the most widely accepted is referred to as the COSO method stating that internal control is "a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Effectiveness and efficiency of operations.
- Reliability of financial reporting.
- Compliance with applicable laws and regulations."
At Student Life we have taken that definition to heart and implemented mechanisms that reduce the probability of errors and inappropriate transactions and formally establish accountability.
Why do we need internal controls?
Effective internal controls help to safeguard the assets of the University, whether it involves ensuring that a proper approval was obtained for a purchase or establishing checks and balances that help prevent theft and fraud. The controls which the University has put in place help assure the taxpayers that we are responsible stewards of their money and that we are held accountable for the vital function that we perform on their behalf.
What is the Student Life Internal Controls Team?
The Internal Controls Team was established as part of the Fiscal Service Center in 2010 to ensure accurate accounting for Student Life resources by performing centralized general ledger and cash receipts reconciliations in conjunction with risk-based compliance reviews. We provide internal and external audit support and serve as the primary contact for fiscal policy, procedure, and internal controls related questions. In keeping with the Student Life vision to create the extraordinary student experience, we provide relevant work experience for our student employees, helping our student employees achieve success in the classroom as well as the workforce.
The documents below are guides for proper handling of cash for earnings operations.