Internal Controls - revision

Internal Controls - revision - Internal Controls The...

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Internal Controls The Internal Control Framework at Idaho State University (ISU) is based on the report of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Framework. COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance. I. Definition of Internal Control Internal control is a process affected by ISU administration, faculty, and staff that is 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 All levels of University management (President, Provosts, Deans, central administrators, university business officers and department heads) are responsible for establishing internal control processes to help the University achieve its mission, to stay on course toward meeting financial goals, to minimize risk, and to more effectively deal with change. II. Components of Internal Control Internal control consists of five interrelated components as follows: Control Environment – The control environment sets the tone for an organization. It provides discipline and structure and strongly influences the control consciousness of the people within the organization. The control environment at ISU begins with the administration’s philosophy and operating style as well as the priorities and direction provided by the Board of Higher Education. Key factors in the control environment include the integrity, ethical values, and competence of personnel. Competency of ISU personnel is ensured through a systematic hiring
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  • Spring '14
  • ismailov
  • ISU managers

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