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Policies and Procedures

Finance & Administration

4-OP-A-9 Internal Control Responsibility and Accountability

Responsible Division: Finance and Administration
Approving Official: Vice President for Finance and Administration
Effective Date: January 1, 2014
Last Revision Date: Unrevised at this time.
   

OBJECTIVE

The purpose of this policy is to establish responsibility and accountability for internal controls. It is the responsibility of all University employees to ensure protection of University assets and resources. Administrators at all levels are responsible for establishing a strong control environment and setting the appropriate tone and displaying the proper attitude toward complying with these established controls.

A. RESPONSIBILITY 

Deans, Directors, and Department heads shall develop policies and procedures for their respective units/departments that will establish a framework of internal controls protecting the University’s assets and resources and mitigating the risks that may prevent the University or the unit/department from accomplishing its goals and objectives. The framework shall be designed to ensure the following:

  • Compliance with governing policies, laws, rules, and regulations 
  • Provide reliable information 
  • Assets are properly safeguarded 
  • Operations are efficient and effective 
  • Errors or irregularities are detected and reported in a timely manner 

B. ACCOUNTABILITY

Deans, Directors and Department heads may delegate their authority under this policy, but remain responsible for the actions and decisions of their respective units/departments.