Internal Controls at the University of Pennsylvania

Feb 3rd, 2012
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Ashford University
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A process, effected by the board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

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Internal Controls at the University of PennsylvaniaInternal Control - Defined- A process, effected by the board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: - Reliability of financial reporting - Effectiveness and efficiency of operations - Compliance with applicable laws and regulationsWhat Do Internal Controls Do?- Internal Controls are designed to:- Safeguard Assets - Ensure that all transactions are recorded and that all recorded transactions are legitimate - Protect the University & its employees from accusations of wrongdoing & litigation - Ensure the effective and efficient use of University resources In a Nutshell- Internal Controls help to ensure that you will be able to successfully achieve the goals and objectives of your department.Who Is Responsible For Internal Controls?Everyone plays a part in Penn's internal control system. Ultimately, it is management's responsibility to ensure that controls are in place. This responsibility is delegated to the leadership of each area of operation. Every employee has some responsibility for making this internal control system function. Therefore, all Penn employees need to be aware of the concept and purpose of internal controls. Internal Control Policies- Section 2700 of the Financial Policy Manual - Highlights: - 2701 Internal Control Policy - Comptroller has ultimate responsibility for th

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