What is it?
In accounting terms, Internal Control is a process of systemic checks and balances across all areas of financial activity. Internal controls help ensure that the University’s activities are conducted in an efficient manner, ensure accuracy and completeness of financial data and safeguard assets and resources by deterring and detecting errors, fraud and theft.
Why is it important?
Internal controls should be exercised on all financial activity, including online transactions, to safeguard the University’s assets and reputation and to protect the individuals involved. Clear segregation of duties, storing cash in a locked cabinet or safe and one-up signing on expense claims are all examples of internal controls.
Where do I find more information?
- For assistance with establishing internal controls when accepting payments, please review the Cash/Cash Equivalent Handling policy and the accompanying Departmental Cash Handling Procedural Guide.
- You may also wish to contact the Supervisor, Receipt Accounting or the Assistant Manager, Business Operations for guidance.