Central Piedmont Community College- Internal Audit

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Internal ControlsAA RoundupApril 30, 2008Mary G. ElizondoComptrollerInternal Control Components Monitoring  Control Environment Risk Assessment Control Activities Information & CommunicationInternal Control Components:MonitoringMonitoring includes the following: Supervising  Observing  Testing  Reporting to Responsible IndividualsInternal Control Components:Monitoring Activities Include Evaluation of Trends Reviews of Outstanding Encumbrances Surprise Cash and Asset Counts Follow-up on complaints Review of Financial Reports Spot Checking of transactions to ensure compliance with policies and proceduresInternal Control Components:Risk Assessment …Is the identification and analysis of relevant risks associated with the achievement of objectivesIs an ongoing process that is a critical component of an effective internal control systemRisk Assessment External Risk Factors Economic changes Changing student & community needs New/changed legislation & regulations Technological developments Natural catastrophes Competitive conditionsRisk Assessment Internal Risk Factors  New Personnel Low Morale Competency & Integrity of Personnel New or Revamped Information Systems Size of Organization Complexity & Volatility of Activities Geographical Dispersion of Operations Changes in Management ResponsibilitiesRisk Assessment AnalysisAdministrators must determine … What can go wrong What areas have the ...

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Urne

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English

management

Internal Controls
AA Roundup
April 30, 2008
Mary G. Elizondo
ComptrollerInternal Control Components
 Monitoring
 Control Environment
 Risk Assessment
 Control Activities
 Information & CommunicationInternal Control Components:
Monitoring
Monitoring includes the following:
 Supervising
 Observing
 Testing
 Reporting to Responsible IndividualsInternal Control Components:
Monitoring Activities Include
 Evaluation of Trends
 Reviews of Outstanding
Encumbrances
 Surprise Cash and Asset Counts
 Follow-up on complaints
 Review of Financial Reports
 Spot Checking of transactions to
ensure compliance with policies and
proceduresInternal Control Components:
Risk Assessment …
Is the identification and analysis of relevant
risks associated with the achievement of
objectives
Is an ongoing process that is a critical
component of an effective internal control
systemRisk Assessment
External Risk Factors
 Economic changes
 Changing student & community needs
 New/changed legislation & regulations
 Technological developments
 Natural catastrophes
 Competitive conditionsRisk Assessment
Internal Risk Factors
 New Personnel
 Low Morale
 Competency & Integrity of Personnel
 New or Revamped Information Systems
 Size of Organization
 Complexity & Volatility of Activities
 Geographical Dispersion of Operations
 Changes in Management ResponsibilitiesRisk Assessment Analysis
Administrators must determine …
 What can go wrong
 What areas have the most risk
 What assets are at risk
 Who is in a position of riskAddressing Identified Risk:
Control Activities
Control activities are the
policies and procedures that
help ensure that management
directives are carried outExamples of
Control Activities
 Authorizations
 Segregation of Duties
 Recording
 Safeguarding
 Reconciliations

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