Internal controls are simply the policies and procedures put in place to protect the university's assets, provide reliable financial information, promote efficient and effective operations, and ensure compliance with laws, regulations and policies.
They also serve to protect honest employees from uncomfortable scrutiny as well as the reputation of the university or organization. Implementing internal controls serves to achieve the following goals:
- Safeguard the assets of the university
- Ensure financial information's reliability, accuracy and integrity
- Uphold compliance
- Promote efficient and effective operations
- Accomplishment of operational goals and objectives