This presentation can help department heads and directors prevent fiscal compliance issues in their units by showing where they should focus their efforts.
This presentation provides an overview of internal control as described in the frameworks, “Standards for Internal Control in the Federal Government” (also known as the green book) and the ‘‘Internal Control Integrated Framework’’ issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The five components (control environment, risk assessment, control activities, information and communication and monitoring) and 17 principles of internal control are introduced.
MSU’s financial and administrative staff can use these questionnaires to assess internal control activities in their units. The Office of Audit Services designed these questionnaires to make it easy for staff members to determine if their units have implemented many of the control activities that are commonly needed at MSU. These questionnaires are based on MSU and State (Montana Operations Manual (MOM)) policies and procedures and sound administrative practices. Control assessments cover the following topics:
- Accounting & Budgeting
- Human Resources
- Information Security
- Procurement & Disbursements
- Property Management
- Revenue Collection
- Safety & Risk Management
- Sponsored Programs Administration.
This document can be used by departments as a guide for the development or enhancement of their revenue collection procedures and should be tailored to each department’s specific situation. Developing and following good procedures for revenue collection is important to protect the university’s assets but also to protect staff collecting revenue in the event that significant shortages or reductions in annual revenue occur.