Understanding Internal Controls

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Understanding . Internal Controls . A Reference Guide for Managing University Business Practices Understanding Internal Controls Table of Contents INTRODUCTION ........................................ ........................................ ........................................ ........................................ .1. OBJECTIVES ........................................ ........................................ ........................................ ........................................ ......1. SCOPE ........................................ ........................................ ........................................ ........................................ ...............2. BALANCING RISK AND control .

• Institute additional or compensating controls; and/or • Accept the risk inherent with the control weakness (assuming management approval). The guidance presented in this document should not be considered to "stand alone." This guide should be used in conjunction with existing policies and procedures. Responsibility

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