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 .

Understanding Internal Controls 3 Balancing Risk and Control Risk is the probablity that an event or action will adversely affect the organization. The primary categories of risk are errors, omissions, delay and fraud. In order to achieve goals and objectives, management needs to effectively balance risks and controls.

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