Implementing the Five Key Internal Controls

1 Implementing the Five Key Internal Controls Purpose Internal Controls are processes put into place by management to help an organization operate efficiently and effectively to achieve its objectives. Managers often think of Internal Controls as the purview and responsibility of accountants and auditors. The fact is that management at all levels of an organization is responsible for ensuring that Internal Controls are set up, followed, and reviewed regularly. The purposes of Internal Controls are to: Protect assets; Ensure that records are accurate; Promote operational efficiency; Achieve organizational mission and goals; and Ensure compliance with policies, rules, regulations, and laws. In administering various Department of Housing and Urban Development (HUD), Office of Community Planning and Development (CPD) programs, all grantee and subrecipient organizations deal with risks to achieving their organizational and programmatic goals.

Internal controls are processes put into place by management to help an organization operate efficiently and effectively to achieve its objectives. Managers often think of internal controls as the purview and responsibility of accountants and auditors. The fact is that management at all levels of an organization is responsible for ensuring that ...

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  Internal, Control, Internal control

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