Internal Controls are processes, effected by the KCTCS Board of Regents, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
Internal Control can be achieved in both a small department with limited personnel, as well as larger departments with more personnel available to achieve segregation of duties. Internal Control consists of five interrelated components:
The answer is NOT the Internal Audit Department. Yes, we play a significant monitoring role and we can provide consultation and advice. However, ultimately, the President and members of Senior Management are responsible for the internal control system. Department Heads and Senior Managers are responsible for internal control policies and procedures specific to their unit or department. However, to some degree, every employee in the organization plays a part in the internal control system. All KCTCS personnel are responsible for communicating upward problems in operations as well as complying with internal and external policies and regulations.
Listed below are examples of strong internal controls:
There are many different tools and methodologies to evaluating internal controls. A good example is the following matrix: