This essay focuses an entity’s board of directors, management.rance: That information is reliable, accurate and timely. Of compliance with applicable laws,

an entity’s board of directors, management

 quality, internal controlsInternal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.

Control definition reflects certain fundamental concepts:

•  the attention and direction provided by the University. Additional examples are:
  • Tone from the top
  • University policies
  • Organizational authority
• Risk assessment – Risk assessment is the identification and analysis of relevant risks

The internal control structure is derived from the way management runs an operation or function and is integrated with the management process. Although the components apply to the entire University, small and mid-size departments may implement them differently than large ones do. Together, they are designed to provide reasonable assurance that overall established objectives and goals are met.

The internal control structure consists of five inter-related components;

• Firstly, Internal control is a process. It is a means to an end, not an end in itself.
• Secondly, Internal control is effect by people. It is not merely policy manuals and forms, but also people at every level of an organization.
• Thirdly, Internal control can be expect to provide only reasonable, not absolute, assurance to an entity’s management and board.

Internal controls are establish to further strengthen;

• Firstly, The reliability and integrity of information
• Secondly, Compliance with policies, plans, procedures, laws and regulation
• Thirdly, The safeguarding of assets
• Further, The economical and efficient use of resources
• Further, The accomplishment of established objectives and goals for operations or programs