Are there policies or principles established by the University of Florida regarding internal controls and financial management?
The University of Florida and its governing board adopted the Guiding Principles of Financial Management and Internal Control Principles. These may be accessed electronically at: http://fa.ufl.edu/uco/internal-control-principles.asp http://fa.ufl.edu/uco/guiding-principles-financial-management.asp 3. What is a decentralized environment? Decentralization is the delegation of management authority to the individual units and sub-units of the organization. One of the benefits of decentralization is that decisions are made at the unit level which allows management to react quickly to local conditions. 4. Why are controls more important in a decentralized environment? In a decentralized environment, with limited staffing, one critical element of internal control, segregation of duties, may not always be attainable. For those situations management will need to implement additional monitoring controls over operations. There is also less opportunity for specialization and greater need for suppo
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