WHAT ARE SOME EXAMPLES OF INTERNAL CONTROLS?
Examples of common internal controls include: • policies and procedures (at the University, campus, and unit level) that are communicated and that establish what should be done, how, and by whom; • approvals and authorizations that include a thorough review of supporting information to verify the propriety and validity of transactions; • verifications and reconciliations (e.g., review and reconciliation of Banner statements, petty cash verifications, comparison of budgeted to actual amounts); • supervision including training, keeping employees informed of new policies and procedures, and performance reviews; • safeguarding of assets (including passwords and other restricted information) against theft, destruction, deterioration, or misuse (for example by locking your office, depositing cash receipts timely, and limiting access to procurement cards); and • segregation of duties (dividing authorization, custody, and record keeping duties among different people so that someone can’t both
