What is the Internal Control Environment?
MIT’s internal control structure consists of all controls employed by MIT to achieve its objectives (including physical barriers, organizational design, policies & procedures, and electronic systems). Internal controls can be central or local, preventive or detective. For more on the concept of internal controls, see Appendix A. Centrally maintained controls over financial transactions apply to all of MIT. These central control structures are described by transaction type in section 3 on “Specific Guidelines by Transaction Type”. Internal control systems local to DLCs also play an important role in helping to achieve MIT’s objectives (including the objective that financial transactions be accurate, timely, complete, and properly documented). These guidelines recommend that the administrative officers look at their local internal control systems and procedures periodically, to ensure that they are well designed and working properly. An Internal Control Questionnaire (ICQ) is included as
