{"id":20,"date":"2018-04-12T12:59:44","date_gmt":"2018-04-12T16:59:44","guid":{"rendered":"https:\/\/www.monmouth.edu\/internal-audit\/internal-controls\/"},"modified":"2019-09-13T15:10:27","modified_gmt":"2019-09-13T19:10:27","slug":"internal-controls","status":"publish","type":"page","link":"https:\/\/www.monmouth.edu\/internal-audit\/internal-controls\/","title":{"rendered":"Internal Controls"},"content":{"rendered":"\n<p>Internal controls are designed to provide a reasonable assurance that goals and objectives for the University and administrative areas will be met. Here are just a few examples of internal controls:<\/p>\n<ul>\n<li>Compliance with Federal and State regulations, and compliance with Monmouth University\u2019s policies and practices to ensure directives are carried out and goals of the department and the University are attained <\/li>\n<li>Ensure reliability of financial reporting <\/li>\n<li>Safeguarding Monmouth University\u2019s assets and adequately mitigate risk <\/li>\n<li>Ensure operations are running effectively and efficiently <\/li>\n<li>Promoting efficiencies among operational procedures<\/li>\n<\/ul>\n<h2>Two types of controls:<\/h2>\n<ul>\n<li><strong>Preventative Controls<\/strong>: These are established to <strong>avoid<\/strong> undesirable circumstances and to maintain compliance with approved policies and procedures in both financial and operational areas within Monmouth University (example: obtaining proper signatures for purchasing approval) <\/li>\n<li><strong>Detective Controls:<\/strong> Not as desirable as preventative controls but useful nevertheless, detective controls are designed to identify irregular transactions or improper procedural events <em>after<\/em> they\u2019ve occurred (example: a review of expenditure reports to ensure all purchases were legitimate)<\/li>\n<\/ul>\n\n<p>The administrative processes within Monmouth University rely on internal controls to remain in compliance with internal and external requirements. Without adequate internal controls, functions within Monmouth University would be non-compliant, inefficient, too costly to operate, and ultimately fail. Adequate controls to mitigate risks need to exist in everyday business procedures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Internal controls are designed to provide a reasonable assurance that goals and objectives for the University and administrative areas will be met. Here are just a few examples of internal controls: Compliance with Federal and State regulations, and compliance with Monmouth University\u2019s policies and practices to ensure directives are carried out and goals of the [&hellip;]<\/p>\n","protected":false},"author":219,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_mu_eop_enabled":false,"_mu_eop_name":"","_mu_eop_name_override":false,"_mu_eop_description":"","_mu_eop_description_override":false,"_mu_eop_url":"","_mu_eop_url_override":false,"_mu_eop_program_type":"","_mu_eop_educational_credential":"","_mu_eop_time_to_complete":"","_mu_eop_number_of_credits":"","_mu_eop_occupational_category":"","_mu_eop_occupational_category_code":"","_mu_eop_program_prerequisites":"","_mu_eop_application_deadline":"","_mu_eop_application_start_date":"","_mu_eop_start_date":"","_mu_eop_end_date":"","_mu_eop_day_of_week":"","_mu_eop_time_of_day":"","_mu_eop_educational_program_mode":"","_mu_eop_financial_aid_eligible":"","_mu_eop_maximum_enrollment":"","_mu_eop_offers_price":"","_mu_eop_offers_currency":"USD","_mu_eop_offers_price_per":"","_mu_eop_offers_preset":"","_mu_eop_salary_upon_completion":"","_mu_eop_training_salary":"","_mu_eop_recognized_by_name":"","_mu_eop_recognized_by_url":"","_mu_eop_concentrations":"","_mu_eop_identifier_cip":"","_mu_eop_provider_name":"","_mu_eop_provider_name_override":false,"_mu_eop_provider_url":"","_mu_eop_provider_address":"","_mu_eop_provider_city":"","_mu_eop_provider_state":"","_mu_eop_provider_zip":"","_mu_eop_provider_country":"","footnotes":""},"class_list":["post-20","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Internal Controls | Internal Audit | Monmouth University<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.monmouth.edu\/internal-audit\/internal-controls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Internal Controls | Internal Audit\" \/>\n<meta property=\"og:description\" content=\"Internal controls are designed to provide a reasonable assurance that goals and objectives for the University and administrative areas will be met. 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