Central Piedmont Community College- Internal Audit

Internal ControlsAA RoundupApril 30, 2008Mary G. ElizondoComptrollerInternal Control Components Monitoring  Control Environment Risk Assessment Control Activities Information & CommunicationInternal Control Components:MonitoringMonitoring includes the following: Supervising  Observing  Testing  Reporting to Responsible IndividualsInternal Control Components:Monitoring Activities Include Evaluation of Trends Reviews of Outstanding Encumbrances Surprise Cash and Asset Counts Follow-up on complaints Review of Financial Reports Spot Checking of transactions to ensure compliance with policies and proceduresInternal Control Components:Risk Assessment …Is the identification and analysis of relevant risks associated with the achievement of objectivesIs an ongoing process that is a critical component of an effective internal control systemRisk Assessment External Risk Factors Economic changes Changing student & community needs New/changed legislation & regulations Technological developments Natural catastrophes Competitive conditionsRisk Assessment Internal Risk Factors  New Personnel Low Morale Competency & Integrity of Personnel New or Revamped Information Systems Size of Organization Complexity & Volatility of Activities Geographical Dispersion of Operations Changes in Management ResponsibilitiesRisk Assessment AnalysisAdministrators must determine … What can go wrong What areas have the ...