Columbia University Office of Internal Audit Internal Control Highlights

Internal Control TrainingCOLUMBIA UNIVERSITY Office of Internal AuditMary DaleckiMarch 20, 2009WelcomeIntroductionSchedule– 9:30 to 11:30Breaks– 10 minute break at 10:30Format– Interactive– Questions encouragedAugust 25, 2008 Page 2Agenda Welcome- IntroductionWhat are Internal Controls? Why Do We Need Controls? • COSO• COBITApplying Controls in Your WorkplaceQ&AAugust 25, 2008 Page 3Internal Controls What are they anyway?August 25, 2008 Page 4Internal ControlsInternal control is defined as a process or activity designed to provide the achievement of objectives in the following: – Effective and efficient operations – Reliable financial reporting– Compliance with laws and regulationsAugust 25, 2008 Page 5Who is responsible for Internal Controls ?Board of TrusteesManagementAll EmployeesInternal Auditors? – Internal Auditors evaluate the effectiveness of Internal Controls focusing on finance, operations, systems and complianceExternal Auditors?– Provide independent assessment on the reasonableness of Columbia’s financial reportsAugust 25, 2008 Page 6Key ConceptsInternal control depends on people - People at every level are accountable and responsible for their own processes and transactions. Managers are responsible for implementing policies & procedures. They monitor how well policies and procedures are adhered to.Sometimes managers have to design their own controls to accommodate specific business processes. August 25, ...