Internal controls are identified as processes effected by an Institution’s management and their overall personnel. These processes are designated to provide reasonable assurance regarding effectiveness and efficiency of operations, reliability of financial representation, and overall institution-wide compliance with laws and regulations. If your institution does not have solid Internal Controls for its real, personal, and intellectual/intangible assets, it can run the risk of non-compliance and inefficient operations.
In the article Impact of the Uniform Guidance on Institutional Policies & Procedures Guidehouse experts review the major components relative to Internal Controls and the risks if proper Internal Controls are not in place. The article then examines Internal Controls for Property and Equipment and provides recommendations to determine their effectiveness.