Control Self-Assessment (CSA)
Unit management throughout the University is responsible for establishing internal controls to keep their unit on course toward its financial goals, to help it achieve its mission, to minimize surprises and risks, and to allow the University/ Campus to successfully deal with change.
Internal controls are defined as activities undertaken to increase the likelihood of achieving management objectives in three areas:
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Efficiency and effectiveness of operations
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Reliability of financial reporting
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Compliance with laws and regulations
Some internal controls are established at the institutional level; others are established by unit management. To achieve success, unit management needs to (1) be knowledgeable about, and support, institutional controls, and (2) implement practical and effective internal controls specific to the particular unit.
The following checklist is provided to facilitate a self-assessment of internal controls by management of individual departments and processes. It is intended to address general aspects of internal controls, and does not include specific controls applicable to individual units. Organization of the checklist is consistent with the five interrelated components of internal control defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). We encourage department heads and other unit management to use this self-assessment checklist to evaluate internal controls in their areas of responsibility. Management should also add to the checklist other controls that apply specifically their units. The RMU can be consulted on methods to improve your internal controls.
RMU invites departments/units to review internal controls by voluntarily completing the controls self-assessment tool (CSA). This tool can be completed individually or as a group. A strong system of internal controls can better position your department to achieve compliance, financial and operational objectives. Completing the CSA can help identify potential areas of weakness and/or opportunities to improve processes. Please contact the RMU with any questions regarding the CSA.
Internal Control Components
1. Control Environment
- Integrity and Ethical Values
- Commitment to Competence
- Management’s Philosophy and Operating Style
- Organizational Structure
- Assignment of Authority and Responsibility
- Human Resource Policies and Practices
2. Risk Assessment
- Organizational Goals and Objectives
- Risk Identification and Prioritization
- Managing Change
3. Control Activities
- Written Policies and Procedures
- Control Procedures
- Controls over Information Systems
4. Information and Communication
- Access to Information
- Communication Patterns
5. Monitoring
- Management Supervision
- Outside Sources
- Response Mechanisms
- Self-Assessment Mechanisms
