Distinct in addition to Complimentary Roles Abbreviated Organization Chart Office of the Controller in addition to Internal Controls

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Distinct in addition to Complimentary Roles Abbreviated Organization Chart Office of the Controller in addition to Internal Controls

Arthur D. Little Management Education Institute, US has reference to this Academic Journal, Office of the Controller in addition to Internal Controls Sandra Featherson Associate Director of Controls Office of the Controller February 2010 Abbreviated Organization Chart Henry T. Yang Chancellor Jim Corkill, Controller, Accounting Services in addition to Controls Craig Whitebirch Director, Audit in addition to Advisory Services Sheryl Vacca Senior Vice President/Chief Compliance in addition to Audit Officer, UCOP Anne Broome Vice President, Financial Management, UCOP Ron Cortez Associate Vice Chancellor, Administrative Services Vacant Vice Chancellor, Administrative Services Vacant University Auditor Distinct in addition to Complimentary Roles Office of the Controller Provide leadership in a campus-wide effort so that ensure effective controls in addition to accountability practices. Assist management in assessing their control environment in addition to the effectiveness in addition to efficiency of operations. Ensure that campus financial policies in addition to procedures are clear, adequate, in addition to current. Evaluate systems in addition to participate in system development so that ensure proper controls are implemented in addition to compliance alongside policy. Audit in addition to Advisory Services Independent evaluation of systems of accountability in addition to control. Investigate reported cases of alleged improper financial activities. Serve as the liaison between the University community in addition to external audit agencies.

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UCSB Control Initiative Assessments Departmental Control Self Assessments Departmental Process Risk Assessment Campus Wide Process Risk Assessment Office of the Controller controller.ucsb Jim Corkill Controller Director of Accounting Services in addition to Controls x5882 jim.corkill@accounting.ucsb Sandra Featherson Associate Director of Controls x7667 sandra.featherson@accounting.ucsb Neil Clark Administrative Analyst x8593 neil.clark@accounting.ucsb Tonika Jones Administrative Assistant x8593 tonika.jones@accounting.ucsb

Internal Controls What are Internal Controls? Definition COSO Model Examples Why are They Important? Who is Responsible in consideration of Internal Controls? Internal Control – A definition Internal Control is a process, effected by a college or university?s governing board, administration, faculty in addition to staff, designed so that provide reasonable assurance regarding achievement of objectives in the following areas: Effectiveness in addition to efficiency of operations Reliability of financial reporting Compliance alongside applicable laws in addition to regulations Internal Control Concepts & Applications, 1992, Committee of Sponsoring Organizations of the Treadway Commission COSO Internal Control Model COSO stands in consideration of Committee of Sponsoring Organizations. Committee was formed so that develop a common definition of internal controls in addition to provide guidance on judging its effectiveness. COSO is referred so that as an Internal Control Model or framework.

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COSO Internal Control Model Officially adopted by the University of California A tool in consideration of departments so that use in evaluating their internal controls. COSO Internal Control Model There are five components of internal control in the COSO Model: Control Environment Risk Assessment Control Activities Information in addition to Communication Monitoring Control Environment Control Environment The ?tone at the top? set by people in positions of authority Based on attitudes in addition to habits of those in authority An element in establishing the organizational culture

Control Environment Control Environment Factors: Integrity in addition to Ethical Values Commitment so that Competence Management?s Philosophy in addition to Operating Style Assignment of Authority in addition to Responsibility Risk Assessment Risk – Anything that gets in the way of meeting your goal/objective Risk Assessment – The identification in addition to analysis of relevant risks associated alongside achieving business goals/objectives Risk Assessment Why is a risk assessment important? Risks impact an organization?s ability so that meet its objectives such as: Positive Public Image Providing Excellent Customer Service Reducing Overdrafts

Control Activities Control Activities Policies in addition to procedures that help ensure management directives are carried out in addition to necessary actions are taken so that address risks Control Activities – Specific Examples Segregation of Duties Transaction Reviews Reconciliations Control Activities ? Specific Examples Financial Performance Reviews Systems Controls Physical Controls Case Study

Information in addition to Communication The information system must provide data that is: Relative so that established objectives Accurate in addition to in sufficient detail Understandable in addition to in a usable form This information must be provided so that the right people in time so that allow appropriate action Information in addition to Communication Communication Up in addition to down the organization Across organizational lines Communication Examples Employee duties in addition to control responsibilities should be clearly communicated Ability so that report suspected problems, without fear of repercussions Monitoring Monitoring A process that assesses the quality of an internal control system?s performance over time

Monitoring Monitoring Activity Examples Management Review of actual expenditures vs. budgeted Comparison of various reports alongside physical assets Separate evaluations Assessment of internal controls by Audit in addition to Advisory Services External auditors reviews Internal Controls Why are They Important? Who is Responsible in consideration of Internal Controls? Internal Controls in addition to SAS 112 SAS 112: Statement of Accounting Standards Auditors will be reviewing not only the transactions in addition to ensuring the numbers are correct, but also the controls in place so that ensure those numbers are correct. Controls must be documented ? or they are not considered controls.

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