operating effectively at wesd. what is internal control? a process designed to provide reasonable...
TRANSCRIPT
INTERNAL CONTROLSOPERATING EFFECTIVELY
AT WESD
What is Internal Control?A process designed to provide reasonable
assurance the organization’s objectives are achieved through consistent monitoring.
Internal control is like safety, it is every employee’s responsibility.
Internal control is more an investment in time and attention than money.
What does it do?
Reduces risk.Establishes consistent monitoring
procedures.Maintains trust.
What is involved?A control environment: integrity, philosophy
and authority.Risk assessment.Control activities: policies, consistent
procedures, software.Information and communication.Monitoring and corrective action.
How does it work?Designates approval points.Segregates duties.Maintains records.Checks math.Supervises personnel.
What are the benefits?Prevent errors.Allow timely detection and correction of
errors.Increase efficiency.Establish accountability and trust.Deter fraud by consistent procedures and
predictable outcomes.Provide confidence in decision data.
Philosophy for ControlsStewardship of public funds require
standards of integrity.Times and technology are dynamic and
controls need to be as well.
Responsibilities
Responsibilities
Updated ProceduresPurchase card use expanded.Electronic authorization expanded.Software system upgrades and
implementation.Periodic internal audits.Staff training and accountability.
How do we know we’re there?The board and administration know what
is going on in financial procedures.The auditors can track all transactions
and the control points.The transactions of the WESD can be
made public with pride.Resources are directed to serve the
objectives of WESD programs.
How can you help?Know the procedures.Follow the procedures.Maintain organizational and personal
integrity.
THANK YOU.