Internal Controls

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Internal Controls

  1. 1. INTERNAL CONTROLS and U NC-CHAPEL HILL Stan Koziol, CPA
  2. 2. ADMINISTRATIVE OFFICE BUILDING (AOB)‏
  3. 3. INTERNAL CONTROLS BUNKER BELOW THE AOB
  4. 4. Internal Control is a <ul><li>Process, effected by an entity’s board of directors, management and other personnel , designed to provide reasonable assurance regarding the achievement of objectives in the following categories: </li></ul>
  5. 5. CATEGORIES <ul><li>Effectiveness and efficiency of operations </li></ul><ul><li>Reliability of financial reporting </li></ul><ul><li>Compliance with applicable laws and regulations </li></ul>
  6. 6. TOPICS <ul><li>Buzz Words & Phrases </li></ul><ul><li>Review Internal Control Initiatives </li></ul>
  7. 7. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>Sarbanes-Oxley Act of 2002 </li></ul>
  8. 8. SARBANES OXLEY ACT of 2002 <ul><li>Enacted on July 30, 2002 </li></ul><ul><li>In Response to Major Corporate and Accounting Scandals </li></ul><ul><li>Applies to Companies Registered with the SEC </li></ul><ul><li>Does Not Apply to Not-For-Profit Entities </li></ul>
  9. 9. SARBANES OXLEY ACT of 2002
  10. 10. ENRON
  11. 11. WHO IS RESPOSIBLE ?
  12. 12. GET THE SHREDDER !
  13. 13. WHAT HAPPENED ?
  14. 14. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul>
  15. 15. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul><ul><li>Guidance and Best Practices </li></ul>
  16. 16. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul><ul><li>Guidance and Best Practices </li></ul><ul><li>Did You See Today’s Newspaper? </li></ul>
  17. 17. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul><ul><li>Guidance and Best Practices </li></ul><ul><li>Did You See Today’s Newspaper? </li></ul><ul><li>Tone at the Top </li></ul>
  18. 18. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul><ul><li>Guidance and Best Practices </li></ul><ul><li>Did You See Today’s Newspaper? </li></ul><ul><li>Tone at the Top </li></ul><ul><li>Hotline / Whistle Blower </li></ul>
  19. 19. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul><ul><li>Guidance and Best Practices </li></ul><ul><li>Did You See Today’s Newspaper? </li></ul><ul><li>Tone at the Top </li></ul><ul><li>Hotline </li></ul><ul><li>Sub-Certification </li></ul>
  20. 20. BUZZ WORDS & PHRASES <ul><li>SOX </li></ul><ul><li>NACUBO Advisory Report 2003-3 </li></ul><ul><li>Guidance and Best Practices </li></ul><ul><li>Did You See Today’s Newspaper? </li></ul><ul><li>Tone at the Top </li></ul><ul><li>Hotline </li></ul><ul><li>Sub-Certification </li></ul><ul><li>Cascade Effect </li></ul>
  21. 21. CASCADE EFFECT <ul><li>Risk that some states will pass their own version of Sarbanes-Oxley for smaller, privately held companies and not-for-profits . </li></ul><ul><li>AICPA formed the Special Committee on State Regulation. </li></ul>
  22. 22. UNC CHAPEL HILL INITIATIVES <ul><li>Establish the “Tone at the Top” </li></ul>
  23. 23. UNC CHAPEL HILL INITIATIVES <ul><li>Establish the “Tone at the Top” </li></ul><ul><li>Dedicate a Full Time Position </li></ul>
  24. 24. UNC CHAPEL HILL INITIATIVES <ul><li>Establish the “Tone at the Top” </li></ul><ul><li>Dedicate a Full Time Position </li></ul><ul><li>Implement “Best Practices” </li></ul>
  25. 25. UNC CHAPEL HILL INITIATIVES <ul><li>Establish the “Tone at the Top” </li></ul><ul><li>Dedicate a Full Time Position </li></ul><ul><li>Implement “Best Practices” </li></ul><ul><li>Ethics </li></ul><ul><ul><li>New Ethics Statement </li></ul></ul><ul><ul><li>Applying Ethics to Your Job </li></ul></ul><ul><ul><li>Code of Conduct </li></ul></ul><ul><ul><li>Ethics Training </li></ul></ul>
  26. 26. UNC CHAPEL HILL INITIATIVES <ul><li>Hotline & Financial Controls Website </li></ul>
  27. 27. UNC CHAPEL HILL INITIATIVES <ul><li>Hotline & Financial Controls Website </li></ul><ul><li>University Enterprise Risk Management Advisory Committee </li></ul>
  28. 28. UNC CHAPEL HILL INITIATIVES <ul><li>Hotline & Internal Controls Website </li></ul><ul><li>University Enterprise Risk Management Advisory Committee </li></ul><ul><li>Internal Control Self Assessment </li></ul>
  29. 29. UNC CHAPEL HILL INITIATIVES <ul><li>Hotline & Internal Controls Website </li></ul><ul><li>University Enterprise Risk Management Advisory Committee </li></ul><ul><li>Internal Control Self Assessment </li></ul><ul><li>Audit and Finance Committee Charter </li></ul>
  30. 30. UNC CHAPEL HILL INITIATIVES <ul><li>Hotline & Internal Controls Website </li></ul><ul><li>University Enterprise Risk Management Advisory Committee </li></ul><ul><li>Internal Control Self Assessment </li></ul><ul><li>Audit and Finance Committee Charter </li></ul><ul><li>Enhanced Data Analysis </li></ul>
  31. 31. UNC CHAPEL HILL INITIATIVES <ul><li>Hotline & Internal Controls Website </li></ul><ul><li>University Enterprise Risk Management Advisory Committee </li></ul><ul><li>Internal Control Self Assessment </li></ul><ul><li>Audit and Finance Committee Charter </li></ul><ul><li>Enhanced Data Analysis </li></ul><ul><li>Sub-Certification </li></ul>
  32. 32. IN CONCLUSION <ul><li>Integrity & Public Trust </li></ul><ul><li>Positioned to be #1 </li></ul><ul><li>Funding </li></ul><ul><li>Attractive Bond Ratings </li></ul><ul><li>Excellence in Financial Reporting Award from GFOA </li></ul>
  33. 33. SELF ASSESSMENTS <ul><li>Thank you for all the suggestions! </li></ul>
  34. 34. SELF ASSESSMENTS <ul><li>Thank you for all the suggestions! </li></ul><ul><li>Written disaster plan </li></ul>
  35. 35. SELF ASSESSMENTS <ul><li>Thank you for all the suggestions! </li></ul><ul><li>Written disaster plan </li></ul><ul><li>Segregation of duties </li></ul>
  36. 36. SELF ASSESSMENTS <ul><li>Thank you for all the suggestions! </li></ul><ul><li>Written disaster plan </li></ul><ul><li>Segregation of duties </li></ul><ul><li>Equipment inventory list </li></ul>
  37. 37. Internal Control is a <ul><li>Process, effected by an entity’s board of directors, management and other personnel , designed to provide reasonable assurance regarding the achievement of objectives in the following categories: </li></ul>
  38. 38. THANK YOU !
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