Internal Controls, Risk Management, and COSO

What are Internal Controls?

Questions and misunderstandings about “internal controls” are commonplace. Often, internal controls are perceived as being simply more “red tape.” They encompass high ethical standards and moral values that are communicated throughout the institution. The resources and tools listed below explain what internal controls are, why they are necessary, and can be used to evaluate and improve the level of internal control in your particular area of influence.

Internal Control – Integrated Framework

This document is an executive summary published by the non-profit Committee of Sponsoring Organizations (COSO) outlining the basic concepts and principles of internal control. You can visit the COSO website for more information.

Self-Evaluation Questionnaire

This document allows the user to apply the COSO risk management review process to his/her own organization to evaluate the effectiveness of internal controls at the local school, college, department level. Please contact Internal Audit with any questions you may have in evaluating internal controls in your area of responsibility.