Internal Controls Guidance
University of Toledo Internal Audit is frequently asked by management to provide guidance
on how to best protect the business processes they own.听 To that end, we have prepared
this webpage.
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Many important business processes are represented on this page.听 When you click on
the link of these processes, a file containing optimal control practices will appear
for your review.听 We hope that you will find this guidance helpful.
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Important items to note:
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- Being an institution of higher education, we have structured this page to provide guidance not only to 蘑菇视频 staff, but also to other universities and companies outside of higher education.听 As a result, some of these processes have more relevance to 蘑菇视频 than others.
- Each Control Practice document is organized as follows 鈥�
- general business objectives of the process
- risks inherent to achieving these business objectives
- control practices that could serve to address the above risks the general business objectives are further classified as follows:
- effectiveness and efficiency of operations
- reliability of financial reporting
- compliance with applicable laws and regulations
- The most important takeaway from these Control Practice documents is that the process owner is responsible for implementing a system of internal control to address the risks inherent in the business process.听 To that end, the process owner may choose the controls practices to implement to address these risks.
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Business Processes
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Develop Vision and Strategy
听听 Monitor the external environment
听听 Formulate business unit strategy
听听 Manage mergers and acquisitions
Develop and Manage Products and Services
听听 Plan and deploy cost targets
听听 Develop product and service enhancements
听 听Apply for and manage patents
Market and Sell
听听 Identify market segments
听听 Manage customer orders
Produce and Deliver Products and Services (Manufacturing Organizations)
听 听Purchase capital goods
听 听Purchase materials and supplies
听 听Schedule production
听 听Move materials and resources
听 听Make and package product
听 听Transport and deliver products
听 听Warehouse or store products
听 听Manage inventories
Produce and Deliver Products and Services (Service Organizations)
听 听Purchase materials and supplies
Invoice and Service Customers
听听 Bill the customer
听听 Provide post-sales service
听听 Handle warranties and claims
Develop and Manage Human Resources
听听 Recruit, select, and hire employees
听 听Manage international assignments
听 听Develop and train employees
听听 Manage employee performance, reward, and recognition
听听 Manage and administer benefits
Manage Information Resources and Technology
听听 Manage information resources
听听 Manage information technology
听听 Develop frameworks to align business and technology
听听 Implement and manage technology solutions
听听 Manage security
听听 Ensure continuity of systems
Manage Financial and Physical Resources
听听 Manage financial resources
听 听Develop budgets
听 听Design capital structure
听 听Manage cash flow
听 听Manage financial risk
听 听Process accounts payable
听 听Process payroll
听 听Process accounts receivable, credit, and collections
听 听Close the books
听 听Provide external financial information
听 听Manage the tax function
听 听Manage fixed assets
听 听Manage facilities
听 听Manage physical risk
Manage Environmental, Health, and Safety Issues
听听 Develop and execute environmental, health and safety program
听听 Provide employees with environmental, health and safety training
Manage External Relationships
听听 Manage government relations
听 听Build lender relationships
听 听Manage relations with board of directors
听 听Manage legal and ethical issues
听 听Manage compliance (compliance)
听 听Manage compliance (governance)