Internal Control Checklist
The Internal Control Checklist is a tool for the campus community to help evaluate and strengthen internal controls, promote effective and efficient business practices, and improve compliance in a department or functional unit. The checklist is not meant to be absolute but informative when reviewing controls in a given area.
This Internal Controls Checklist is similar to what auditors might use when performing a review of your department’s internal controls.
The checklist should be completed by individuals accountable for the particular business process.
Most internal control procedures are based on common sense. For example:
- The person having custody of the asset, such as cash, should not be the only person responsible for accounting for it.
- No one person should be able to complete a requisition/payment transaction or personnel/payroll transaction from beginning to end without appropriate monitoring or oversight.
- Incompatible duties should be segregated for a check and balance.
- Laws and University policies and directives are expected to be followed.
Even though many internal controls are a simple matter of common sense, taking the time to periodically use this checklist to review the control processes can be a valuable tool to step outside your daily work, review controls, and help document your due diligence.
While “no” responses would normally indicate a potential weakness, this could be off-set by “compensating” controls within the unit. It is difficult to make a statement regarding a particular control based on the response to just one question. However, a “no” response will probably be an indicator that compensating controls or additional steps are needed for a particular process.
Additional information about internal controls is available at the Office of Internal Audit website.
Remember, we all play a part in the university’s internal control system!
01/31/2020: reviewed content
PRO303 – Internal Controls at UF
University Controller’s Office: (352) 392-1321