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Internal Control Checklist

Overview

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.

Procedures

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!

Last Reviewed

07/31/2020: reviewed content

Resources

Office of Internal Audit

Training

PRO303 – Internal Controls at UF

Contacts

University Controller’s Office: (352) 392-1321