VI - 1.01 - Policy on System of Internal Control

I. Policy

The system of internal control is the overall plan of organization and all the coordinated methods used to safeguard assets, to ensure reliability of accounting data, to promote efficient operations and to ensure compliance with established laws, regulations and policies. This system is comprised of two elements:

A. Administrative controls are the broad controls of all activities developed to achieve the mission of Bowie State University (BSU) economically, efficiently and effectively. Administrative controls include planning, organization, productivity monitoring, improvement and quality control.

B. Internal accounting controls are the controls on authorizing, processing, recording and reporting transactions in order to ensure the accuracy and reliability of financial reports and to ensure the safety of assets.

II. Purpose

The management of BSU is firmly committed to the establishment and maintenance of a strong system of internal controls to accomplish the mission of BSU economically, efficiently and effectively.

III. Responsibility

It is the responsibility of the management of all operating units of the BSU to ensure that a system of internal control exists within their area of responsibility and that this system is accurately documented, to review periodically in order to determine that the system is functioning as intended and to revise the system to reflect current operations, as necessary.

 

Effective Date:  09/01/1993

Revised Date:  04/17/2012