To put it simply, internal controls are an exercise of common sense. You are practicing good internal controls when you:

  • Balance your checkbook
  • Save for a car or retirement
  • Keep copies of your tax return
  • Compare your monthly credit card statement to the credit card receipts
  • Lock your car doors

Internal controls are an integral part of any organization’s policies and procedures. Internal controls consist of all the measures taken by the College:

1. To promote orderly, economical, efficient and effective operations and to produce quality products and services consistent with the organization’s mission; 
2. To safeguard resources against loss due to waste, abuse, mismanagement, errors and fraud; 
3. To ensure adherence to (SUNY, New York State and Federal) laws, regulations, contracts and management directives; and
4. To develop and maintain reliable financial and management data, and to accurately present that data in timely reports.
 
To clarify, Internal Control is…

  • A process. It is a means to an end, not an end in itself.
  • Put into effect by people. It’s not merely policy manuals and forms, but people functioning at every level of the institution.
  • Geared to the achievement of objectives in several overlapping categories.
  • Provides reasonable assurance to an institution’s leaders regarding achievement of operational, financial reporting and compliance objectives.