Office of Internal Audit

University of Mississippi

Internal Controls

Internal controls safeguard university assets and university employees. The integrity of the university’s accounting and operating systems depend upon properly functioning controls. The system of internal controls consists of all measures taken by an organization to:

  • Safeguard assets from waste and fraud
  • Promote accuracy and reliability in the accounting records
  • Encourage and measure compliance with policies
  • Evaluate the efficiency of operations

Some examples of internal controls include:

  • Verifying revenues and expenditures posted to all departmental accounts
  • Separating the duties of handling cash and reconciling deposits
  • Limiting access to petty cash and safe combinations to a few employees
  • Separating the duties of preparing payroll and distributing pay checks

* Additional information for specific areas such as cash receipting and procurement, can be found under the Self Assessment link.