INTERNAL CONTROLS

and
UNC-CHAPEL HILL


ADMINISTRATIVE OFFICE
BUILDING (AOB)

INTERNAL CONTROLS
BUNKER BELOW THE AOB
Internal Control is a
Process, effected by an entitys
board of directors, management and
other personnel, designed to provide
reasonable assurance regarding the
achievement of objectives in the
following categories:
CATEGORIES
Effectiveness and efficiency of
operations

Reliability of financial reporting

Compliance with applicable laws and
regulations
TOPICS
Buzz Words & Phrases

Review Internal Control Initiatives

BUZZ WORDS & PHRASES
SOX

Sarbanes-Oxley Act of 2002

SARBANES OXLEY ACT
of 2002
Enacted on July 30, 2002
In Response to Major Corporate and
Accounting Scandals
Applies to Companies Registered
with the SEC
Does Not Apply to Not-For-Profit
Entities
SARBANES OXLEY ACT
of 2002

ENRON

WHO IS RESPOSIBLE ?

GET THE SHREDDER !

WHAT HAPPENED ?

BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3

BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3
Guidance and Best Practices

BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3
Guidance and Best Practices
Did You See Todays Newspaper?
BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3
Guidance and Best Practices
Did You See Todays Newspaper?
Tone at the Top
BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3
Guidance and Best Practices
Did You See Todays Newspaper?
Tone at the Top
Hotline / Whistle Blower
BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3
Guidance and Best Practices
Did You See Todays Newspaper?
Tone at the Top
Hotline
Sub-Certification
BUZZ WORDS & PHRASES
SOX
NACUBO Advisory Report 2003-3
Guidance and Best Practices
Did You See Todays Newspaper?
Tone at the Top
Hotline
Sub-Certification
Cascade Effect
CASCADE EFFECT
Risk that some states will pass their
own version of Sarbanes-Oxley for
smaller, privately held companies
and not-for-profits.

AICPA formed the Special Committee
on State Regulation.
UNC CHAPEL HILL INITIATIVES
Establish the Tone at the Top
UNC CHAPEL HILL INITIATIVES
Establish the Tone at the Top
Dedicate a Full Time Position
UNC CHAPEL HILL INITIATIVES
Establish the Tone at the Top
Dedicate a Full Time Position
Implement Best Practices
UNC CHAPEL HILL INITIATIVES
Establish the Tone at the Top
Dedicate a Full Time Position
Implement Best Practices
Ethics
New Ethics Statement
Applying Ethics to Your Job
Code of Conduct
Ethics Training
UNC CHAPEL HILL INITIATIVES
Hotline & Financial Controls Website
UNC CHAPEL HILL INITIATIVES
Hotline & Financial Controls Website
University Enterprise Risk
Management Advisory Committee
UNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls Website
University Enterprise Risk
Management Advisory Committee
Internal Control Self Assessment
UNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls Website
University Enterprise Risk
Management Advisory Committee
Internal Control Self Assessment
Audit and Finance Committee
Charter
UNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls Website
University Enterprise Risk
Management Advisory Committee
Internal Control Self Assessment
Audit and Finance Committee
Charter
Enhanced Data Analysis
UNC CHAPEL HILL INITIATIVES
Hotline & Internal Controls Website
University Enterprise Risk
Management Advisory Committee
Internal Control Self Assessment
Audit and Finance Committee
Charter
Enhanced Data Analysis
Sub-Certification
IN CONCLUSION
Integrity & Public Trust
Positioned to be #1
Funding
Attractive Bond Ratings
Excellence in Financial Reporting
Award from GFOA
SELF ASSESSMENTS
Thank you for all the suggestions!
SELF ASSESSMENTS
Thank you for all the suggestions!
Written disaster plan
SELF ASSESSMENTS
Thank you for all the suggestions!
Written disaster plan
Segregation of duties
SELF ASSESSMENTS
Thank you for all the suggestions!
Written disaster plan
Segregation of duties
Equipment inventory list
Internal Control is a
Process, effected by an entitys
board of directors, management and
other personnel, designed to provide
reasonable assurance regarding the
achievement of objectives in the
following categories:
THANK YOU !