OPERATING EFFECTIVELY AT WESD. What is Internal Control? A process designed to provide reasonable...

INTERNAL CONTROLSOPERATING EFFECTIVELY

AT WESD

What is Internal Control?A process designed to provide reasonable

assurance the organization’s objectives are achieved through consistent monitoring.

Internal control is like safety, it is every employee’s responsibility.

Internal control is more an investment in time and attention than money.

What does it do?

Reduces risk.Establishes consistent monitoring

procedures.Maintains trust.

What is involved?A control environment: integrity, philosophy

and authority.Risk assessment.Control activities: policies, consistent

procedures, software.Information and communication.Monitoring and corrective action.

How does it work?Designates approval points.Segregates duties.Maintains records.Checks math.Supervises personnel.

What are the benefits?Prevent errors.Allow timely detection and correction of

errors.Increase efficiency.Establish accountability and trust.Deter fraud by consistent procedures and

predictable outcomes.Provide confidence in decision data.

Philosophy for ControlsStewardship of public funds require

standards of integrity.Times and technology are dynamic and

controls need to be as well.

Responsibilities

Responsibilities

Updated ProceduresPurchase card use expanded.Electronic authorization expanded.Software system upgrades and

implementation.Periodic internal audits.Staff training and accountability.

How do we know we’re there?The board and administration know what

is going on in financial procedures.The auditors can track all transactions

and the control points.The transactions of the WESD can be

made public with pride.Resources are directed to serve the

objectives of WESD programs.

How can you help?Know the procedures.Follow the procedures.Maintain organizational and personal

integrity.

THANK YOU.