Accounting Procedures Handbook

4 INTERNAL CONTROL F. Supervisory / Managerial Reviews Ensures appropriate supervisory and/ or managerial monitoring and review procedures are in place over key activities, reporting processes, etc. G. Defined Accountabilities Provides clear functional reporting lines and job duties / roles, typically via organization charts, job / position descriptions, training, etc. H. Formal Policies / Procedures Establishes organizational guidelines (i.e. policies) for conducting business at all levels as well as details / specifics (i.e. procedures) regarding day to day activities to ensure compliance thereto. I. Reconcilements / Settlements Ensures that all transactions that should have been processed were in fact processed; and all transactions processed are supported by underlying authoritative source documentation / sub-system data, etc. J. Audit Trails / Evidencing of Control Performance Accountabilities Provides documentary or other underlying evidence to support performance of control procedures. Note: As noted above, this listing represents a selection of core internal control concepts/ elements which should generally be present within an organization’s overall internal control system. Other concepts/ elements may exist and/ or apply to an organization’s internal control system. This manual (and related documents) taken as a whole provides evidence of the day to day existence and overall adequacy of the Business Support Services Department’s system of internal controls, including as specific and appropriate the various applicable control elements noted above. VI. REFERENCE DOCUMENTS & SOURCES COSO (Committee of Sponsoring Organizations) COSO Internal Control – Integrated Framework www.coso.org