OPERATING EFFECTIVELY AT WESD. What is Internal Control? A process designed to provide reasonable assurance the organizations objectives are achieved.

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Presentation transcript:

OPERATING EFFECTIVELY AT WESD

What is Internal Control? A process designed to provide reasonable assurance the organizations objectives are achieved through consistent monitoring. Internal control is like safety, it is every employees 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 Controls Stewardship of public funds require standards of integrity. Times and technology are dynamic and controls need to be as well.

Responsibilities

Updated Procedures Purchase card use expanded. Electronic authorization expanded. Software system upgrades and implementation. Periodic internal audits. Staff training and accountability.

How do we know were 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.