Department of Internal Audit and Compliance

Control Practices (Internal Control Questionnaires)

University of Toledo Internal Audit is frequently asked by management to provide guidance on how to best protect the business processes they own.  To that end, we have prepared this webpage.
 
Many important business processes are represented on this page.  When you click on the link of these processes, a file containing optimal control practices will appear for your review.  We hope that you will find this guidance helpful.
 
Important items to note:
 
  • Being an institution of higher education, we have structured this page to provide guidance not only to UT staff, but also to other universities and companies outside of higher education.  As a result, some of these processes have more relevance to UT than others.
  • Each Control Practice document is organized as follows …
    • general business objectives of the process
    • risks inherent to achieving these business objectives
    • control practices that could serve to address the above risks
    • the general business objectives are further classified as follows:
      • effectiveness and efficiency of operations
      • reliability of financial reporting
      • compliance with applicable laws and regulations
  • The most important takeaway from these Control Practice documents is that the process owner is responsible for implementing a system of internal control to address the risks inherent in the business process.  To that end, the process owner may choose the controls practices to implement to address these risks.
 
Business Processes
 

Measure Customer Satisfaction

Develop Vision and Strategy
   Monitor the external environment
   Formulate business unit strategy
   Manage mergers and acquisitions

Develop and Manage Products and Services
   Plan and deploy cost targets
   Develop product and service enhancements

   Apply for and manage patents

Market and Sell
   Identify market segments
   Manage customer orders

Produce and Deliver Products and Services (Manufacturing Organizations)
   Purchase capital goods
   Purchase materials and supplies
   Schedule production
   Move materials and resources
   Make and package product
   Transport and deliver products
   Warehouse or store products

   Manage inventories

Produce and Deliver Products and Services (Service Organizations)

   Purchase materials and supplies

Invoice and Service Customers
   Bill the customer
   Provide post-sales service
   Handle warranties and claims

Develop and Manage Human Resources
   Recruit, select, and hire employees
   Manage international assignments
   Develop and train employees

   Manage employee performance, reward, and recognition
   Manage and administer benefits

Manage Information Resources and Technology
   Manage information resources
   Manage information technology
   Develop frameworks to align business and technology
   Implement and manage technology solutions
   Manage security
   Ensure continuity of systems

Manage Financial and Physical Resources
   Manage financial resources
   Develop budgets
   Design capital structure
   Manage cash flow
   Manage financial risk
   Process accounts payable
   Process payroll
   Process accounts receivable, credit, and collections
   Close the books
   Provide external financial information

   Manage the tax function
   Manage fixed assets
   Manage facilities
   Manage physical risk

Manage Environmental, Health, and Safety Issues
   Develop and execute environmental, health and safety program
   Provide employees with environmental, health and safety training

Manage External Relationships
   Manage government relations
   Build lender relationships
   Manage relations with board of directors
   Manage legal and ethical issues
   Manage compliance (compliance)
   Manage compliance (governance)


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Last Updated: 1/15/17