Internal Controls Guidance
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 UToledo staff, but also to other universities and companies outside of higher education. As a result, some of these processes have more relevance to UToledo 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
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)