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Internal Control
UNDERSTANDING INTERNAL CONTROLS

A Reference Guide for Managing University Business Practices

Understanding Internal Controls Table of Contents

INTRODUCTION .................................................................................................................................................................1 OBJECTIVES ......................................................................................................................................................................1 SCOPE ...............................................................................................................................................................................2 RESPONSIBILITY................................................................................................................................................................2 BALANCING RISK AND CONTROL .....................................................................................................................................3 CHARACTERISTICS FOR FRAUD.........................................................................................................................................3 INTERNAL CONTROL DEFINED..........................................................................................................................................4 INTERNAL CONTROL PROCESS .........................................................................................................................................4 CONTROL ENVIRONMENT.................................................................................................................................................5 RISK ASSESSMENT ............................................................................................................................................................7 CONTROL
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