University policy FIN-021, Internal Controls, defines internal control as organizational plans and procedures which are designed to:
- safeguard assets;
- verify the accuracy and reliability of accounting data and other management information;
- promote operational efficiency; and
- adhere to prescribed policies and compliance with federal and state regulations.
ARMICS defines internal control to mean the ongoing processes led by an agency head to design and provide reasonable assurance that these types of objectives will be achieved:
- Effective and efficient operations
- Reliable financial reporting
- Compliance with applicable laws and regulations
- Safeguarding of assets
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Controls Framework, referenced in ARMICS and in the Federal Office of Management and Budget's Uniform Guidance (2 CFR 200) which is applicable to grants and cooperative agreements funded by the Federal government, defines internal control as follows: Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding achievement of objectives relating to operations, reporting, and compliance.