What internal controls exist to mitigate fraud?

Resources

"Report to the Nation on Occupational Fraud and Abuse" - Association of Certified Fraud Examiners" 

ANSWER

Preventative Controls

  • Policies and procedures
  • Physical security
  • Separation of duties
  • Access controls (ensure access to systems and applications are appropriate based on staff member’s role)

Detective Controls

  • Reconciliation
  • Review of transactions
  • Accountability
  • Audits

Benefits of Effective Internal Controls

  • Reduce intentional and unintentional errors, omissions, delays and fraud
  • Assist in maximizing the probability of success
  • Provide Reasonable  Assurance
  • Are Cost-justified
  • Strive toward simplicity
  • Reduce risk to a level acceptable to management
  • Provide information about the entity's progress, or lack of it toward their achievement.

 

For further assistance with finding solutions that strengthen your internal controls and help you manage risk, consult with the Internal Audit Services unit.

Common Whistleblower and Fraud Questions

Definitions

Internal controls are procedures to help achieve the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations while meeting the strategic and academic objectives of the University.

 

Internal Audit Controls Unit is a UCI unit whose primary functions include audit, investigations, advisory services, special projects, and consulting services.