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Overview of Internal Controls

Internal control is a process, effected by an entity’s management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, financial reporting, and compliance. In order for IU to maintain strong internal controls, each employee plays a vital role.

Financial responsibilities are distributed throughout the university’s decentralized environment. Each university employee with an oversight role for the use of university funds and for financial transactions, operations and/or budgets is accountable for upholding control principles and is responsible for ensuring that internal controls are established, documented, and functioning to achieve IU’s and the unit’s mission and objectives.

Internal Controls: Discusses internal controls and how to create and implement these controls in accordance with IU policies and standards.

Financial Process Narrative: Provides a general understanding of financial process narratives and requirements for when financial process narratives are needed.