Procedure 3.1.16(p)4. LTC Internal Controls
Revised: February 2018 Last Reviewed: Adopted: February 2011
Lanier Technical College understands that internal controls play a vital role in protecting the assets and employees of the college. Therefore, when developing processes related to financial matters, the college will consider and include internal controls that are appropriate for the financial process under review or development. Internal controls for each process will vary. Examples of some typical internal controls include segregation of duties, physical controls, automated processes, written documentation of processes, compensating controls and appropriate reviews. Other internal controls or a combination of controls may also be utilized. Financial processes are under the direction of Administrative Services. Therefore, these processes and the internal controls associated with these processes will be determined by the Vice President for Administrative Services or designee. Whenever a process is revised, internal controls will be reevaluated and considered during the revision process.
To ensure the college follows appropriate controls, Lanier Technical College applies the COSO framework, which defines an internal control as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives. An Internal Controls Self Assessment Worksheet contains ten tabs that cover all aspects of managing internal controls.