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Premium member Presentation Transcript INTERNAL CONTROLS and UNC-CHAPEL HILL: INTERNAL CONTROLS and UNC-CHAPEL HILL Stan Koziol, CPAADMINISTRATIVE OFFICE BUILDING (AOB): ADMINISTRATIVE OFFICE BUILDING (AOB) INTERNAL CONTROLS BUNKER BELOW THE AOB: INTERNAL CONTROLS BUNKER BELOW THE AOBInternal Control is a: Internal Control is a Process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:CATEGORIES: CATEGORIES Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulationsTOPICS: TOPICS Buzz Words & Phrases Review Internal Control Initiatives BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX Sarbanes-Oxley Act of 2002 SARBANES OXLEY ACT of 2002: SARBANES OXLEY ACT of 2002 Enacted on July 30, 2002 In Response to Major Corporate and Accounting Scandals Applies to Companies Registered with the SEC Does Not Apply to Not-For-Profit EntitiesSARBANES OXLEY ACT of 2002: SARBANES OXLEY ACT of 2002 ENRON: ENRON WHO IS RESPOSIBLE ?: WHO IS RESPOSIBLE ? GET THE SHREDDER !: GET THE SHREDDER ! WHAT HAPPENED ?: WHAT HAPPENED ? BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper?BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the TopBUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the Top Hotline / Whistle BlowerBUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the Top Hotline Sub-CertificationBUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the Top Hotline Sub-Certification Cascade EffectCASCADE EFFECT: CASCADE EFFECT Risk that some states will pass their own version of Sarbanes-Oxley for smaller, privately held companies and not-for-profits. AICPA formed the Special Committee on State Regulation.UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top”UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top” Dedicate a Full Time Position UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top” Dedicate a Full Time Position Implement “Best Practices”UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top” Dedicate a Full Time Position Implement “Best Practices” Ethics New Ethics Statement Applying Ethics to Your Job Code of Conduct Ethics TrainingUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Financial Controls WebsiteUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Financial Controls Website University Enterprise Risk Management Advisory Committee UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self AssessmentUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self Assessment Audit and Finance Committee CharterUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self Assessment Audit and Finance Committee Charter Enhanced Data AnalysisUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self Assessment Audit and Finance Committee Charter Enhanced Data Analysis Sub-CertificationIN CONCLUSION: IN CONCLUSION Integrity & Public Trust Positioned to be #1 Funding Attractive Bond Ratings Excellence in Financial Reporting Award from GFOASELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions!SELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions! Written disaster planSELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions! Written disaster plan Segregation of dutiesSELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions! Written disaster plan Segregation of duties Equipment inventory listInternal Control is a: Internal Control is a Process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:THANK YOU !: THANK YOU ! You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
InternalControlsRASG Jan192005 000 Massimo Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 82 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: January 28, 2008 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript INTERNAL CONTROLS and UNC-CHAPEL HILL: INTERNAL CONTROLS and UNC-CHAPEL HILL Stan Koziol, CPAADMINISTRATIVE OFFICE BUILDING (AOB): ADMINISTRATIVE OFFICE BUILDING (AOB) INTERNAL CONTROLS BUNKER BELOW THE AOB: INTERNAL CONTROLS BUNKER BELOW THE AOBInternal Control is a: Internal Control is a Process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:CATEGORIES: CATEGORIES Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulationsTOPICS: TOPICS Buzz Words & Phrases Review Internal Control Initiatives BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX Sarbanes-Oxley Act of 2002 SARBANES OXLEY ACT of 2002: SARBANES OXLEY ACT of 2002 Enacted on July 30, 2002 In Response to Major Corporate and Accounting Scandals Applies to Companies Registered with the SEC Does Not Apply to Not-For-Profit EntitiesSARBANES OXLEY ACT of 2002: SARBANES OXLEY ACT of 2002 ENRON: ENRON WHO IS RESPOSIBLE ?: WHO IS RESPOSIBLE ? GET THE SHREDDER !: GET THE SHREDDER ! WHAT HAPPENED ?: WHAT HAPPENED ? BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper?BUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the TopBUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the Top Hotline / Whistle BlowerBUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the Top Hotline Sub-CertificationBUZZ WORDS & PHRASES: BUZZ WORDS & PHRASES SOX NACUBO Advisory Report 2003-3 Guidance and Best Practices Did You See Today’s Newspaper? Tone at the Top Hotline Sub-Certification Cascade EffectCASCADE EFFECT: CASCADE EFFECT Risk that some states will pass their own version of Sarbanes-Oxley for smaller, privately held companies and not-for-profits. AICPA formed the Special Committee on State Regulation.UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top”UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top” Dedicate a Full Time Position UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top” Dedicate a Full Time Position Implement “Best Practices”UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Establish the “Tone at the Top” Dedicate a Full Time Position Implement “Best Practices” Ethics New Ethics Statement Applying Ethics to Your Job Code of Conduct Ethics TrainingUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Financial Controls WebsiteUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Financial Controls Website University Enterprise Risk Management Advisory Committee UNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self AssessmentUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self Assessment Audit and Finance Committee CharterUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self Assessment Audit and Finance Committee Charter Enhanced Data AnalysisUNC CHAPEL HILL INITIATIVES: UNC CHAPEL HILL INITIATIVES Hotline & Internal Controls Website University Enterprise Risk Management Advisory Committee Internal Control Self Assessment Audit and Finance Committee Charter Enhanced Data Analysis Sub-CertificationIN CONCLUSION: IN CONCLUSION Integrity & Public Trust Positioned to be #1 Funding Attractive Bond Ratings Excellence in Financial Reporting Award from GFOASELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions!SELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions! Written disaster planSELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions! Written disaster plan Segregation of dutiesSELF ASSESSMENTS: SELF ASSESSMENTS Thank you for all the suggestions! Written disaster plan Segregation of duties Equipment inventory listInternal Control is a: Internal Control is a Process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:THANK YOU !: THANK YOU !