INTERNAL CONTROLS

Overview
Each department of VCU and VCU Health System is expected to take a proactive role in monitoring and evaluating the work environment to ensure the procedures within the department follow best practices and are in compliance with the laws and policies that govern the work.

Definition of Internal Control
Internal control is a process, affected by an entity’s board, management, administration, faculty and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

• Effectiveness and efficiency of operations
• Reliability of financial reporting
• Compliance with applicable laws and regulations
• Safeguarding of assets

Who is responsible for internal controls?
Department chairs, directors and managers are primarily responsible for identifying risks, and assessing and implementing internal controls for their areas of responsibility. In addition, individual employees have responsibility for evaluating, establishing, improving and monitoring internal controls for their areas of responsibility and accountability.