{"id":260,"date":"2019-09-18T16:38:38","date_gmt":"2019-09-18T21:38:38","guid":{"rendered":"https:\/\/www.nicholls.edu\/internal-audit-department\/?page_id=260"},"modified":"2023-01-12T17:25:11","modified_gmt":"2023-01-12T17:25:11","slug":"managements-responsibility-internal-controls","status":"publish","type":"page","link":"https:\/\/www.nicholls.edu\/internal-audit-department\/audit-process\/managements-responsibility-internal-controls\/","title":{"rendered":"Management’s Responsibility & Internal Controls"},"content":{"rendered":"\t\t
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GET YOUR M.B.A. TODAY!<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Get your Masters in Business Administration at ÐÓ°É´«Ã½!<\/p>

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\n\t\t\t\t\t\t\t\t\tManagement is responsible for establishing internal controls.\u00a0 In order to maintain effective internal controls, management should:\n
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  1. Maintain adequate policies and procedures;<\/li>\n \t
  2. Communicate these policies and procedures; and<\/li>\n \t
  3. Monitor compliance with policies and practices.<\/li>\n<\/ol>\nResponsibilities of management include, planning, organizing, directing and controlling.\n\nControlling, including monitoring, is a process to ensure what is supposed to be done is being done.\n\nControl activities<\/em> are the policies and procedures, which help ensure that management directives are carried out and include, but are not limited to the following:\n
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    • Authorizations<\/b>\u00a0– Transactions must be authorized and executed in accordance with management’s intent.<\/li>\n \t
    • Segregation of Duties<\/b>\u00a0– Segregation of duties is adequate when no one person is in a position to initiate and conceal errors and\/or irregularities in the normal course of their duties.<\/li>\n \t
    • Record Keeping<\/b>\u00a0– Adequate record keeping ensures that assets are properly controlled and transactions are properly recorded as to account, amount and period.<\/li>\n \t
    • Safeguarding<\/b>\u00a0– Limiting access to and controlling the use of assets and records are ways to safeguard those assets and records.<\/li>\n \t
    • Reconciliations<\/b>\u00a0– Reconciliations are independent verifications, which help to ensure that the other four control activities are functioning as intended.<\/li>\n<\/ul>\nRemember, if you are at a staff level position and you know there is a problem, bring it to your management’s attention. If you are at a management level position, and you are aware of a problem, then as management you are responsible for correcting the issue.<\/b>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      GET YOUR M.B.A. TODAY! Get your Masters in Business Administration at ÐÓ°É´«Ã½! FOUR PATHWAYS TO FIT YOUR SCHEDULE! Click here to learn more! Management is responsible for establishing internal controls.\u00a0 In order to maintain effective internal controls, management should: Maintain adequate policies and procedures; Communicate these policies and procedures; and Monitor compliance with […]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":251,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-260","page","type-page","status-publish","hentry"],"yoast_head":"\nManagement's Responsibility & Internal Controls - Internal Audit Department<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nicholls.edu\/internal-audit-department\/audit-process\/managements-responsibility-internal-controls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Management's Responsibility & Internal Controls - Internal Audit Department\" \/>\n<meta property=\"og:description\" content=\"GET YOUR M.B.A. TODAY! 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