Administrative Policies & Procedures Manual
- Academic Affairs
- Student Affairs
- Institutional Advancement
- Strategic Operations
The purpose of this policy is to provide guidelines for the implementation of internal controls, in accordance with state requirements, at Longwood University.
The state comptroller provides guidelines for state agencies and institutions to assist with the implementation and review of internal control programs. The University is required to evaluate internal controls; to provide documentation to substantiate the evaluation; to identify control weaknesses, if any, and provide corrective action to strengthen those weaknesses; to provide the president with a periodic, comprehensive internal control program report; and to include a general statement regarding internal accounting controls with the university's annual financial report.
Internal controls are sets of policies and procedures designed to provide reasonable, but not absolute, assurance in the following areas:
Internal control procedures include:
Appropriate assignment of duties, responsibilities, and authorities
Internal control procedures apply to all critical processes at the University and to all employees of the university.
The University will design internal controls to comply with the letter and the spirit of the state comptroller's guidelines and to provide reasonable assurance that the goals and objectives of the University will be achieved.
Responsibility: Department heads are responsible for implementing and maintaining internal controls for their areas, and for seeking the assistance of the Internal Auditor and the Director of Financial Operations and Materiel Management when needed.
Failure to follow internal control policies and procedures will result in sanctions that are commensurate with the severity and/or frequency of the offense and may include termination of employment.
The authority to interpret this policy rests with the President, and may be delegated to the Internal Auditor, the Vice President for Administration and Finance and the Director of Financial Operations and Materiel Management.
Approved by the Board of Visitors, September 10, 2005.