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Commitment to Internal Controls

Published May 17, 2017

The Internal Controls Policy, approved and signed by President Tripathi, is available in the University Policy Library

Overview

The University at Buffalo (UB, university) is committed to a strong system of internal controls focused on accountability and oversight of operations to reasonably assure that the university:

  • meets its mission
  • promotes performance leading to effective accomplishment of objectives and goals
  • safeguards assets
  • provides accurate and reliable financial and other key data
  • promotes operational efficiency and economy
  • encourages adherence to applicable laws, regulations, policies, and practices

Best Practices

An effective system of internal controls is supported by best practices including, but not limited to:

  • Segregation of Duties – To prevent the occurrence of undetected errors or fraud, responsibilities must be divided so that one individual does not control all aspects of a transaction.
  • Safeguarding Assets – Assets and records must be kept secure at all times to prevent unauthorized access, loss or damage. The security of assets and records is essential for accurate operations.
  • Safeguarding Confidential Information – Ensure the security and confidentiality of personal and private information, protect against any anticipated threats to its security or integrity, and guard against unauthorized access and use.
  • Review and Approval – Review and approval of internal processes should be obtained from a knowledgeable and independent party.
  • Timeliness – Make all efforts to meet prescribed deadlines and prioritize critical work to avoid fines and negative impacts on operational processes.
  • Documentation – Provide evidence for transactions to support accuracy and consistency.

Applicability

This policy applies to all university entities.

Guidance

Questions can be directed to Business Compliance and Internal Controls at 716-645-1786 or Carrie Woodrow.