The Internal Controls Policy, approved and signed by President Tripathi, is available in the University Policy Library.
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
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.
This policy applies to all university entities.
Questions can be directed to Business Compliance and Internal Controls at 716-645-1786 or Carrie Woodrow.