What are Internal Controls?

Internal control is anything that you do to safeguard, or make more efficient or effective use of, the assets of Longwood University. The Institute of Internal Auditors defines internal controls as the methods or procedures used by an organization to:

• Ensure reliability and integrity of information;
• Ensure compliance with policies, laws, regulations,etc.;
• Safeguard assets;
• Promote economical and efficient use of resources; and
• Accomplish goals and objectives.

Examples of Internal Controls:

• Locking your desk and office when you are not there;
• Keeping your computer passwords private;
• Verifying the accuracy of another staff member's work;
• Reviewing monthly department financial reports;
• Depositing cash receipts daily with the Cashiering Office.