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Internal Controls Guidance

University of Toledo Internal Audit is frequently asked by management to provide guidance on how to best protect the business processes they own.Ìý To that end, we have prepared this webpage.
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Many important business processes are represented on this page.Ìý When you click on the link of these processes, a file containing optimal control practices will appear for your review.Ìý We hope that you will find this guidance helpful.
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Important items to note:
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• Being an institution of higher education, we have structured this page to provide guidance not only to ¹û¶³´«Ã½ staff, but also to other universities and companies outside of higher education.Ìý As a result, some of these processes have more relevance to ¹û¶³´«Ã½ than others.

• Each Control Practice document is organized as follows …
  • general business objectives of the process
  • risks inherent to achieving these business objectives
  • control practices that could serve to address the above risks
  the general business objectives are further classified as follows:
  • effectiveness and efficiency of operations
  • reliability of financial reporting
  • compliance with applicable laws and regulations

• The most important takeaway from these Control Practice documents is that the process owner is responsible for implementing a system of internal control to address the risks inherent in the business process.Ìý To that end, the process owner may choose the controls practices to implement to address these risks.

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Business Processes
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Measure Customer Satisfaction

Develop Vision and Strategy
ÌýÌý Monitor the external environment
ÌýÌý Formulate business unit strategy
ÌýÌý Manage mergers and acquisitions

Develop and Manage Products and Services
ÌýÌý Plan and deploy cost targets
ÌýÌý Develop product and service enhancements
Ìý ÌýApply for and manage patents

Market and Sell
ÌýÌý Identify market segments
ÌýÌý Manage customer orders

Produce and Deliver Products and Services (Manufacturing Organizations)
Ìý ÌýPurchase capital goods
Ìý ÌýPurchase materials and supplies
Ìý ÌýSchedule production
Ìý ÌýMove materials and resources
Ìý ÌýMake and package product
Ìý ÌýTransport and deliver products
Ìý ÌýWarehouse or store products
Ìý ÌýManage inventories

Produce and Deliver Products and Services (Service Organizations)

Ìý ÌýPurchase materials and supplies

Invoice and Service Customers
ÌýÌý Bill the customer
ÌýÌý Provide post-sales service
ÌýÌý Handle warranties and claims

Develop and Manage Human Resources
ÌýÌý Recruit, select, and hire employees
Ìý ÌýManage international assignments
Ìý ÌýDevelop and train employees
ÌýÌý Manage employee performance, reward, and recognition
ÌýÌý Manage and administer benefits

Manage Information Resources and Technology
ÌýÌý Manage information resources
ÌýÌý Manage information technology
ÌýÌý Develop frameworks to align business and technology
ÌýÌý Implement and manage technology solutions
ÌýÌý Manage security
ÌýÌý Ensure continuity of systems

Manage Financial and Physical Resources

ÌýÌý Manage financial resources
Ìý ÌýDevelop budgets
Ìý ÌýDesign capital structure
Ìý ÌýManage cash flow
Ìý ÌýManage financial risk
Ìý ÌýProcess accounts payable
Ìý ÌýProcess payroll
Ìý ÌýProcess accounts receivable, credit, and collections
Ìý ÌýClose the books
Ìý ÌýProvide external financial information
Ìý ÌýManage the tax function
Ìý ÌýManage fixed assets
Ìý ÌýManage facilities
Ìý ÌýManage physical risk

Manage Environmental, Health, and Safety Issues
ÌýÌý Develop and execute environmental, health and safety program
ÌýÌý Provide employees with environmental, health and safety training

Manage External Relationships

ÌýÌý Manage government relations
Ìý ÌýBuild lender relationships
Ìý ÌýManage relations with board of directors
Ìý ÌýManage legal and ethical issues
Ìý ÌýManage compliance (compliance)
Ìý ÌýManage compliance (governance)

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