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Internal Controls Overview

Internal Controls Overview | Components | Best Practices

Internal Controls Overview


The College of New Jersey (TCNJ) has adopted an internal control methodology developed by the Committee of Sponsoring Organizations (COSO), in which internal control is defined as a process implemented by management that provides reasonable assurance that:

  1. Operations are effective and efficient.
  2. Financial and operational reports are reliable.
  3. Compliance with applicable laws, regulations, and internal policies and procedures has been achieved.

Establishing an ethical environment

Establishing an ethical environment and setting the tone at the top of the organization is the most important element of the accountability and control environment. Each of the component work together to create a comprehensive system capable of deterring fraud, and preventing, detecting, and correcting problems based on an overall assessment of risk and exposure.

 

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