Basic Control Assessment
What is a basic control assessment?
A basic control assessment is
designed to be a quick method to assess the internal controls in twelve
key areas of a University department, unit or component.
How does a basic control assessment work?
Basic control assessments are
conducted by going over a series of questions with the client, and
requesting basic documentation of their assertions regarding the
department internal controls. The basic documentation is then reviewed
to assure that the department is in compliance with federal and state
law, University policies and procedures, and good business practices.
How will I know when my department is to be
reviewed?
It is our plan to assess basic
internal controls in all Mississippi State University departments,
units, and components over the next several months. Prior to your
department being reviewed, you will be contacted by our office to
schedule a time for your department's basic control assessment.
What is the process?
-
The department head will
receive a call from our office to schedule when the basic control
assessment will take place. At this time the department head will be
requested to provide some basic information prior to the assessment
such as a list of all department fund/orgn numbers.
-
At the
scheduled time, a member of our staff will visit your department to
perform the assessment which will include discussions regarding the
department's internal controls and reviewing supporting documentation.
-
After all
information has been reviewed and testing is completed, we will
prepare a draft report. In the areas that we believe controls need to
be improved, we will request that management respond as to the
corrective actions will be taken to improve these controls.
Management's responses should be returned to our office within 10
working days. An example of a Basic Control Assessment Report can be
viewed by clicking on the following link:
NEW: See new
areas to be assessed on page two of the following "Basic Control
Assessment Report" (Sections M, N, & O).
Basic Control
Assessment Report (PDF File)
(Please note that the linked report is an example only and subject
to change.)
-
Upon receipt
of management's responses, a report, including management's responses,
will be issued to the department head. All of those in the chain of
command above the department head up to and including the President
will be copied on the report.
-
Within six
months of the issuance of the report we will follow-up with the
department as to progress made in implementing management's corrective
actions. The results of this follow-up will once again be
reported to the department head with all of those in the chain of
command above the department head up to and including the President
will be copied on the report.
Other Helpful Information
•
Basic Departmental Internal
Controls Presentation
• DDD Letter - "Basic Control
Assessment and Annual Self Audit of Equipment"
