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  Last updated 2/1/06

POLICIES & PROCEDURES FOR EMPLOYEES
 
Southwestern Community College - Policies and Procedures Manual
Policy Title: Internal Control/Audit Policy 7.19
Responsible Division: Administrative Services  
Date Approved: January 2006  
 
1. Southwestern Community College’s book of accounts are audited annually by the North Carolina State Auditor’s Office. The audit provides assurances that departments are complying with internal and external policies, procedures and regulations as well as verifying that financial statements and required reporting is completed in a timely and accurate manner.

Additionally, all state fund reports are submitted monthly to the North Carolina Community College System finance office. These reports are reviewed and reconciled prior to the release of state funds for the subsequent months.
2. 

Southwestern Community College evaluates its Internal Control Structure annually through the use of the “Self-Assessment of Internal Controls,” provided by the Office of the State Controller .

Components of the “Self-Assessment of Internal Controls” address the following areas:

• Financial Reporting • Human Resources
• Control Environment • Fixed Asset Control
• Budget Reporting • Cash Receipts Cycle
• Accounts Receivable Cycle • Risk Assessment
• Purchasing/Accounts Payable Cycle  

The “Self-Assessment of Internal Controls” ensures that there are adequate controls in place to promote efficiency and protect the assets of the college.
3. None of the above would prohibit the President from requesting a special audit of the College’s accounting records by an outside agency, if deemed necessary.
 

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Southwestern Community College - Policies & Procedures for Employees