Date enacted or revised:
February 26, 2007
Management is charged with the responsibility for establishing a network of processes with the objective of controlling the operations of McNeese State University in a manner which provides the Board of Supervisors reasonable assurance that:
In F/S Handbook:
- Data and information published either internally or externally is accurate, reliable, and timely.
- The actions of directors, officers, and employees are in compliance with the University's policies, standards, plans and procedures, and all relevant laws and regulations.
- The University's resources (including its people, systems, data/information bases, and customer goodwill) are adequately protected.
- Resourses are acquired economically and employed profitably; quality business processes and continuous improvement are emphasized.
- The University's plans, programs, goals, and objectives are achieved.
Controlling is a function of management and is an integral part of the overall process of managing operations. As such, it is the responsibility of managers at all levels of the University to:
- Identify and evaluate the exposures to loss which relate to their particular sphere of operations.
- Specify and establish policies, plans, and operating standards, procedures, systems and other disciplines to be used to minimize, mitigate, and/or limit the risks associated with the exposures identified.
- Establish practical controlling processes that require and encourage directos, officers, and employees to carry out their duties and responsibilities in a manner that achieves the five control objectives outlined in the preceding paragraph.
- Maintain the effectiveness of the controlling processes they have established and foster continous improvement to these processes.
The internal audit activity is charged with the responsibility for ascertaining that the ongoing processes for controlling operations throughout the University are adequately designed and are functioning in an effective manner. Internal auditing is also responsible for reporting to management and the audit committee of the Board of Supervisors on the adequacy and effectiveness of the University's systems of internal control, together with ideas, counsel, and recommendations to improve the systems.
The University of Louisiana System Audit Committee is responsible for monitoring, overseeing, and evaluating the duties and responsibilities of University's management and of internal audit activity as they relate to the University's process for controlling its operations. The audit committee is also responsible for monitoring, overseeing, and evaluating the reports of the external auditors as these reports relate to the University's processes for controlling its operations. In addition, the audit committee is responsible for determining that all major issues reported by the internal audit activity, the external auditor, and other outside advisors have been satisfactorily resolved. Finally, the audit committee is responsible for reporting to the full board all important matters pertaining to the University's controlling processes.