Ubc - Recommended Financial Controls Essay

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Recommended Internal Controls over Financial Reporting: At the University of British Columbia (UBC) Introduction This paper not only addresses the risks present at UBC based on the traditional internal controls required for any organization, but includes the internal controls required to support UBC’s values and evolving business model. This analysis was conducted using the framework provided by the Internal Control over Financial Reporting- Guidance for Smaller Public Companies created by Committee of Sponsoring Organizations (COSO). UBC VALUES People Learning Research Community Internationalization As a not-for-profit organization, the Board of Governors has a high level of accountability to stakeholders. Orientation and training programs for the Board of Governors are necessary to ensure their ability to identify and assess risk. To meet the changing market place and compete in the current economic environment UBC is adjusting its business model to accommodate international / aboriginal and national online learning. An increase on reliability on Information Technologies (IT) services and support is required. Consistent with other industries fraud particularly, in the form of cash, represents the most significant risk. Required internal controls include: segregation of duties in regard to job roles; documentation in the form of sequential numbered cheques and authorization processes such as co-signatures on cheques. Technology Due to the evolving technological society, UBC has implemented various means of service delivery to cater to the needs of the 50,000 diverse UBC students internationally. Interactive teaching devices, course packs delivered through the web and online cohort studies are a few of the technologies used at UBC. To meet the growing demand, UBC must ensure there is a reliable set of controls in place to meet their

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