Internal Control Studies

An IC Study is the document generated by a careful examination of financial processes for the named organization. The Study methodology requires that Internal Controls Accountants gain an understanding sufficient to provide detailed documentation, compare financial processes to best practice guidelines developed by accounting and government professionals, and make recommendations for increased synchronization with best practices.

A variety of Staff and Managers are involved in a Study (see "What to Expect"), and Management's Response is a key component of the Study. For the sake of brevity, we will post the Executive Summary, which lists each Control Recommendation, and its corresponding Management's Response.

Click on the link below to view these Adobe documents. **

• Completed Studies:
  • Enrollment Services Advisors (pending Management Response)
  • Enrollment Services Accounts Receivable (pending Management Response)
  • DownTown Center (pending Management Response)
• Studies in-process:
  • Bookstore
  • Food Services

BE AWARE: Learn to think in terms of protecting Lane: I received this e-mail from São Paulo, Brasil:

"I am currently developing a study on Internal Controls for academic institutions, as part of my Masters´ degree program, and would like to know if you can provide me a copy of your controls in place, as mentioned in you webpage (http://2011sitearchive.lanecc.edu/ic/index.html - it seems blocked for non-members).

What I need to know is what risks, control objectives were identified and for those which control activities were suggested."

Lane is an educational institution, and so it would seem congruent with our Mission to share knowledge. Unfortunately, in the current environment, it is necessary to make difficult decisions in order to protect Lane's assets. Even if this request were completely sincere, the institutional risk of sharing this information is inappropriate to assume. Here's an excerpt from the ICA Mission Statement, that is the basis for these decisions:

ICA will foster a financial environment where:

• Laws and College policies and procedures are followed;
• Information is timely and reliable;
• Financial assets and information are safeguarded; and
• Resources are utilized efficiently and effectively in support of learning.

If you find yourself participating in an Internal Controls Study, please remember internal controls information is confidential, and distribution is limited to identified Study Participants, and if you receive a request for information of this nature, please forward to martinl@lanecc.edu

Thank you!

**( Requires Adobe Reader. )