Effective Date: December 8, 2009
Last Reviewed: December 8, 2009


POLICY:

Stonehill College is committed to maintaining a strong system of internal control as a business best-practice. This policy assists the College in complying with the Federal Accounting Standards Board (FASB Regulations) and Internal Control Standards (as set by COSO – Committee of Sponsored Organizations). Internal control: Organizational procedures which are designed to:

• Safeguard assets;

• Verify the accuracy and reliability of accounting data and other management information;

• Promote operational efficiency; and

• Adhere to prescribed policies and compliance with federal and state regulations.

All employees of the College must perform their duties in accordance with proper internal control as established by prescribed standards and principles or as set by the Controller’s Office and Division or department head. Any observed weaknesses in internal control should be brought to the attention of the Controller’s Office immediately. Failure to adhere to the College’s Finance policies and procedures may be considered misconduct and may be subject to disciplinary action as provided in the applicable personnel policies.