Frequently Asked Questions
- How often should deposits be made?
- How should cash be safeguarded?
- What should I do when the cash does not balance?
- When are checks to be endorsed?
- What do internal controls provide?
- Who is responsible for maintaining the system of internal control?
- What types of internal reviews are conducted?
- To whom does the Internal Auditor report?
- Who receives the Internal Audit reports?
- Why were we selected to be audited?
- What happens during the audit?
- What professional standards does Internal Auditing follow?
- What if a department has an internal control question?
- What if a department has questions concerning accounting reports or documents, purchasing, travel, payments to vendors, student accounts, and cash deposits?
Deposits are to be made with the Cashiers Office in Carter Hall in a timely fashion. The University requires receipts be deposited on a daily basis if the dollar amount is $100 or more and at least weekly if the amounts are less than $100. Monies that are held in the department are at higher risk of being stolen or lost.
All cash, checks, sales slips, receipts, and other applicable documents must be secured and safeguarded in a locked desk, file cabinet, or safe.
Any cash overages or shortages need to be documented. The amount should be entered on a separate line of the deposit transmittal form which is provided to the University's Cashiers Office at the time the funds are deposited. The depositing unit's six digit account number plus the over/short object code (4350) is to be used.
If the shortage is greater than $10, the employees must notify the supervisor and the University Internal Auditor. For losses greater than$50, the UNC Police Department must be contacted in addition to the supervisor and the Internal Auditor.
The University's cash procedures and proper internal controls, require checks to be endorsed immediately upon receipt. Departments receiving a large number of checks may desire to purchase a rubber endorsement stamp containing the following information:
Pay to the Order of Treasurer, State of Colorado University of Northern Colorado Receipts Clearing Account [Department Name Here]
NO. Time sheets must be completed in ink to limit the falsification of information.
YES. All time sheets must contain the actual signature of the employee, supervisor, and authorized signor. No rubber stamp signatures are permitted.
Password restrictions help control who has access to computer systems. Such restrictions protect data on the system from unauthorized review or potential damage.
- Contract and Grant
- Local Area Networks
- Cash Counts
- Capital Equipment Inventory
- Consumable Inventory
The Internal Auditor reports directly to the UNC Board of Trustees. This reporting structure ensures the Internal Auditor is independent of department or division affiliation.
All Internal Audit reports are provided to the: Chair of the Board of Trustees, President, Vice President for Administration, Controller, and Secretary of the Board of Trustees. The reports are also provided to the units being audited as follows: Vice President, Dean/Director, appropriate staff.
The audit of most areas is based on the annual assessment by the Internal Auditor of the areas of potential risk to the University. Based on the assessment and discussions with management, the Internal Auditor prepares a three year audit plan which is updated annually. This plan is reviewed by the Chair of the Board of Trustees and the President. The Internal Auditor also responds to special requests from the Board of Trustees, University administration, and other concerned individuals.
- University policies and procedures
- State of Colorado Fiscal Rules
- Generally Accepted Accounting Principles
- Acceptable business practices
- Institute of Internal Auditors
Contact the Internal Auditor at any time to receive suggestions on establishing or improving internal controls.