Internal Control at OSU COSO & Enterprise Risk Management. Oregon State University Board of Trustees Executive & Audit Committee Educational Session
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1 Internal Control at OSU COSO & Enterprise Risk Management Oregon State University Board of Trustees Executive & Audit Committee Educational Session
2 OSU Internal Control Model - COSO The COSO framework defines internal control as a process, effected by an entity s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations 1
3 Adopted Internal Control Model COSO provides OSU managers, external stakeholders, board and executive leaders, and internal audit a model to evaluate operations. 2
4 Responsibility for Internal Controls Everyone is responsible for establishing and maintaining effective internal controls Faculty & staff Departmental management Central business offices Executive management Board of Trustees State of Oregon 3
5 Components of Internal Control According to the COSO framework, internal control consists of five interrelated components: 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring 4
6 Component 1: Control Environment The control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure. Control environment factors include integrity, ethical values, management's operating style, delegation of authority systems, as well as the processes for managing and developing people in the organization. 5
7 Component 2: Risk Assessment A precondition to risk assessment is the establishment of objectives. Risk assessment is the identification and analysis of relevant risks to the achievement of assigned objectives. Risk assessment is a prerequisite for determining how risks should be managed. 6
8 Component 2: Risk Types Enterprise Risks Operational Financial Compliance Strategic Reputational 7
9 Component 2: Enterprise Risks Operational: Events that impact our ability to conduct business processes, serve students, and conduct research. Financial: Events that lead to a loss of resources needed to run operations, serve students, or conduct research. 8
10 Component 2: Enterprise Risks Compliance: Events that violate laws, rules and regulations, that restrict our ability to conduct business processes, serve students, or conduct research. Strategic: Directing resources towards events that do not align with the university's strategic goals and objectives. 9
11 Component 2: Enterprise Risks Reputational: Events that receive negative press (national, state, local) that lead to a loss of funding, enrollment, donations, and grants. 10
12 Component 3: Control Activities Control activities are the policies and procedures that help ensure management directives are carried out and risks are mitigated to an acceptable level. Policies and procedures Approvals and documentation Segregation of duties and reconciliations Physical and logical access controls 11
13 Component 4: Information & Communication Relevant information is identified, captured, and communicated in a form and timeframe that enable people to carry out their responsibilities. Examples include: Information systems, producing information that make it possible to run the university. Trainings, meetings, websites, newsletters, both internal and external to Oregon State 12
14 Component 5: Monitoring Monitoring is a process that assesses the quality of the system's performance over time. Corrective actions taken ensure continuous improvement. Central monitoring of decentralized control activities Independent assurances - audits and accreditation 13
15 Internal Control Model: Next Steps Oregon State will continue to use and improve upon the principles of COSO to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations 14
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