Different departments within the University play vital roles in creating, implementing, and assessing internal controls including:
Management & Employees
Every individual within the University has some role in affecting internal controls. Roles vary with responsibility. Managers are ultimately responsible for the appropriate use and control of the funds entrusted to them. Management is accountable to the Board of Curators, providing governance, guidance,oversight, and at times is accountable to the IRS and funding agencies of federal, state and private grants and contracts.
Division of Finance & Accounting Services
The Division of Finance serves as a strategic campus partner to ensure the University continues to maintain a focused fiscal strategy and a sustainable financial base. Accounting Services is responsible for ensuring compliance with University policies and procedures and accurate financial reporting within the University’s accounting structure. Accounting Services can assist departments with evaluating internal controls.
Department of Internal Audit
The UM Internal Auditing Department is responsible for performing internal audits at the University with Board of Curators approval. Internal audits assist management by providing independent and objective analyses of activities and controls. UM Internal Audit is not part of a department’s internal controls, but an audit can help identify weaknesses. See the UM Internal Audit website for more information about the internal audit function.
Ethics and Compliance Hotline
The University of Missouri Ethics and Compliance Hotline (“Hotline”) is a 24 hour/365 day, confidential way for individuals to report instances of suspected fraud, misconduct, or noncompliance with laws, regulations or policies in a manner that preserves anonymity and assures non-retaliation. Individuals may remain anonymous when making the report if they so choose, but should provide sufficient detail for the situation to be investigated. The Hotline can be accessed via the toll free number (1-866-47-9821) or directly at the University of Missouri Ethics and Compliance Hotline.