Legal and Compliance
Internal Control Program
June 17, 2014
This policy item applies to:
Pursuant to the New York State Government Accountability, Audit and Internal Control Act (Act) this policy outlines the State University of New York’s (University) formalized program of internal control, which is designed to ensure that the University has a system of accountability for and oversight of its operations and to assist the University in achieving its goals and objectives.
The New York State Government Accountability, Audit and Internal Control Act (Act) requires that all state agencies institute a formal internal control program. This system of internal controls is designed to ensure that the University and its campuses meet their mission, promote performance leading to the effective accomplishment of goals and objectives, safeguard assets, provide for the accuracy and reliability of financial and other key data, promote operational efficiency and effectiveness, and encourage adherence to applicable laws, regulations and prescribed policies and practices.
The Act requires that all state agencies institute a formal internal control program as outlined in the Division of Budget (DOB) Budget Policy and Reporting Manual Item B-350. The University is required to annually certify compliance with the provisions of the Act to DOB.
The University’s internal control program and guidelines incorporate concepts set forth by The Office of the State Comptroller’s Standards for Internal Control in New York State Government, and the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) updated version of its report titled Internal Control – Integrated Framework. The COSO framework consists of five basic components to internal controls. Each component should be present and functioning throughout the system of internal control and referred to when conducting risk assessments. These components are as follows:
The following link to FindLaw's New York State Laws is provided for users' convenience; it is not the official site for the State of New York laws.
Definitions to be used in connection with Duties of the New York State Comptroller, NYS Finance Law §8(2-b) & (2-c) are found in: NYS Finance Law §§ 2 & 2a (Definitions)
In case of questions, readers are advised to refer to the New York State Legislature site for the menu of New York State Consolidated.
Evaluation templates are available as part of the Internal Control Program Guidelines, SUNY Procedure, Internal Control Guidelines, Document #7501
State University of New York Board of Trustee Resolutions, No. 96-45, adopted March 25, 1996, No. 89-45, adopted March 22, 1989, and No, 88-80, adopted May 24, 1988.
There are no appendices relevant to this policy.