Every unit throughout the university must assess how to best utilize their limited resources when it comes to responding to the risks that have been identified during the development of an internal control plan.
Typically, there are four approaches that can be taken in responding to risks:
Cornell's Illustrated Financial Guide will lead you through Cornell's financial statements and help you understand which measurements are important to us and how each of the financial statements are used.
The Internal Control Framework fosters effective and efficient financial operations and reliable financial reporting while also enabling compliance with applicable regulations. The Board of Trustees, the State University of New York, and federal Uniform Guidance all require that the university adopt an internal control framework and maintain an adequate system of internal controls. This internal control guidance is grounded in the principles of the COSO Framework.
The University Controller is responsible for leading the activities of the controller, namely maintaining adequate records of assets, liabilities, income, expenses, and other financial transactions of the university; establishing and maintaining effective internal control procedures; and preparing all necessary financial reports of an accounting nature.
Complete this form to request that a vendor receive a direct debit/non-check disbursement. This request must be approved by the appropriate business service center director and the university controller before it will be forwarded to Cash Management for processing. All documents must be sent via Cornell Secure File Transfer to the university controller.
Every unit throughout the university must assess how to best utilize their limited resources when it comes to responding to the risks that have been identified during the development of an internal control plan.