Business Compliance Survey

"Policy 3010 Internal Controls states, 'the University Controller and the ARMICS Coordinator/Internal Controls Manager are assigned the primary responsibility for establishing the internal control structure for the university's financial systems and processes through the creation and ongoing maintenance of university fiscal policies and procedures.' At Virginia Tech, this evaluation is performed by reviewing the results of the annual Financial and Business Compliance Survey sent to department heads and their fiscal staff. The survey contains over 100 questions related to business processes and procedures. This review is performed not only because it is required, but also because it provides a mechanism to department heads to assess awareness of detail requirements contained in fiscal policies and procedures or adequate internal control standards, and evaluate actual business practices relative to these requirements. This is another review process that can enable departments to implement any corrective actions needed. The University Controller uses this survey to identify business processes that may need to be improved or where training and communications need to be provided." (Excerpt from Internal Controls: The Key to Good Business Practices)