Motorola Inc.: Standards of Internal Control

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STANDARDS OF INTERNAL CONTROL Issued April 2007 Table Of Contents I. II. III. IV. V. VI. VII. 1.0 2.0 3.0 4.0 5.0 Preface Objective Scope Process Responsibility Fraud Revisions Introduction General Control Requirements Quick Reference Revenue Cycle 2.1 Order Entry/Edit 2.2 Loan/Financial Aid 2.3 Billing 2.4 Accounts Receivable 2.5 Collection 2.6 Cash Receipts Procurement Cycle 3.1 Supplier Selection and Retention 3.2 Purchasing 3.3 Receiving 3.4 Accounts Payable 3.5 Disbursements Payroll Cycle 4.1 Human Resources, Compensation, and Benefits 4.2 Payroll Preparation and Security 4.3 Payroll Disbursement Controls 4.4 Distribution of Payroll Financial Reporting Cycle 5.1 Accumulation of…show more content…
This system recognizes the need to comply with the expectations of our students, alumni, vendors, faculty/staff and our community. The Audit Committee of the Arizona Board of Regents, the State of Arizona Office of the Auditor General, University Audit and Advisory Services, (UAAS), the Financial Controls division of Financial Services and each Business Administrator (BA) across the university are responsible for monitoring our adherence to these standards. III. SCOPE These standards are applicable to all campuses, colleges, services and departments. The standards generally reflect control objectives and do not attempt to describe the specific techniques required in each area. These internal controls are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of resources, reliability of operating and financial information, and compliance with laws and regulations. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefit to be derived. It also recognizes the need for uncompromising integrity, good business judgment, and a culture of good control practices. In management 's selection of procedures and techniques of control, the degree of control employed is a matter of reasonable judgment. When it may be impractical or impossible to institute any of the controls listed, as could be the case of a small or remote

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