University Policy on Controls (COSO Model)
The University has adopted an internal control methodology developed by the Committee of Sponsoring Organizations (COSO) involving these five areas:
- Control Environment
- Risk Assessment
- Control Practices
- Information & Communication
The COSO model defines internal control as a process implemented by management that provides reasonable assurance that:
- Operations are effective and efficient.
- Financial and operational reports are reliable.
- Compliance with applicable laws, regulations and internal policies and procedures has been achieved.
See details on this methodology in Related Information and in UCLA Policy 360.