Internal Control
Overview
The Ministry of Colleges and Universities (MCU) entrusts Algonquin College Leadership with significant public assets. The College’s Executive and Leadership Team are responsible for implementing and maintaining a system of internal controls that ensures appropriate and judicious use of those assets.
All College employees are responsible for safeguarding the College’s resources. This responsibility includes being aware of and complying with internal control policies and external policies and directives. Algonquin’s Internal Control (IC) Framework is created to assist College employees in carrying out these compliance requirements.
Our 2017-2020 MCU Strategic Mandate Agreement states, “The College remains accountable to the Ministry for effective and efficient use of provincial government resources and student resources covered by policy directives of the Ministry, or decisions impacting upon these, to maximize the value and impact of investments made in the postsecondary education system.”
Over many years, organizations develop standards and guidelines to help them create their internal control environment. While there may be some differences in the standards and guidelines they adopt, organizations strive to institute a control framework that promotes ethical and equitable asset management while being operationally efficient and transparent.
Historically, IC Frameworks have focused almost exclusively on accounting activities. In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (or COSO) introduced an Internal Control-Integrated Framework that included assets management and operational effectiveness. Considered to be the “gold-standard” the COSO Internal Control-Integrated Framework covers virtually every aspect of an organization’s business operations.
By aligning with the COSO framework, Algonquin College confirms its commitment to ethical and equitable management practices and resource stewardship.