Internal Control Policy

Policy Number
Board of Trustees
Date Approved
Effective Date
Responsible Division
Finance and Administrative Services
N.C. Gen. Stat. § 143D

The management of the College bears full responsibility for establishing and maintaining a proper system of internal control within the College. The President and Chief Financial Officer shall annually certify that the College has in place a proper system of internal control.

The College shall maintain documentation, as prescribed by the State Controller, of the system of internal control within the College. All internal control documentation shall be available upon request for examination by the State Controller and State Auditor.

The College is committed to the E.A.G.L.E. (Enhancing Accountability in Government through Leadership and Education) Program established by the Office of the State Controller. The College performs an annual assessment of internal control over financial reporting and compliance to identify risks and compensating controls that reduce the possibility of material misstatements, misappropriation of assets and noncompliance with governmental rules and regulations. The E.A.G.L.E. Program also assists in recognizing opportunities to increase efficiency and effectiveness in business processes and operations.

Definition of Terms:

Internal control is a process, effected by an entity’s governing body, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 

  • Reliability of financial reporting
  • Compliance with applicable laws and regulations
  • Effectiveness and efficiency of operations