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Cornell University Policy 3.26 Financial Internal Controls requires that all operating units develop their own unit-specific financial internal control plans using guidelines provided by the Office of the University Controller (OUC). Per the policyFurther, one of the responsibilities of the OUC is to Work with units to develop and document unit-specific, customized control plans, including developing unit materiality levels and completing unit risk assessments.the university expects all members of the university community who are accountable for financial activity to be aware of and follow established internal controls and recognize and address control gaps.

• • • • • Executive Summary and Management Response Plan
        • Risk Assessment
        • Transaction Cycle 1 - Inventory Management
        • Transaction Cycle 2 - Procurement - Unit Processing
        • Transaction Cycle 3 - Credit Card Processing, Check & Cash Handling
        • Transaction Cycle 4 - Revenue Recognition & Tracking of Receivables
        • Transaction Cycle 5 - Operational Risks

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