The University of Wisconsin-Madison (UW-Madison or the University) has a stewardship and oversight responsibility to ensure financial resources are governed efficiently and effectively through strong and well-established systems of internal control.
The University has taken steps to assess its approach to managing financial risk and identifying opportunities to evolve and strengthen its financial control environment towards ensuring accurate and reliable financial statements, protecting assets against loss and abuse, and enabling compliance with laws and regulations to which the University is subject.
Operating in a highly decentralized environment and given the increasing risks and regulatory requirements, the University is subject to multiple financial risks that mitigating requires establishing a systematic, consistent, sustainable, and adaptable approach towards ongoing identification and assessment of financial risk and evaluation of systems of internal control over financial and related operational processes.
Emphasizing the importance of a collaborative and engaged participatory culture, the University developed a leadership led initiative to adopt and implement the Committee of Sponsoring Organizations of the Treadway Commission Internal Control – Integrated Framework (COSO Framework).
The COSO Framework enables the University to develop and implement systems of internal control adaptable to changing business processes and supporting systems. COSO Framework assists others with guidance in the performance of their duties regarding financial internal control by providing an understanding of what constitutes a system of internal control and insight into when financial controls are being applied effectively.
As one of the pillars of the leadership led initiative, the Division of Business Services (DoBS or the Division) established the Financial Internal Control Advisory Services (FICAS) function to identify opportunities to evolve and strengthen systems of internal control over financial and related operational processes, and assist UW-Madison Divisions designing, implementing, and sustaining a sound financial control environment.