We will use Lean Six Sigma (LSS) principles to implement an internal control plan guided by a risk and materiality assessment. DFA’s plan, with its tools, templates, and best practices, will guide units in implementing their own plans.
Each department in the Division of Financial Affairs (DFA) will complete internal control plans that will inform DFA’s overall internal control plan. These plans are based on risk and materiality assessments and will apply the principles of LSS methodology to streamline processes.
The process of developing a DFA internal control plan is the first phase in implementing internal control plans for all campus units using DFA’s framework. The framework will help DFA and campus units to allocate resources in a manner that allows more efficient and accurate financial reporting as well as increased compliance with applicable rules and regulations.
The following items are tasks performed during the plan development process: