The Division of Financial Affairs (DFA) supports Cornell University’s missions, priorities, and initiatives by establishing policies, processes, and systems that promote careful and responsible management and protection of Cornell’s financial resources.
We will establish a center to provide the skills and tools necessary to help Cornell staff members perform their daily financial activities and implementing new internal control strategies.
Now more than ever, Cornell employees need the tools and knowledge necessary to respond to internal control risks, resolve financial issues, and implement new accounting standards, and we aim to provide the training necessary to accomplish those tasks.
We will organize and establish practices so that technology use and data analysis are central to our planning and decision-making. Synergies and efficiencies will support financial applications and build skills in data analytics analysis, helping us achieve continuous, data-driven improvements and creating a strong foundation for all of our initiatives.
Each campus unit will implement an internal control plan, guided by risk and materiality assessments, based on DFA’s plan and using Lean Six Sigma (LSS) principles. These plans are based on risk and materiality assessments and will apply the principles of LSS methodology to streamline processes.
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.
The Internal Control—Integrated Framework (the COSO Framework) was developed by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. The COSO was established 1985 to sponsor the National Commission on Fraudulent Financial Reporting, which is an independent private-sector initiative that studied the underlying factors that can cause fraudulent financial reporting. It also developed recommendations for public companies and their independent auditors, for the U.S. Securities and Exchange Commission (SEC) and other regulators, and for educational institutions.