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Policies, Procedures and Guidance

Accounting Guidance

Generally Accepted Accounting Principles (GAAP)

Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepted accounting principles for public and private companies, as well as non-profit entities.

See the following website for additional information: www.fasb.org

The American Institute of Certified Public Accountants (AICPA)

The AICPA is the national, professional organization for all Certified Public Accountants. Its mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients.

See the following website for additional information: www.aicpa.org

Control Objectives for Information and related Technology (COBIT)

COBIT is a set of best practices (framework) for information technology (IT) management created by the Information Systems Audit and Control Association (ISACA), and the IT Governance Institute (ITGI) in 1992. The purpose of COBIT is to provide management and business process owners with an information technology (IT) governance model that helps in delivering value from IT and understanding and managing the risks associated with IT. COBIT helps bridge the gaps amongst business requirements, control needs and technical issues. It is a control model to meet the needs of IT governance and ensure the integrity of information and information systems.


See the following website for additional information: www.isaca.org

Association of College and University Auditors (ACUA)

ACUA is an international professional organization serving institutions of higher education across the globe. Since its establishment in 1958, ACUA has provided its members a collegial forum for exchanging and sharing knowledge and generating new ideas. ACUA is committed to increasing members' knowledge of auditing, regulatory compliance and risk management in higher education.



See the following website for additional information: www.acua.org

Institute of Internal Auditors (IIA)

The IIA is an international professional association that is recognized as the internal audit profession’s leader in certification, education, research and technological guidance. The IIA developed the International Standards for the Professional Practice of Internal Auditing (the “Standards”). The IIA Standards provide guidance for the conduct of internal auditing at both the organizational and individual auditor levels.

See the following website for additional information: www.theiia.org

The Committee of Sponsoring Organization’s (COSO) Internal Control – Integrated Framework.

COSO is a widely used framework for considering internal controls. COSO defines internal control as a process, affected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of operations, financial reporting, and compliance objectives.

See the following website for additional information: www.coso.org