Part II-UNM Accounting Basics
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MSC 0000 00
1 University of New Mexico
Albuquerque, NM 87131
MSC 0000 00
1 University of New Mexico
Albuquerque, NM 87131
University of New Mexico maintains an effective system of internal control in order to monitor compliance with policies and procedures established by the State of New Mexico, The University Board of Regents and Management. Internal control can be divided into two areas: accounting controls and administrative controls.
Administrative controls deal with the operations of the business, whereas the accounting controls deal with accounting for such operations. This manual focuses on internal accounting controls (although there may be some overlap between the two). Accounting controls are designed to achieve five basic objectives: Validation, Accuracy, Completeness, Maintenance and Physical Security.
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