Internal control over compliance requirements for Federal awards means a process implemented by a non-Federal entity designed to provide reasonable assurance regarding the achievement of the following objectives for Federal awards:
Transactions are properly recorded and accounted for, in order to:
Permit the preparation of reliable financial statements and Federal reports;
Maintain accountability over assets; and
Demonstrate compliance with Federal statutes, regulations, and the terms and conditions of the Federal award;
Transactions are executed in compliance with:
Federal statutes, regulations, and the terms and conditions of the Federal award that could have a direct and material effect on a Federal program; and
Any other Federal statutes and regulations that are identified in the Compliance Supplement; and
Funds, property, and other assets are safeguarded against loss from unauthorized use or disposition.
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