INTERNAL CONTROL PRACTICES OF WAQF MANAGEMENT IN YAYASAN CANSELOR, UNIVERSITI KEBANGSAAN MALAYSIA

Abstract

Internal controls are essential to the achievement of organizational objectives. In any organization, the absence of these controls could contribute to the unreliability of financial reporting, the inability to achieve effectiveness and efficiency, and noncompliance with applicable regulations and laws. This study investigates the waqf unit's internal control practices at Yayasan Canselor Universiti Kebangsaan Malaysia (YCUKM). The investigation of internal control practices in the waqf unit was guided by the Committee on Sponsoring Organizations (COSO, 2013) internal control framework. Interviews and reviews of pertinent documents were utilized to collect data. The investigation revealed that the waqf unit of the Yayasan Canselor Universiti Kebangsaan Malaysia (YCUKM) had implemented all five internal control procedures. Control environment, risk assessment, control activities, information and communication, and monitoring activities are included. This study concludes that internal control is necessary for achieving an organization's goals. The findings may be used as a reference for enhancing internal control practices in waqf institutions in Malaysian public universities.