Since1990s, universities in China have been increasing their enrollment. And with the deepening of the reform of highersystem and the widening of university’s the right of running educational institution, the scale of universities in China is making rapid expansion of universities. Colleges and universities are presenting a variety of functions. Many colleges and universities are engaged in teaching and research work, but are active in tertiary industry. For example, some universities and colleges are making foreign or starting a business, and some are busy establishing new campuses and open secondary institute. The capital sources of universities and colleges have been changing from the old way that relays solely on state funding to the new one that raise funds through multiple channels, and the expenditure of funds have also shown a complex trend. The use of funds involves aspects such as teaching and research, infrastructure construction, special expenses and logistical support and so on. Although these diverse sources of income can provide strong financial support to colleges and universities’rapid development, it also makes university’s financial risk increase. Within these years, many colleges have been reported of having too many debts to carry, and financial corruption occurred now and then, which have caused a huge loss to universities’ asset, as well as affected the running efficiency and reputation of colleges and universities. By analyzing these phenomenons, we may find that these can be attributed to the defectiveness of colleges and universities’ financial internal control systems. Therefore, in order for colleges and universities to raise and use funds reasonably and appropriately and have the university’s financial control standardized and scientific so as to achieve sustained and healthy development, it is necessary for colleges and universities to establish a scientific and sound financial internal control system and have it seriously implemented. This paper takes University S which locates in western Sichuan province as an example, and is theoretical based on the COSO report and China’s “the norms of internal control for enterprises”. With the help of existing research literatures, the author firstly made a detailed analysis on University S’s financial internal control problems and their causes. In relation to the growing financial risks within the university, such as the risk prevention and control of large bank loans, the author put forward some feasible suggestions on improving university’s financial internal control system, so that the schools can make improvement pointedly and can better strengthen financial internal control so as to create a healthy environment for universities’future teaching, research and .
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