Are the controls identified in SAS 115 (formerly SAS 112) the only controls that departments need to monitor and be concerned about?

No. These key controls are not the only controls that departments need to monitor. Other controls exist for governance and to comply with University Policy, Laws and Regulations. These are the key controls identified for the preparation of the financial statements and are subject to review under SAS 115 (formerly SAS 112). Departments should not eliminate existing controls based on SAS 115 (formerly SAS 112).