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Responsibility |
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Controller's Office
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- Establish clear guidelines, policies and procedures for use in transaction processing and review
- Provide assistance and recommendations to departments
- Refer to University Policy 40.2.1
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Transaction Processing Centers (e.g. purchasing, payroll)
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- Assure adherence to university policies when issuing payments to vendors and employees
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Department Business Managers/Administrators
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- Maintain appropriate use and control of the funds entrusted to them
- Ensure that transactions originating in the department are reasonable, appropriate and necessary and in agreement with University policies and procedures
- Establish separation of duties to the extent possible; obtain secondary approvals or review when required
- Ensure all required transaction documentation is on file and retrievable if needed
- Conduct monthly review of accounts to assure accuracy, validity and completeness; Note: in larger departments, business managers may delegate some review tasks. However, overall responsibility for complete review resides with the individual who has stewardship over the departmental accounts.
- Safeguard physical and intellectual assets and records against theft, fire, water damage, etc.
- Monitor movement of equipment
- Ensure physical inventory of assets by a person who does not have custody of assets.
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Department Transaction Initiators (Business Managers, Business Specialist, Administrator)
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- Initiate and submit transactions that are reasonable, appropriate and necessary
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Department Account Owners
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- Review monthly financial summary reports; follow up on any issues with department business staff
- Account owners are identified as: department chair, director or principal investigator, etc.
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University Internal Audit
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- Serve as an independent unit responsible for monitoring University departments to assure compliance with established policies and procedures
- Assist University departments in establishing strong internal controls, as requested by individual departments
- Refer to Internal Audit Department website
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