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T HE U NIVERSITY OF I OWA F INANCIAL S UB - C ERTIFICATION W ORKSHOP S ESSION #2 Finance, Accounting & Audit Today’s Presenters Selina Martin Angie McMullin Today’s Agenda Financial Sub-certification Website http://www.uiowa.edu/budgetofficers/subcertification
Does the college/unit set expectations that employees with fiscal responsibilities should attend relevant financial systems and processes training offered by Finance & Operations?
“It is strongly recommended that individual colleges, departments, and/or units develop an educational plan for the benefit of their employees' continuous learning and to meet the needs of a changing work environment.”
Does the college/unit have processes and monitoring activities in place to ensure compliance with the University's Cash Handling Policy?
Cash & Equivalents – Coins, currency, checks, money orders, credit card transactions, tokens, tickets, stamps, gift cards, parking vouchers, etc.
Bills for Services
• Maintain approved & updated local procedures
• Establish an effective internal control system
(sign up for all training through Self Service)
Does the college/unit submit the required information to Financial Management to ensure compliance with the Service Center Policy?
http://www.uiowa.edu/~fusas/ubit.html (UI website)
http://www.irs.gov/pub/irs-pdf/p598.pdf (IRS website)
Does the college/unit communicate guidelines for reporting material financial risks, issues, errors, etc. to senior administrators within the college and to the Controller?
Future recurring meetings with clear expectations of outcome – topics may include:
Has the college/unit addressed and resolved outstanding internal and external audit issues?
Does the college/unit perform review of transactions appearing in its general ledger reports to internal source documents on a monthly basis?
Requires the monthly review of transaction detail in each account to ensure that financial information accurately reflects actual activity.
Account Owner: The person who has general decision making authority over the account and fiscal responsibility & accountability for the account.
Reviewer: The person reviewing transactions and comparing to supporting documents.
Our internal controls should reasonably assure….
Financial sub-certifications will be completed in fall 2009 for the fiscal year 2009.
Accurate responses will help us to help you to strengthen internal controls.
Progress will be made over time as we identify areas of opportunities to improve controls.
Understand your role in the sub-certification process
Understand the general & specific policies relevant to your roles & responsibilities
Share information with your staff & colleagues
Attend targeted training
Review control documents checklist
Provide feedback to central administration