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Financial Management, Reporting, and Oversight at IIT Kanpur

Financial Management, Reporting, and Oversight at IIT Kanpur. March 28, 2014. IITK Finances. Management Accounting / Reporting Oversight (External & Internal). Financial Management Framework. IIT Act, Statutes – overarching guidance

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Financial Management, Reporting, and Oversight at IIT Kanpur

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  1. Financial Management, Reporting, and Oversight at IIT Kanpur March 28, 2014

  2. IITK Finances Management Accounting / Reporting Oversight (External & Internal)

  3. Financial Management Framework • IIT Act, Statutes – overarching guidance • Govt. of India Rules & Regulations – regulate personal benefits and claims 3

  4. Financial Management Framework(contd.) Strategic / Annual Plan / Budget – institutional priorities, income projections, and what is available for spending? Financial Delegations – who may spend and how much? Stores and Purchase (S&P) Manual – what process(es) is / are required to be followed for spending? Accounts – what is the financial performance (against budget / previous year)?

  5. Management of IITK’s finances De-centralized - Organized by source of funds

  6. Management of IITK’s Finances

  7. Accounting of IITK’s Finances First level - decentralized Consolidation - centralized

  8. Accounting of IITK’s Finances

  9. Oversight of IITK’s finances • Committee-led • A mix of External, Partly External and Internal .

  10. External oversight of IITK’s finances • Driven by / Committee chair non-IITK employee.

  11. External oversight of IITK’s finances • CAG – both propriety and statutory audit. • Board of Governors (BOG) – Board of Governors (BOG) – approve: annual budget and accounts; amendments to Delegations and S&P Manual; financial policies; review financial performance on quarterly basis. • Finance Committee (FC) – advise BOG on all the above proposals from management.

  12. Partly External oversight of IITK’s finances • Committee chaired by Director but has some external members.

  13. Partly External oversight of IITK’s finances • Building & Works Committee (BWC) – technical appraisal of all construction and related projects. Inputs flow to BOG through FC. • Management Committee of Endowment Funds (MCEF) – guidelines providing and monitoring committee; advises Finance Committee on endowment and investment related matters.

  14. Internal oversight of IITK’s finances • Driven by / Committee comprising IITK employees only.

  15. Internal oversight of IITK’s finances • Finance Control Committee (FCC) – • considers annual budget proposals; • approves re-allocation of budgets; • monitors performance against budget; and • drives automation of financial operations.

  16. Internal oversight of IITK’s finances(contd.) • Investments Committee – devises investment strategy, approves all short-/medium- and long-term investment proposals. • Internal Audit (IA) – IA unit headed by AR (IA) reports directly to Dy. Director. • Pre-audit of all spending > Rs. 1,000 (with some exceptions), pay and pension fixation. • Finance advice in procurement.

  17. Oversight hierarchy at a glance CAG I BOG I Finance Committee I Director-------------------BWC----------------MCEF I I FCC IC

  18. Thank you

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