Financial Oversight Checklist
Monthly Financial Oversight
Financial oversight at every Departmental Unit is fundamental for the administration of business and financial activities at the University. Financial reviews and budget monitoring are essential components of an integrated system of control activities. Along with preventative controls, after-the-fact financial reviews provide reasonable assurance that financial activity is accurate, valid and complete. Time and effort for a financial review should be proportionate to the associated risk, and not exceed the expected benefits. Reviewers should focus on high-risk activities.
An essential component of the financial review process is to identify errors, anomalies, potential compliance issues and significant budget variances in a timely manner and review them with those in financial oversight roles.
- All reviewers have a duty to question, research and correct (if necessary) the potential issues discovered during the review process.
- Corrective actions taken and explanations of significant variances should be documented.
- Issues that cannot be expeditiously resolved should be escalated to the appropriate level.
- Numerous standard reports are available to assist units with financial oversight tasks.
All individuals who are involved in business transactions within the University have a fiduciary responsibility to safeguard the assets of the institution and ensure the integrity of its accounting records. Accountability and responsibility cannot be delegated even when tasks are delegated. The following areas will help comprise a sound financial review process:
- Payroll Expense Review
- Non-Payroll Transaction Review
- Review Financial Results
- Budget Monitoring
- Balance Sheet Transaction Review
- Signing Authority Changes
To help ensure that the financial oversight process occurs in a consistent and high-quality manner, every unit that has authority to process and approve financial transactions must submit the Monthly Financial Oversight Checklist which outlines the minimum transaction review and recommended monthly financial oversight activities the unit should perform, including the frequency with which those activites are to be performed. This checklist is not inclusive of all departmental fiscal oversight activities to be performed.
Completed monthly checklists must be submitted to the Director, Financial and Administrative Services by the 15th of the following month. A copy should also be maintained in department files with supporting documentation. Units must be able to provide evidence that financial review checklist activities are being effectively performed at an appropriate frequency.
Departmentalized campuses and faculties (e.g. Marine Institute, Grenfell Campus, Faculty of Science and Faculty of Humanities & Social Sciences) should report on a consolidated basis to the Director, Financial and Administrative Services. The Senior Financial Officer must monitor their individual units to ensure an appropriate review has been performed.
The effectiveness of, and compliance with, this checklist will be monitored by the Director, Financial and Administrative (or delegate). If you have questions, or need assistance please contact: Ms. Heather Whelan at (709) 864-4391 (FAS) or Ms. Cheryl Whitten at (709) 864-2270 (HR).