Financial Accountability and Controls

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Financial Accountability and Controls
2
Big Picture
Financial Information Users
Executive Information
Management Operations
Fund Management Reporting
3
The Influence of a Transaction
Transactions
General Ledger
4
Resources

• Financial Affairs Financial Management website
  http//financial.ucsc.edu/Pages/Management_
  Main.aspx
• UCSC Information Asset Management Office
• Eloise Cameron Director x 9-2983
• UC Records Management Policy
• http//www.ucop.edu/ucophome/policies/
  bfb.bfbrmp.html

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Financial Accountability Control

• Financial Accountability
• Maintaining individual accountability via
  separation of duties and effective transaction
  review and approval
• Control
• Evaluating and implementing effective financial
  control procedures in a campus financial process
• Goal
• Reduce the risk of errors, misappropriations and
  fraud in departmental financial
  processes

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Delegating Authority

• Officially recorded, approved and reviewed
• Cannot delegate more than you have
• Delegatee must be competent knowledgeable
• Clear accountability trail
• Monitor for continued relevance

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Transaction Processing Preparer
Responsibilities

• Understand process
• Know basic policies and regulations
• Code transactions properly
• Respond to edit messages

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Transaction Processing Reviewer
Responsibilities

• No conflicting duties
• Check for accuracy, appropriateness
• Check for policy compliance
• Investigate and resolve issues
• Designate qualified back-up

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What is the purpose of the Budget?
Managing Your Budget

• A plan of operations based on an estimate of
  resources and expenditures
• A tool to track the amount of money available for
  (or assigned to) a particular purpose
• Authorization to spend funds
• Also known as an appropriation
• Generally applies to General Funds or other
  core funding sources, e.g. Student Fees

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Proper Accounting

• Account codes
• - Assets, liabilities, revenue, expense
• Fund codes
• - Allowable usage
• Subaccount object codes
• - Expense classification

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Influence Revisited
Transactions
General Ledger