Compliance with the Financial Regulations is a mandatory requirement for:
- all Departments and University subsidiary companies but not Cambridge University Press or Cambridge Assessment
- all University Income and Business
- all University staff (and those not directly employed by the University but who have responsibility for University funds).
They ensure the proper use of resources in a manner that satisfies our legal/financial obligations and internal control requirements. Specific direction is given on matters of:
- ethical policy
- income and expenditure
- University assets and liabilities
The Financial Regulations are available from the Finance Division website.
Heads of Department Responsibilities
The 2008 Financial Regulations state that Heads of Department should ensure:
- Proper allocation of funds;
- Sound financial control, authorisation and separation of duties;
- That accounts are correctly maintained;
- That funds available for spending are not exceeded;
- That the Regulations are publicised and observed within their department; and
- That all information and explanations required by the University's internal or external auditors are provided promptly.
Delegation of Duties
Heads of Department may designate in writing one or more people to execute specified tasks for, and subject to the supervision of, the Head of Department. The Head of Department remains responsible.