It is essential that effective internal controls exist throughout departments, faculties, institutions and the University to:
- safeguard University assets
- prevent and detect errors and fraud
- protect the interests of the staff
- help to ensure the accuracy of accounting records
Internal controls can be a mix of financial procedures and actions of the staff who are involved with the finances in their workplace.
- authorisation of purchase orders
- safe custody of petty cash
- a register of departmental assets
- validation of a UFS accounting code
- monitoring of research grant expenditure in accordance with the terms of grant
- secondary approval of a purchase invoice
- compliance with Financial Regulations
In order to ensure that their internal controls are appropriate and operating well each department should:
- Ensure all staff are aware of the University's Financial Regulations.
- Understand and follow recommended procedures for using UFS. See the UFS Training Manuals on the Finance Training Team's website.
- Read and follow the good practice guidance in the Financial Procedures Manual.
- Implement all of the recommendations contained within any departmental Internal Audit report.
- Write financial procedures for departmental specific areas that can be used as a point of reference and training for new finance staff.
- Seek advice from and share good practice with Finance Division staff and/or colleagues within the University.