Definition
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.
Examples include:
- segregation of duties
- authorisation of purchase orders
- safe custody of petty cash
- a register for departmental assets
- validation of a UFS accounting code
- monitoring of research grant expenditure in accordance with the terms of the grant
- secondary approval of a purchase invoice
- manage potential and actual conflicts of interest
- compliance with Financial Regulations
Departmental Controls
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.
- Identify where risks for conflicts of interest could lie, maintain a register of interests and implement a policy and procedure to manage potential and actual conflicts of interest. Refer Conflict of Interest Guidance on Procurement Services website, for examples of conflicts of interest and corruption risks, considerations for migrating the risk and a Conflict of Interest Disclosure form.
- Understand and follow recommended UFS procedures .
- 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.
- Ensure those involved in financial activities complete the appropriate Compliance training courses (see Appendix C)