The University is accountable for the effective and efficient stewardship of its funds. As well as legislative related compliances, the use of a large component of funding is restricted by the terms and conditions attached by sponsors and donors. These and other requirements drive the need for timely and accurate financial reporting and effective internal controls.
Faculty/Central Services Unit Responsibility
The most senior financial officer within faculty and central services units are responsible for designing, implementing and managing efficient, effective financial systems and business framework for the faculty and central services units.
- Units (account holders) are responsible for authorization, internal control approval, one-over-one approval, and entering data into the PeopleSoft system (where applicable).
- All transactions must be in compliance with University policy and procedure and sponsor terms and conditions (where applicable).
- Units (account holders) use the financial system to produce reports, verify their reports for accuracy, monitor their budgets and manage their funds.
- Units (account holders) are responsible for reviewing financial activity to ensure the accuracy of the posted transactions. Any errors or omissions must be reported immediately to the appropriate individual/office/service.
Senior financial officers must ensure that all staff with financial responsibilities:
- Have clearly defined roles and responsibilities.
- Understand the unit's business and the specific business processes as well as any specific policies and procedures. Also (where applicable), have an understanding of the units chart of accounts (coupled with institutional requirements around the chart of accounts).
- Have the appropriate level of accounting knowledge and training.
- Are assigned the appropriate access in PeopleSoft.
- Provide training on the unit's general operating practices coupled with an understanding of the organizational and financial administrative support infrastructure within the unit (i.e., identify who staff members go to in the first instance with their inquiries, who are the decision makers, who will provide interpretation and guidance).
- Identify the applicable courses from the Finance and Administation Learning Program (FA-LEARN). Direct staff to University policies and procedures (UAPPOL) and the Guide to Financial Management in advance of training to enhance the learning foundation.
Financial Management and Practices Policy