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What we review at a School Level

This is the standard audit scope and objectives followed for each school or departmental audit of financial systems. Not all modules will be appropriate.

Scope:

To ensure that the School or Department has adequate administrative internal control systems and that these comply with the University’s financial regulations and procedures.

Objectives

  1. Business planning and budgetary control procedures enable management to monitor financial progress against targets.
  2. Employee charges and absences are monitored.
  3. Income received is properly recorded, promptly banked, and subject to independent reconciliation.
  4. Items of equipment are accurately recorded, valued, and safeguarded from theft.
  5. Purchase orders raised and purchase invoices paid are subject to approval, represent value for money and are subject to an adequate separation of duties.
  6. Departmental bank accounts are approved, regularly reconciled and used to pay allowable expenditure.
  7. The petty cash float is used for minor expenditure and is regularly reconciled.
  8. Expense claims are authentic, supported by original receipts/invoices and subject to appropriate approval.
  9. Stores are secure and movements accounted for in a controlled manner.