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UAFR - Fiscal Control and Internal Auditing Act Certification

Fiscal Control and Internal Auditing Act Certification

Fiscal Control and Internal Auditing Act Certification

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Asset Management

Item 1: Changes, transfers, and deletions of assets are recorded promptly in unit equipment inventory records.
Item 2: University property control decals are promptly affixed to equipment as required by University guidelines.
Item 3: If scheduled for completion during the past year, the unit has conducted its equipment inventory in accordance with University guidelines and submitted required reports to the Property Control Office.
Item 4: The unit has completed a physical inventory of its merchandise for resale and reconciled the results with its financial record in accordance with established University policies and procedures. (Note: This control applies only to units that sell merchandise to customers.)
Item 5: University equipment has not been physically removed from campus for disposal or transfer prior to receiving authorized approval in compliance with University policies and procedures and State regulations.
Item 6: Cash under the control of the unit is managed in accordance with University policies and procedures established for cash controls.
Item 7: Funds, property, and other assets and resources (including the University P-Card and T-Card) are safeguarded against waste, loss, unauthorized use, and misappropriation.

Financial Management

Item 8: Accounting financial statements are reviewed each month and appropriate actions are initiated to reconcile transactions to unit records.
Item 9: Where applicable, remedial business plans  for clearing deficit balances have been submitted to the designated university budget office in accordance with University policy and procedure.
Item 10: Staff responsible for FOAPAL management understand the University policies related to the use of these funds.
Item 11: There is a process in the unit for the review of FOAPALs to ensure they have been properly used.
Item 12: Self-supported FOAPALs have been reviewed to determine that they are used only for the purpose originally stated and that the continued use of the FOAPAL is warranted.
Item 13: Faculty and staff have been made aware of the rules and regulations for the use of sponsored research funds under their control.
Item 14: All expenditures, including payroll expenses, incurred under a sponsored research agreement in unit are reviewed for allowability by the principal investigator or another individual with suitable means of verification.
Item 15: The performance of subgrantees/subcontractees on sponsored research projects is monitored to ensure that they are meeting all terms and conditions of their subagreements.
Item 16: Management oversight is provided to ensure that gift funds under the control of the unit are used only for the purpose for which they are given.
Item 17: Faculty and Staff responsible for University P-Card and T-Card use and management understand the University policies related to the use of these purchase instruments.
Item 18: Accounts receivable (and appropriate allowance for doubtful accounts) are promptly recorded when services are rendered or merchandise is sold, and unit accounts receivable records are reconciled to the general ledger on a monthly basis.
Item 19: Encumbrances and costs incurred by my unit and resources available to my units are utilized efficiently, effectively, and in compliance with University policies, procedures, and guidelines.
Item 20: Revenues, expenditures, and transfers of assets, resources, or funds applicable to operations are properly recorded and accounted for.

Transactions and General

Item 21: Appropriate corrective action has been implemented to address any known significant fiscal/administrative control weaknesses impacting financial transactions processing or compliance with state or federal law/regulations. For corrective action that has not yet been fully implemented, the impact of such issues has been reflected in the responses to this FCIAA questionnaire. Indicators that such weaknesses have been identified in your unit include, but are not limited to, reports received from University Audits (internal audit), notifications provided by the Office of Business and Financial Services in connection with external audits by the State of Illinois Auditor General or reports provided by other external auditors or consultants.
Item 22: The unit has reviewed systems access and approval profiles for each employee to determine if they are appropriate. Accordingly, the unit has modified or removed an employee’s system access due to responsibility changes, job changes, or employment termination.
Item 23: Access to sensitive or confidential information is restricted to staff who utilize such information in the performance of their duties.
Item 24: Unit staff members who have financial security and approval authority are aware of and accept the responsibility inherent in this authority.
Item 25: Professional service contracts are fully executed prior to services being rendered.
Item 26: University P-Card and T-Card transactions are reconciled on a timely basis and reviewed by appropriate management staff.
Item 27: Documentation for departmental P-Card and T-Card transactions is properly maintained and available to support the business purpose and to meet audit requirements.
Item 28: 

Duties, responsibilities, and system access, within the unit, are properly segregated so there is appropriate review and approval of all transactions. (Adequate segregation of duties translates to no one person performing, having system access, to all the critical elements of initiating, processing, recording, and reconciling.)

Item 29: Upper management of unit demonstrates an awareness of the statutes, rules, and guidelines governing their unit's financial activities.
Item 30: Upper management of unit participates in key decision making including budgets, purchases of expensive goods and services, and the hiring and firing of key employees.
Item 31:

Lines of authority and responsibility are clearly understood throughout the unit and should promote segregation of duties. Clear lines of authority facilitate operations and provide accountability.

Item 32:University, campus and unit planning, policy and procedural manuals are used by unit management to communicate and define goals and objectives, and outline the methods to be followed by employees in achieving the goals and objectives. All employees have access to these materials.
Item 33: Unit personnel have appropriate access to reports needed to execute oversight duties. Reports are reviewed by upper management of the unit on a regular basis which summarize activities, programs, transactions, and financial status.
Item 34: A system is in place to provide management with explanations of significant variances between budgeted and actual revenues and expenses.

Last Updated: June 28, 2022

KeywordsFiscal Control and Internal Auditing Act Certification   Doc ID119323
OwnerLearning Systems Support .GroupUI Training and Development Resources
Created2022-06-28 08:42 CSTUpdated2023-04-24 13:39 CST
SitesUniversity of Illinois Training and Development Resources
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