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Basic Financial Managment Essay

4279 words - 18 pages

TABLE OF CONTENTS - CHAPTER 3

I. CHAPTER 3 – RESPONSIBILITIES OF FINANCIAL MANAGEMENT 2
II. PERTINENT POLICIES 2
III. INTERNAL CONTROL 2
A. Overview of Internal Control 3
B. On-the-Job Application of Internal Controls 4
1. Records Management 4
2. Source Documents: Organization and Filing 5
3. Develop Departmental Procedures for Each Financial Process 7
4. Detailed Procedures for Cash Handling 10
5. Perform a Series of Daily, Weekly, Monthly, and Quarterly Tasks 10
6. Provide Regular Reporting to Management 14
7. Know Pertinent Campus Policies, Procedures, Regulations and Resources 14

CHAPTER 3 – RESPONSIBILITIES OF FINANCIAL ...view middle of the document...

This individual is frequently an administrative assistant, program assistant, or office manager. Since the minimum qualifications for these job classes do not include accounting or budgeting, staff that are asked to assume responsibility for a unit’s finances often have little or no formal education and/or professional experience in these areas. Therefore, this section of The Guide addresses the activities and responsibilities associated with a position having financial duties.

INTERNAL CONTROL

Internal control is defined as a process, or group of processes, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
1. Effectiveness and efficiency of operations
2. Reliability of financial reporting, and
3. Compliance with applicable laws and regulations.[i]

1 Overview of Internal Control

An essential function of every finance-related job on the campus is to safeguard the assets of the university through the development and implementation of a solid structure of internal control. Such a structure consists of policies and procedures designed to provide reasonable assurance that specific departmental and university objectives will be achieved.

Without a set of internal controls, the university may fail to attain its objectives for reasons such as:
▪ Fraud and waste
▪ Losses resulting from fines and penalties due to non-compliance
▪ Inadequate resources resulting from inefficient processes
▪ Interruption of operations because of injury to personnel
▪ Ineffective communication that, in turn, results in misapplication of effort and resources.

Each department must create and maintain a structure of internal controls. Internal controls may vary from one department to the next because the specific control structure implemented for a given entity within the university will depend upon its size, the nature and complexity of its operations, and whether or not it is subject to requirements imposed by legislative or regulatory bodies.

After the internal control structure has been put into place, those doing the work must monitor the controls and offer suggestions for changes if warranted. Internal controls exist in a dynamic environment. Employees retire, computer systems are upgraded, and circumstances arise which may necessitate modifications to internal controls. Through continual monitoring of its internal control structure, the university can react quickly and effectively to changing conditions.

Some Final Thoughts about Internal Control
Internal controls are more than a set of policies and procedures. Internal controls provide reasonable assurance to the leaders of the university against risk in operations, financial reporting, and compliance with regulations....

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