Departmental Fiscal Oversight Checklist

Monthly Review

• Accounting reports (FBMO's).
• Income and expenditure variance from budgets.
• Long-distance telephone charges, petty cash and storeroom purchases, overtime payments and travel expenses, by employee.

Periodic Review

• Unannounced reconciliation of office petty cash fund, to make certain that the balance is accounted for by cash and/or authorized petty cash vouchers.
• Signatures on vouchers and petty cash expenditures, to make certain that these individuals are the appropriate authorized signers.
• Money Received Reports, to make certain that daily deposits of all receipts are made timely to the Cashier's office.
• Time sheets and payroll rosters (including monthly rosters that are not required to be returned to Payroll for processing), to make certain that they are approved by a designated administrator.
• Departmental Order expenditures, to make certain that he log is up-to-date and items purchased follow University purchasing policies.
• Employee leave records, to make certain that vacations, sick leave and personal days are properly used and recorded.

At Least Semi-Annual Review

• Cash handling and invoice processing, to make certain that one person is not handling all transactions, but that a division of duties by departmental personnel exists. Ideally, an individual should not have responsibility for more than one of the three transaction components: authorization, custody and record keeping. With limited staff, an individual may have to have responsibility for two components. In these situations, more frequent oversight is essential. Under no circumstances should an individual have responsibility for all three components.
• Security measures, to make certain that doors are locked, and that, when employees leave the department's employment, safe combinations are changed and keys are returned.