In follow up to the sessions on internal controls and audit remediation activities held recently across campus, we are pleased to announce the launch of a new section on the FSD website devoted to this topic, titled Financial Stewardship and Accountability.
This section of our website is password protected so you will need your nsid and normal password to access it. The new section provides important information and links for reports and FSD training, roles and responsibilities, revenue recognition requirements, and step-by-step assistance to guide you through the monthly reviews and reconciliation process. Information regarding changes related to Standing Orders is also now available.
As outlined in the sessions, the importance of these procedures cannot be over-emphasized. They are required by our auditors and expected of us by our board of governors to ensure that the university is able to produce timely and accurate financial statements and can provide evidence of a sound system of internal control.
Thank you to all of you who attended and provided feedback at the sessions. We have kept a record of your suggestions and concerns and are already working on steps to follow up and/or enact many of them. As an example, the reports reviewed during the sessions are now available and can be accessed on our website.
We recognize that there will be additional work for colleges and units to complete monthly reviews. The staff members in Financial Reporting are available to support your efforts with advice and assistance. As always, we welcome your further feedback going forward.
Your efforts and support for this critical undertaking are valued and appreciated.