Monthly Financial Review-Dean or Department/Unit Head
Dept. / Org Unit (s):
Month Ended:
General Introduction
1 Regular review of financial transactions is very important to the integrity of the university's financial information, and should be completed to the extent necessary to: (1) Ensure that the department/unit financial information and
records are entered on a timely basis and accurately reflect fund activities, (2) Identify exceptions and irregularities, for subsequent investigation and resolution, and (3) ensure the accuracy of the university's financial statements.
This will insure that the department/unit and the university has timely and accurate information to support strategic planning and decision making.
2 The Crystal Reports mentioned below can be accessed in Publisher at https://publisherxi.usask.ca, entering your NSID and password, and then proceeding as follows: (1) Department level-Financial Activity folder: # 4423-Salaries
and Benefits and #7328-Dept Report of Revenues, Expenditures and Fund Balances By Fund Roll-Up Report; and (2) Monthly Review-Department Reports folder: #10780-Department Head Monthly Review-Fund Balances
and #10781-Department Head Monthly Review-Income Statement.
3
The 'Comments and Exceptions for Subsequent Review' area should contain details of the items/issues that have been identified as requiring additional review or clarification, the name(s) of the employee(s) that have been
assigned to perform the follow up tasks; and the detailed results of the completed subsequent review or clarification.
4 For Financial Review Activity # 9, a budget-to-actual variance is the difference between the year-to-date budget amount and the reported year-to-date actual amount for each operating fund's revenue and expense account. The
revenue or expense account variance amount is material if it could affect or impact the future economic operating decisions or strategic planning of the department/unit. For any variances deemed to be material, it is suggested that
the department/unit head should obtain sufficient information to determine: (1) The cause of the variance, and if it will reoccur; (2) the financial effect/impact:(3) what is being done, or what will be done, in light of the variance; and (4)
the economic and operating implications for the department/unit.
5
Review activities #7 through #12 inclusive, as described below, are suggested monthly financial reviews for deans and department/unit heads that may be performed to provide additional support and assurance in completing review
activity #13-Monthly Financial Review Workflow.
6 Dean, or department/unit head should perform a financial review to the extent necessary to be satisfied that the department's financial information and records are reasonable and are fairly stated. The financial review activities
identifed below should provide you with assistance in completing a monthly summary financial review of the activities of your college/department/unit. Where you are also a Financial Manager of one or more funds, you should also
complete the Monthly Financial Transaction Review for these funds.
Monthly Financial Review Activities
Suggested Review Processes
Comments and Exceptions for Subsequent Review
Employee
Name
Date
Completed By:
7
8
Review previous month's Department Head Monthly Review workflow to ensure that all
outstanding items and concerns detailed in the 'Comments and Exceptions for
Subsequent Review' column have been addressed and resolved to your satisfaction.
Ensure that satisfactory documented explanations have
been received from department finance/admin staff and
fund financial managers for all outstanding queries from
the previous month.
Complete a review of the Monthly Financial Transaction Review(s) completed and
documented by department/unit fund financial managers for the current month. Ensure
that there is a documented work plan in place to follow up and report on all outstanding
review items by the end of the following month.
Perform sufficient review to be satisifed that appropriate
financial transaction reviews have been performed for
the current month.
Complete sufficient review to ensure that for all 'budget applicable' department/unit
operating funds, a documented budget vs actual financial review has been completed by
department finance/admin staff for the current month, and that all significant variances
between annual budget and actual year-to-date amounts have been followed up and
satisfactory explanations have been obtained and documented.
Review of department-specific budget vs actual financial
review documents or complete a review in FAST/UniFi of
the current month Operating Statements for all
department operating funds. Obtain documented
explanations for all budget-actual variance queries.
Complete a documented review of Publisher Report #7328-Department Report of
Revenues, Expenditures and Fund Balances by Fund Roll-Up
Follow-up on outstanding items identified in the previous
month's review to insure that all items have been
addressed and resolved to your satisfaction.
Review the current month's report for accuracy and
reasonableness. Document any outstanding unresolved
queries that require resolution by the end of the following
month.
9
10
11
Complete a documented review of Publisher Report # 10780-Status of Department
Projects.
Follow-up on outstanding items identified in the previous
month's review to ensure that all items have been
addressed and resolved to your satisfaction.
Review all fund balances that are identified as
'OVERSPENT'. Initiate follow-up with the identified
financial manager to obtain sufficient explanation as to
what caused the deficit balance and any future funding
that will be received/recorded to offset the current fund
deficit. Review all other funds to ascertain
reasonableness of reported transaction amounts.
Document any outstanding unresolved queries that
require resolution by the end of the following month.
Complete a documented review of Publisher Report # 10781-Statement of Operations
and Changes in Fund Balances.
Follow-up on any outstanding items identified in the
previous month's review to ensure that all items have
been addressed and resolved to your satisfaction.
Review the current month's report for accuracy and
reasonableness. Identify current items that require
further review and follow up and communicate these
queries to the responsible department staff.
12
13
Complete Department/Unit Head Monthly Financial Review Workflow.