Financial report review process
As required by the Administrative Policy Statement Fiscal Roles and Responsibilities, policies and procedures that result in the routine review of financial information. This is a key control to ensure all fiscal transactions are properly recorded in the Finance System and to detect fiscal misconduct. The fundamental components of this process include:
• Detailed review of fiscal transactions, including a reconciliation of each individual transaction appearing on the financial report to the related source documentation;
• Periodic analysis of planned fiscal activity or budget in relation to actual fiscal activity;
• Comparison and analysis of prior year financial activity to current year financial activity where appropriate.
Procedures always include taking appropriate investigative and remedial action.