Review of Journal Entry Project at University: Current Status and Review Process
Read about the ongoing journal entry review project at the University to ensure proper reporting of material transactions. Follow the instructions provided to review, compile support, and complete the review by the end of June for a successful year-end close.
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Presentation Transcript
Journal Entry Review FMF Presentation Steve Nedder Wednesday, June 12, 2013
Journal Entry Review To summarize the Journal Entry Review project: To address the Management Letter Comment from PwC, FAR has committed to perform a review of significant journal entries around the University. The purpose of this is to ensure consistent approaches to material transactions as well as appropriate reporting of them. Quarterly, we will review journal entries posted by each tub over $5M. We will exclude any Centrally posted JE s and transfers to your Tub 2
Journal Entry Review Current Status: FAR has pulled the journals general report for Q3. The information is being reviewed and compiled by Tub. Once the review is complete, Tubs with journal entries over $5M will be sent the list of entries along with the supporting detail from the report. Tubs should review the listing to ensure all entries included are appropriate selections (i.e. there are no transfers in to your Tub, internal billings, benefit or CADM entries) After review, support for JE s should be compiled for FAR to review. 3
Journal Entry Review Review process: All information will be sent out to Financial Managers/Controllers by week s end. Once the list is reviewed, communicate back to FAR how the support can be obtained: Steve & Emily can go onsite to review the support Support can be PDF d and emailed back to us FAR would like to complete the review by the end of June. This will ensure that Q3 is completed before year-end and any issues identified can be corrected in time for the year-end close. 4
