The regular review of management reports helps to identify errors, anomalies, omissions, potential compliance issues, and significant budget variances and anomalies that require further investigation. These financial reviews help minimize risk to the university by validating transactions are accurate and appropriate and faculties and units are on track to achieve their goals.
Regular reviews provide an important, timely check to ensure funding is:
- Used appropriately to achieve objectives
- If restricted for strategic purposes, funds are appropriately utilized
- Transfers are consistent with university guidelines