Monthly Oversight Checklist

Why do I have to complete a Monthly Financial Oversight Checklist pertaining to my operating and/or research accounts?

• This function is necessary to help ensure that the financial oversight process occurs in a consistent and high-quality manner, every unit that has authority to process and approve financial transactions must submit the Monthly Financial Oversight Checklist which outlines the minimum transaction review and recommended monthly financial oversight activities the unit should perform.

• Additionally, the Oversight checklist is used to identify errors, anomalies, potential compliance issues and significant budget variances, in a timely manner, so that they may be reviewed with those in financial oversight roles. All units are responsible for the following:
o To question, research and correct (if necessary) the potential issues discovered during the review process.
o Take corrective action and explain significant variances that should be documented.
o Escalating issues that cannot be expeditiously resolved to the appropriate level.

• Instructions on completing the oversight checklist can be found below:

Finance Oversight Checklist

What are the Minimum Requirements of the Financial Management checklist?

• All individuals who are involved in business transactions within the University have a fiduciary responsibility to safeguard the assets of the institution and ensure the integrity of its accounting records. Accountability and responsibility cannot be delegated even when tasks are delegated. The following areas will help comprise a sound financial review process:
o Payroll Expense Review
o Non-Payroll Transaction Review
o Review Financial Results
o Budget Monitoring
o Balance Sheet Transaction Review
o Signing Authority Changes

Deadlines for submission of completed checklist;

• Completed monthly checklists must be submitted to the Finance Office, Faculty of Medicine, by the 15th of the month (see beginning of this document for a list of finance contacts). A copy should also be maintained in department files with supporting documentation. Units must be able to provide evidence that financial review checklist activities are being effectively performed at an appropriate frequency.