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Finance records compliance can be easier than you think! INFORMATION MANAGEMENT COMPLIANCE FORUM Monday 8 th September 2008 Information Management Advisory.

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Presentation on theme: "Finance records compliance can be easier than you think! INFORMATION MANAGEMENT COMPLIANCE FORUM Monday 8 th September 2008 Information Management Advisory."— Presentation transcript:

1 Finance records compliance can be easier than you think! INFORMATION MANAGEMENT COMPLIANCE FORUM Monday 8 th September 2008 Information Management Advisory Service (IMAS)

2 Program Welcome – Donna McRostie, Director Information Management Panel speakers: –Christine Conner Manager Accounting Operations, FinOps Financial delegations Fixed asset recording, quotations, tender board Corporate cards –Henry Sammut, Manager Contracts & Procurement, P&CS Quotations, purchase orders, preferred suppliers Motor vehicle purchasing, building works & renovations –Louise Fastuca, Senior Auditor, Internal Audit Corporate card purchases Travel diaries Losing records in the move –Lucinda Davies, Records Analyst, Records Services Disposal schedules – what you don’t need to keep Questions and Answers – General Discussion

3 Speaker 1 Ms Christine Connor, Manager Accounting Operations Financial Operations Ph 8344 2966

4 Finance Records Compliance  tax invoices  purchase orders  credit card dockets  EERs  FBT entertainment forms  travel diaries  no ABN declaration  tender board  rcti agreements  receipts  petty cash  credit card statement  declarations  LAFHA  contracts  expense advances  quotations  journals Types of Records

5 Finance Records Compliance Importance of Financial Records  Source documents  Information about transactions  Evidence transactions & actions  External review – auditors, ATO, FOI

6 Finance Records Compliance Authorising Officers  Responsible for compliance  Know UOM policy (includes legislative requirements)  Undertake proper review  High standards – more info; fully complete; readable  Informative & accurate transaction descriptions  Appropriate authorisation (seniority rule) – record of approval

7 Finance Records Compliance University Policy  Central versus Local  Duplication of policy websites

8 Finance Records Compliance Tender Board  Performs a compliance function  Single purchasing decision  Fairness & equity  Best value for money  Approves process for each tender  Unsuccessful tenderer may challenge decisions  Records processes & justification for selections

9 Finance Records Compliance Fixed Assets  Recording for safe custody (compliance)  Major asset register (central) - $10,000 & above  Minor asset register (local) - $1,000 to $9,999  Themis asset register recommended– expensed assets  Use purchase orders  Quotations  Tender board

10 Finance Records Compliance Corporate Card  Visa  A payment method  Underlying UOM policy applies  Tax invoice/receipt + credit card transaction record  Additional documentation – ie FBT forms  Transaction descriptions  Cardholder & manager sign declarations  Secure documentation by stapling

11 Finance Records Compliance


13 Department of Financial Operations Authorising Officers - Rights and Responsibilities

14 Speaker 2 Mr Henry Sammut Manager, Contracts and Procurement Property and Campus Services

15 Key points Quotations Purchase orders Preferred suppliers Special cases –Motor vehicle purchasing –Building works and renovations

16 Speaker 3 Ms Louise Fastuca, Senior Auditor Internal Audit

17 Topics for today Corporate cards Travel Update Records retention during restructure or relocation Compliance & Internal Audit

18 Corporate Card Compliance with University policies Equipment purchases on corporate cards – evidence of quotes or opportunistic purchases? Recording of assets Is original purpose still valid? Description fields Authorisation & review – responsibilities Appropriate use Adequate supporting documentation Compliance & Internal Audit

19 Corporate Card Description fields – more meaningful descriptions can assist with reconciliation purposes. Examples: “Smith airfare to Germany, Sept ’08” “Digital camera, main office, asset #1254” Educate whoever codes the expenditure, ie cardholders or administrative staff, to provide adequate descriptions. Compliance & Internal Audit

20 Travel Update Itinerary & Diary – new HR18 form is coming and should make compliance easier! Financial Operations website for travel diary compliance is being updated, inclusive of a “Better Practice Guide”. Once the policy changes have been accepted, the above information will be available. html html, for specifics on travel diary requirements and examples. Compliance & Internal Audit – how does it fit?

21 Restructure/Relocation What needs to be retained for compliance purposes? ATO might not accept “relocation” as an excuse for not having required travel diaries. Make life easier and enlist the services of Records Management and then retain schedules of document locations. Compliance & Internal Audit

22 Speaker 4 Ms Lucinda Davies, Records Analyst Records Management

23 Records Services Financial Records Compliance Themis keeps electronic records of the University’s financial transactions. Faculties and departments may still hold financial records of their own – even though the original transaction is recorded in Themis. When undertaking the disposal of financial records, a Retention and Disposal Authority should be applied. Records Services

24 Financial records disposal : a summary Description of RecordsSentencePrimary Source Receipt Books (for where receipts are issued outside of Themis) Destroy 7 years after date of last entry Themis Reports generated by ThemisDestroy when administrative use has ceased Themis Purchase Orders generated by ThemisDestroy 2 years after action completed Themis Departmental Copies of Internal Orders, Requests for Payment, Delivery Receiving Vouchers, Part Delivery Receiving Vouchers Destroy 2 years after action completed Themis Departmental Copy of Petty Cash Claim Form Destroy 2 years after action completed Themis Departmental Copy of Departmental Pay In Forms Destroy 2 years after action completed Themis

25 Retention and Disposal Authorities to use when destroying financial records: Faculties – No.8 Academic Departments and Schools – No. 18 Student Support Services & Academic Administration – No. 20 All other areas should use Common Administrative Records – No. 15 These schedules are all available on our website: Copies of financial records which have been forwarded to Financial Operations – e.g. invoices, can be destroyed when you no longer need to refer to them. When destroying hard copy financial records, use a confidential waste destruction bin. Records Services

26 If you have any Records Disposal queries, please contact Lucinda Davies Phone: 83449741 Lucinda DaviesRecords Services

27 Useful links from all presenters Financial Operations Home page: Finance Policy and Procedures Manual: Internal Audit Website Contact – Louise Fastuca Purchasing – Property and Campus Services Contact – Henry Sammut Records Services – Disposal Schedules Contact – Lucinda Davies – Information Management Advisory Service (IMAS) Contact - Anna Shadbolt

28 © Copyright The University of Melbourne 2008

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