A’Sharqiyah University operates in a centralized environment in terms of decision making , establishing accounting standards, policies, procedures and financial systems.
Conceptual Framework for Business and Financial Processes
- The university operates in a centralized environment in terms of decision making , establishing accounting standards, policies, procedures and financial systems
- All university departments (includes faculties, academic and administration departments, centers and institutes) are responsible for compliance with financial policies, procedures and guidelines to ensure accountability and protect the university’s reputation.
- Finance is accountable for the General Ledger
- The General Ledger stores high level information to meet external and internal reporting requirements
- detailed transactions are stored in sub-ledgers which feed summary information into the General Ledger, where applicable
- adjustments to the general ledger are kept to a minimum to maintain the control framework and data integrity
- corrections are processed through the appropriate sub-ledger, where applicable
Roles and Responsibilities
- establishes university accounting standards and procedures
- creates and maintains financial policies in collaboration with the University management.
- communicates all major financial procedures and processes to the university community in an effective and consistent method across all funds
- communicates and responds to issues raised by other departments within established timelines
- provides expertise on accounting issues
- is responsible for the annual external audit (s) and the preparation of the audited financial statements
- is responsible for all external financial reporting
- processes payments and transactions through the financial system within established timelines
- works with departments to resolve exceptions or disputes in order to maintain the university’s reputation (e.g. disputes with suppliers, outstanding advances)
- prepares annual budget and is responsible for administration of the budget
- manages the university’s accounts receivable (including billings and collections)
- is the single liaison with the university’s banks, university appointed external auditors and manages all arrangements with these service providers
- is responsible for the management of financial systems and implementation and monitoring of related internal controls
- collaborates with the Board of Directors on all major information system development which involves business/financial process changes
- provides training to financial officers, executive officers and designated administrators in academic support units on financial matters .
- performs post audits on financial transactions to ensure compliance .
- reviews internal audits conducted across departments to help address business/financial process deficiencies
- provides reporting on all university accounts to end users including Quarterly and other ad hoc reports