Financial Affairs Department

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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

Overriding Principles

  • 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

Finance Department

  • 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