Sharon:
Try http://sago.tamu.edu/policy/21-01-01.htm (Section
4 & 5) and http://sago.tamu.edu/policy/22-02.htm (Section
4. and specifically 4.2).
Some questions to
ask:
You probably have
already asked for copies of bank signature cards and reviewed all transactions
for appropriate expenditures, right? Who authorized, in writing, the
accounts? I would hope the CEO (president) would be the
required final signature authority for establishing accounts. Who
reconciles the accounts? What other controls are over the accounts?
I realize these questions may seem to justify their existence, but usually they
point directly to risks and fraud or intent to defraud, if it
occurred.
Since these accounts are
not under the finance office, they probably will not be included in the
financial reports. Hence, off book accounting. (I won't go
there.) They could be "buried" in some cash account, which would be on the
reports. Were the foundation's funds deposited directly into those
accounts, or routed through the proper depository accounts? How involved
is the foundation with these accounts?
Tracey Sadler,
CIA, CGAP
Senior Internal Auditor
System Internal Audit
Texas A&M University System
1200 TAMU
College Station, TX 77843-1200
Phone: (979) 845-3476
Fax: (979) 845-6536
email: [EMAIL PROTECTED]
Senior Internal Auditor
System Internal Audit
Texas A&M University System
1200 TAMU
College Station, TX 77843-1200
Phone: (979) 845-3476
Fax: (979) 845-6536
email: [EMAIL PROTECTED]
-----Original Message-----
From: Sharon Haapala [mailto:[EMAIL PROTECTED]]
Sent: Wednesday, July 17, 2002 9:26 AM
To: [EMAIL PROTECTED]
Subject: higher ed policy
Greetings,
Do any other institutions of higher education have a policy regarding checking accounts? We just discovered a department that has several of it's own checking accounts, with the cash for those accounts obtained from our foundation. I would be very grateful for any policies that you can share, even remotely related to this topic.
Thanks!
Sharon
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sharon J. Haapala, CIA, Auditor
Michigan Technological University
906-487-1994
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
From: Sharon Haapala [mailto:[EMAIL PROTECTED]]
Sent: Wednesday, July 17, 2002 9:26 AM
To: [EMAIL PROTECTED]
Subject: higher ed policy
Greetings,
Do any other institutions of higher education have a policy regarding checking accounts? We just discovered a department that has several of it's own checking accounts, with the cash for those accounts obtained from our foundation. I would be very grateful for any policies that you can share, even remotely related to this topic.
Thanks!
Sharon
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sharon J. Haapala, CIA, Auditor
Michigan Technological University
906-487-1994
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
