Title: OACR audit focus
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 Material Information
Title: OACR audit focus
Series Title: OACR audit focus
Physical Description: Serial
Creator: Office of Audit & Compliance Review, University of Florida
Publisher: Office of Audit & Compliance Review
Publication Date: November 2006
 Record Information
Bibliographic ID: UF00087344
Volume ID: VID00017
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.

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R. UNIVERSITY of
7AFUo I FLORIDA





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A quarterly newsletter from the Office of
Audit & Compliance Review


Nur Erenguc, Chief Audit Executive
November, 2006


Petty Cash and Change Funds


Many UF departments maintain a
petty cash fund to provide a conven-
ient way to pay for incidental ex-
penses. Some departments also use
petty cash funds to pay research par-
ticipants.

A petty cash fund creates a risk for
misuse of funds unless adequate con-
trols are in place and are operating
effectively. In our recent audit of
petty cash and change funds, we
found that control procedures in
many instances needed improve-
ment. Some guidelines for petty cash
funds include:


* Safeguard funds by securing them
in a locked box or file cabinet,
putting the key or combination in
another location.
* Maintain good documentation to
account for funds.
* Do not commingle funds.
* Learn the guidelines for properly
paying research participants.
* Replenish funds at least monthly.
* Notify Treasury Management of
any custodial changes, size or lo-
cation of fund, or of any losses.
Petty cash directives and procedures
can be found at http://fa.ufl.edu/
uco/handbook/handbook.asp?


Inidetiise


















PettyCash I


EffortReporin I


Effort reporting is mandated by the
federal government to verify that la-
bor charges to federally sponsored
agreements are reasonable and re-
flect actual work performed. The Ef-
fort Reporting System, currently
available through myUFL, is designed
to capture the information in order to
be in compliance with federal stan-
dards. In our recent audit of Effort
Reporting, we found that the system
design needed improvement. The
Division of Sponsored Research, Fi-


nance and Administration and the Of-
fice of the Provost agreed to collabo-
rate to identify the best approach for
improvements.

Based on surveys we conducted as
part of the audit, we identified a lack
of full understanding of effort report-
ing requirements by faculty and staff.
Current University directives and pro-
cedures are located at http://
fa.ufl. edu/uco/handbook/
handbook.asp?


Effort Reporting










Principles of Internal Control and


OACR Address:
Office of Audit &
Compliance Review
341 Tigert Hall,
P.O. Box 113025,
Gainesville,
FL 32611

Tel: (352) 392-1391
Fax: (352) 392-3149



Editor
Suzanne Newman
suzmcd@)ufl.edu
Contributors
Craig Reed
Marilyn Velez









We're on the Web
at:
OACR.UFL.EDU


Internal Control Training


UF's Human Resources Training and
Development Office, is launching a
series of courses that will lead to a
certification in fiscal management.
The Office of Audit and Compliance
Review (OACR) will co-facilitate
"PR0303 Internal Controls at UF," a
course designed to help UF staff learn
about internal controls and how to


apply them to business processes. In
this course, participants will also use a
series of questionnaires to assist in
performing unit-based internal control
self assessments. Registering for
classes is done through myUFL, My Self
Service, Training and Development or
visit the Human Resources web site,
http://www.hr.ufl.edu/training/pro3/
default.htm.


Introducing Shahpar McIntyre


Shahpar McIntyre, CPA, JD, joined
OACR on September 8 as a Senior
Auditor. Shahpar received both
bachelor's and master's degrees from


Trinity University and a law degree
from the University of Texas, Austin.
She previously worked for the Texas
State Auditor's office.


Office of Audit & Compliance Review
341 Tigert Hall
P.O. Box 113025
Gainesville, FL 32611


UNIVERSITY of
UF FLORIDA


Financial Management
The University of Florida is commit-
ted to conducting business in a fis-
cally responsible manner under the
highest ethical standards. University
administrators and managers are re-
sponsible for setting the tone and for
establishing processes that will pro-
vide the governing bodies and other
stakeholders reasonable assurance


regarding the achievement of estab-
lished goals and objectives. The Guid-
ing Principles of Financial Management
and Internal Control Principles adopted
by UF and its governing bodies may be
found at http://fa.ufl.edu/uco/
internal-control-principles.asp and
http://fa.ufl.edu/uco/guiding-
principles-financial-mangement.asp.




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