Financial management decisions affect every aspect of the university, but such decisions can only be as good as the data on which they are based.
Consequently, each unit must establish and implement a system to ensure data integrity. This system must provide reasonable assurance that transactions are in accordance with the appropriate authorization and are recorded in the university records in an accurate and timely manner.
Administrative Officials are responsible for developing a system that adheres to the following Principles and Responsibilities:
- 1. An adequate data control system, including independent checks and balances, must exist within and between operating units.
2. All employees engaged in financial management activities are responsible for ensuring that adequate data controls are being employed. If they are not, all employees must take an active role in developing and implementing appropriate corrective actions.
3. Each unit must ensure that recorded assets match actual existing assets. A mechanism must be in place to detect discrepancies and to ensure that corrective actions are taken.
4. Each unit must ensure that all financial transactions are recorded correctly. Correct transactions must:
> Reflect the actual values involved.
> Contain sufficient detail for proper identification and classification.
> Be posted on a timely basis in the proper accounting period.
> Be stored securely.
> Be readily retrievable for inquiry or reporting.
> Be safeguarded against improper alteration.
> Details on data integrity principles A-D may be found in the UCD PPM 330-11, Departmental Financial
> Administrative Controls and Separation of Duties.
5. All university administrative records are owned by the UC Board of Regents, regardless of their location. The Administrative Official must be familiar with the University Records Management Program and inform those in their unit who handle administrative records of their responsibilities under the Program. Details may be found in the UCD PPM 320-10, Records Management Program.
6. All systems that affect, or are used to report financial data, must be secure, reliable, responsive and accessible. These systems must be designed, documented, and maintained according to accepted development and implementation standards. They should be built upon sound data models and employ technology that allows data to be shared appropriately.
7. All financial systems should meet the users’ needs. In addition, all interfaces affecting any financial system must contain controls to ensure the data is synchronized and reconciled.
8. All networks, including email, through which departmental users access university financial data must be reliable, stable and secure.
Details on data integrity principles 6-8 may be found in the UC Davis Administrative Computing Policy.
- 1. A system of data integrity includes:
Allowing no one individual complete control over all key processing functions for any financial transactions. Such functions include:
> Recording transactions into KFS directly or through an interfacing system.
> Authorizing transactions.
> Receiving or disbursing funds.
> Reconciling financial system transactions.
> Recording corrections or adjustments.
2. Assigning a second person to review work for accuracy, timeliness, appropriateness, and compliance if insufficient personnel within the unit requires that one person perform all of the above functions.
3. Ensuring that all employees who prepare financial transactions provide adequate descriptions, explanations, and backup documentation sufficient to support post-authorization review and any internal or external audit.
4. Keeping office of record documents (both forms and paperless transactions) physically secure and readily retrievable. These documents must be retained for the periods specified in the UC Records Disposition Schedules Manual and PPM 320-10.
5. All employees who handle university administrative records are responsible for knowing and following the laws and university policies and guidelines that govern those records.
6. Ensuring that staff review the validity of charges and credits appearing on the general ledger at the end of each accounting period. Charges and credits must be verified for:
> Account classification
> Proper accounting period
> Compliance with policy and regulatory requirements and terms, conditions of agreements, and any restrictions placed by the funding source.
Accounting and Financial Services
Information & Education Technology
UCD PPM 330-11 Financial Administrative Controls and Separation of Duties
UCD PPM 320-10 Records Management Program
UC Davis Computing Account Services
UC BFB-RMP-2, Records retention and disposition: principles, processes and guidelines
UC Davis Cyber-safety Program