University Audit







RISKS and CONTROLS



Revenues


Examples of controls to reduce the risks of theft or loss of revenues:

  • Departments must follow UCF Policy 3-200,  Receipt and Deposit of Funds by Departments; Types of Funds Accepted.


  • Duties are separated so that no one person can collect payments, record payments, and make deposits.


  • Checks received are immediately stamped "for deposit only" to a UCF account.


  • Payments are immediately recorded in a cash register, on a payment log, or on pre-numbered Departmental Receipts (available at the SPOT, on-campus office supply store).


  • Register totals, payment logs, or pre-numbered receipts are accounted for and reconciled to deposits as shown in UCF Financials.


  • For cash register systems, only one person operates from each cash drawer at a time.    At the end of the shift, the supervisor and cashier compare the cashier's drawer to the register reading.    Batch numbers for registers and credit card machines are reviewed for continuity of numbering.


  • Credit card numbers are highly protected.   The unit complies with UCF Policy 3-206.4,  Credit Card Merchant Policy.


  • Deposits are made with the University Cashier for main campus units.    Non-main campus locations can make deposits directly to the university bank account, after pre-approval by the University Cashier.


  • Money is never left unattended or unsecured.   During the day, cash and checks are secured in a register or locked safe. Overnight, money is secured in a locked safe.    Only two or three persons know the combination or have access to the safe key.


  • When money is transferred between employees, the person receiving the money signs for the amount received.


  • Supervisors approve any refunds.


  • Accounts receivable are tracked and billed routinely, with supervisory approval for any write-off of accounts. Accounts receivable balances are reported to Finance and Accounting.


  • Tickets are secured. All printed tickets are reconciled to amounts deposited.   Management approves any complimentary tickets.


  • Attendee rosters are maintained and compared to money deposited.


  • Revenue contracts are approved by General Counsel and monitored by management to make sure the university receives the correct amounts in a timely manner.




Click on the links below for some examples of controls to mitigate risk:


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