Internal Control - Sub-Certification Process | 欧美口爆视频 of Missouri 欧美口爆视频

欧美口爆视频 this Policy

Internal Control - Sub-Certification Process

Policy Number: 21105

Effective Date:
Dec 12, 2017

Last Updated:

Responsible Office:
UM 欧美口爆视频 Controller's Office

Responsible Administrator:
UM 欧美口爆视频 Controller

Policy Contact:

Campus Accounting Office

Categories:

Finance

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The 欧美口爆视频 of Missouri, as a public institution, has fiscal responsibilities and accountability to the State of Missouri, bondholders, rating agencies and its internal and external constituents. In connection with the external audit of the 欧美口爆视频’s financial statements, senior management make certain representations as to the accuracy and completeness of the 欧美口爆视频’s financial statements and the adequacy of its internal control structure.

Policy Statement

In compliance with the spirit of Sarbanes-Oxley legislation requiring greater public accountability for information included in the financial statements, the 欧美口爆视频 implemented a process for certifying the accuracy and completeness of its financial statements. The process requires senior officers of the 欧美口爆视频 to formally certify the accuracy and completeness of the financial data generated by their organizational units that are included in the financial statements of the 欧美口爆视频 as a whole. The certification, referred to as sub-certification, includes specific assertions relating to internal controls and financial accountability within the organizational units of the 欧美口爆视频. The sub-certifications by senior management of the 欧美口爆视频, including 欧美口爆视频 Administration and the campuses, are to be reviewed and signed as part of the certification process.

The 欧美口爆视频 of Missouri’s financial organization extends beyond the campus and 欧美口爆视频 accounting offices. Key personnel from colleges and administrative divisions share the responsibility of managing the 欧美口爆视频’s financial resources. It is the collective and shared responsibility of these areas to work cooperatively in ensuring the financial integrity of the 欧美口爆视频.

In order to make representations for the 欧美口爆视频 as a whole, senior management must take into account the financial position of each of the campuses and other operating entities. Due to the decentralized environment in which the 欧美口爆视频 operates, senior management at the 欧美口爆视频 of Missouri 欧美口爆视频 and at the campuses must place reliance on internal controls that are in place, documentation of policies and procedures and monitoring of adherence to such policies by its academic and administrative areas.

At the discretion of each of the campus’s chief financial officers, the deans, department chairs, and their respective fiscal officers may be required to certify up to nine assertions as to the financial information and internal controls in the areas for which they are responsible.

Definitions

Accountabilities

Sign Representation Letter to the external auditors for consolidated financial statements of the 欧美口爆视频

President
Vice President for Finance and Administration
Controller
Associate Controller
Director, Financial Reporting and Taxation

Required Campus sub-certifications

Chancellor
Vice Chancellor for Administration & Finance
Assistant Vice Chancellor of Finance (if applicable)
Accounting Director

Discretionary levels of campus sub-certifications

Deans
Department Chairs
Fiscal Officers

Additional Details

Forms

Related Information

History

Formerly Accounting Policy Manual 2.25.15 – Internal Control – Sub-Certification Process – (revised 7/5/2011)

Procedure

Reviewed 2017-12-06

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