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Roles and responsibilities
 
All financial transactions made using the PeopleSoft online transaction systems, including journal entry, cash receipts report and Unicard, are subject to review by internal and external auditors.  To ensure the integrity of the checks and balances control mechanism of these systems, the preparer and approver of financial transactions must be different individuals who are qualified to perform their tasks and must:
  • be actively involved in the tasks being performed,
  • have the appropriate knowledge and technical skills to perform those tasks, including knowledge of relevant regulations and policies, and
  • have the authority to carry out tasks without being countermanded.
Preparer Responsibilities   Approver Responsibilities
  • Enter accurate data into all fields on the financial transaction creation screen
  • Record an accurate and thorough explanation of each transaction
  • Determine if funding is available and appropriate
  • Ensure the proper amounts are entered
  • Ensure that any new account and fund linkages requested are appropriate
  • Resolve any questions which come to mind during the completion of the transaction or are raised via online edits and related messages
  • Retain supporting documents and provide such to the approver/reviewer as necessary
  
  • Review the application on a regular basis to check for transactions that need approval
  • Inspect each transaction for reasonableness to ensure the preparer properly fulfilled his/her responsibilities
  • Verify the appropriateness and sufficiency of funding
  • Ensure that each transaction complies with policy, regulatory, and other requirements
  • Resolve all questions that arise with a transaction, or ensure the transaction is reversed until the questions are resolved
  • Ensure that during an extended absence another approver is available to perform these duties

In addition to the roles and responsibilities related to preparation and approval of transactions, account managers should review their accounts on a regular basis.  The PeopleSoft data warehouse application provides functionality to review account balances and activity including transaction detail online.  Account managers have primary signature authority on a specific account and, as part of their fiduciary responsibility, must:

  • Review account activity for reasonableness and accuracy on a monthly basis
  • Investigate and resolve questionable account charges
  • Ensure that transactions comply with policy, regulatory, and other requirements
  • Review or cause to be reviewed the reasonableness of transaction detail
  • Ensure that transaction-supporting documentation is retained and available when requested

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