Achieving Your Student Group’s Goals through

Transcript:Achieving Your Student Group’s Goals through:
Achieving Your Student Group’s Goals through Financial Stewardship Audit & Management Advisory Services Introduction Audit & Management Advisory Services sites.tufts.edu/amas Presenter: Meredith Prunier, Senior Auditor Meredith.Prunier@tufts.edu AMAS Achieving Your Student Group’s Goals through Financial Stewardship Agenda Overview of Financial Risks and Internal Controls Examples & Tools Group Exercise – Case Studies Questions & Answers AMAS Achieving Your Student Group’s Goals through Financial Stewardship Financial Risks & Your Student Group Primary Financial Risks for Student Groups Invalid or unauthorized expenditures Revenue or expenses not properly posted to groups’ PeopleSoft accounts Budget overruns Loss of cash or inventory AMAS Achieving Your Student Group’s Goals through Financial Stewardship What factors allow these risks to affect Student Groups? Insufficient planning or budgeting Spending beyond or outside of the budget Placing too much responsibility on one person Failure to review PeopleSoft financial reports Too much reliance on TCU Senate policies and procedures Failure to monitor cash and track inventory AMAS Achieving Your Student Group’s Goals through Financial Stewardship Internal Controls to Mitigate Risk Internal controls provide student group leaders with assurance that a group’s goals and objectives will be met Internal Controls Defined AMAS Achieving Your Student Group’s Goals through Financial Stewardship We call these internal controls because they refer to activities completed by you, the group’s managers, rather than by someone outside of your group Internal Controls Defined AMAS Achieving Your Student Group’s Goals through Financial Stewardship Internal Controls Help Examples of Internal Controls AMAS Achieving Your Student Group’s Goals through Financial Stewardship Risk & Internal Control Activity Example Example: Ice Cream Social Your group is planning to host an ice cream social. You will need a contract with the ice cream provider. Decorations need to be purchased. What financial risks might affect the success of the event? Describe some internal controls to address those risks. AMAS Achieving Your Student Group’s Goals through Financial Stewardship Example: Ice Cream Social Potential Financial Risks Ice cream shop does not deliver the ice cream Not enough or too many supplies may be purchased Someone may submit a receipt for reimbursement not related to the ice cream social A mystery charge unrelated to the ice cream social may appear on the group’s financial report AMAS Achieving Your Student Group’s Goals through Financial Stewardship Example: Ice Cream Social Internal Controls Build a budget Get quotes from ice cream shop to anticipate this cost While your best friend may make