Get documents about "Rule of Debit and Credit
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Rule of Debit and Credit document sample
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VCU - HEALTH SCIENCES
ARMICS RISK ASSESSMENT FORM CHECKLIST
ADDITIONAL REQUIREMENTS
Organization Chart
Key Roles, Responsibilities
> Primary contact for Human Resources
> Person responsible for signing off or reviewing HR Actions
> Primary contact for Grant applications/budgets (pre award)
> Primary contact for Grants Administration (post award)
Primary contact for Procurement & Payment
Person responsible for signing off or reviewing procurement and
payment transactions
>Primary contact for travel authorizations/reimbursements
>Person(s) responsible for signing off on travel
>Primary contact for fixed assets
Delegated Authority within the Department/unit
>Department authorized signature on travel
>Department authorized signature for purchasing card review
>Department authorized signature for procurement over $5,000
>Department authorized signature for cash deposits/receipts
>Department authorized signature for Human Resources actions
FINANCE CHECKLIST References / VCU Policies
Grants & Contracts - Pre Award, Federal and Non Federal VCU Office of Research, Office of Sponsored Programs (OSP), Pre Submission
Compliance Requirements
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls ARMICS Form Checklist 7/22/2011
Grants & Contacts - Post Award, Federal and Non Federal VCU Grants & Contracts Accounting web site: Post Award Financial Administration
Guidelines
Cost Sharing of Salaries G&C web wite: Accounting for Cost Sharing
Effort Reporting/Certification G&C web site: Effort Reporting Training, Effort Reporting Primer for Faculty or
Fiscal Administrators
Facilities & Administrative Cost Recoveries (FACR) G&C web site: Direct and Indirect Costs, Facilities and Administrative (Indirect)
Costs
Budget Entries VCU web site: Banner Information Center. VCU Job Aids, Banner Budget Entry
Guide and Banner Finance Training, Creating Finance Transactions
Journal Vouchers VCU web site: Banner Information Center. VCU Job Aids, Banner Journal Voucher
Guide and Banner Finance Training, Creating Finance Transactions
Cash Receipts / Deposits VCU web site: www.vcu.edu/treasury/COPolicy.htm
Petty Cash VCU web site: VCU Treasury Reporting: Department Petty Cash Funds
Procurement & Payment VCU web site: Office of Procurement & Payment
Purchases < $5,000 VCU Financial & Administration Policies and procedures - Section 6 - Purchasing
Activities
Purchases > $5,000
Direct Pays
Purchasing Card Training & Procedures, Corporate Purchasing and Travel Cards
Travel VCU web site: Office of Procurement & Payment: Travel Reimbursements - Policies
& Procedures (Section 7.30), Moving & Relocation Policies & Proceedures (Section
7.6)
Fixed Assets VCU web site: VCU Financial Reporting, Fixed Assets and General Accounting:
Fixed Assets Policies
HUMAN RESOURCES CHECKLIST
New Hire VCU web site: www.hr.vcu.edu/jobs/HiringGuide.htm;
www.hr.vcu.edu/forms/#employment, Personnel Administrator/Hiring Manager
Quick Reference for New Hires and Rehires
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls ARMICS Form Checklist 7/22/2011
Labor Distribution Human Resources: Overview of Banner Decentralized Funding Changes
Salary Adjustments VCU Human Resources: Classified Pay Practicies, Reference Guide for Personnel
Actions
Payroll Review VCU Human Resources: Timekeeping Training
Overtime VCU Human Resources Guidelines: Overtime Guidelines
Terminations VCU Human Resources: Guidelines for Separating Faculty & Staff
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls ARMICS Form Checklist 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Title of Form
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Blank Form 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be completed by
Contact Phone #: Central Units
PROCESS CONTROL ACTIVITY ASSESSMENT
Budget Entry
Potential Problem or Risk Event Likelihood & Control Test
Task Potential Risk Event Control Activities Control Objectives Test of Control
Misstatement Response Results
Budget reallocation Incorrect FOAPAL is keyed Inaccurate accounting records Medium Journal voucher entry must Reporting
between departments is have separate approver per
entered by the Fiscal VCU policy and Banner
Administrator requirements. Second
department must also approve
voucher. Approval required at
the VP level or higher if dollar
thresholds are reached. Use
of index codes is set up in
security in Banner for
individuals.
Wrong transaction date Inaccurate accounting records Low Banner will not post the entry if Reporting
the fiscal period is not open
Wrong type (rule code) is used Inaccurate accounting records Medium VCU policy allows one rule Reporting
code per journal voucher.
Rule codes govern use of
debit/credit entries. Error
messages display and Banner
will not process violations of
the rule code.
Incorrect amount is keyed Inaccurate accounting records Medium Banner requires batch total Reporting
and a balanced entry.
Approver reviews entry for
accuracy before approving.
Debits/credits are backwards Inaccurate accounting records Medium Approver reviews entry for Reporting
accuracy before approving.
Fiscal administrator reviews
SAS status reports for errors.
Journal entry not completed or Inaccurate accounting records Medium Review of document approvals Reporting
does not get posted due to in Banner will show if someone
incomplete approvals denied the entry; Financial
Reporting routinely runs a list
of incomplete documents and
contacts the appropriate
departments. Report is
reviewed periodically by
supervisor or fiscal
administrator.
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Budget Entry 7/22/2011
PROCESS CONTROL ACTIVITY ASSESSMENT
Budget Entry
Potential Problem or Risk Event Likelihood & Control Test
Task Potential Risk Event Control Activities Control Objectives Test of Control
Misstatement Response Results
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Budget Entry 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Cash Receipts
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Fiscal Technician opens mail, Checks not stamped Check lost or stolen Low Department policy is stressed Safeguarding assets
stamps check restricted for when training employees;
deposit into VCU account Fiscal Technician and
supervisor verify that all
checks have been stamped
Fiscal Technician completes Checks not logged Check misplaced or Medium Lost/misappropriated check is Safeguarding assets
check log, including check misappropriated discovered by review of
number, date, amount and outstanding invoices or
vendor/agency revenue that is not recorded.
Fiscal administrator reviews
SAS status reports for
Incorrect check amount is Inaccurate accounting records Low Fiscal Technician verifies Reliability of financial records
recorded check amounts to log and
brings discrepancies to
supervisor's attention. Fiscal
administrator reviews SAS
status reports for accuracy.
Fiscal Technician completes Fiscal Technician fails to Check is misplaced Low Supervisor reviews deposit, Safeguarding assets
deposit slip; files a copy; notes include all checks in the verifies to check log and signs
deposit number beside each deposit deposit slip; checks have been
check on the log; places restrictively endorsed.
deposit slip and checks in
sealed envelope with
Cashiering Operations label.
Incorrect check amount Incorrect deposit Low Supervisor reviews deposit, Reliability of financial records
recorded on deposit slip verifies to check log, signs
deposit slip and a copy is filed.
Fiscal Technician takes sealed Deposit not delivered within 24 Failure to comply with state Low Checks that will not be Compliance
envelope to Cashier within 24 hours and VCU policy deposited immediately are
hours placed in locked storage; VCU
policy and training regarding
timely deposit of funds
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Cash Receipts 7/22/2011
Checks lost or stolen in route Checks are misappropriated Low Checks are placed in locked Safeguarding assets
to bank bag; checks have been
restrictively endorsed
Checks not recorded in Banner Inaccurate accounting records Medium Supervisor checks Banner to Reliability of financial records
verify that deposit is recorded.
General Accounting
reconciliation
Checks recorded incorrectly Inaccurate accounting records Medium Supervisor checks Banner to Reliability of financial records
verify that deposit is recorded.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Cash Receipts 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be completed by
Contact Phone #: Central Units
PROCESS CONTROL ACTIVITY ASSESSMENT
Cost Share of Salaries
Risk Event
Potential Problem or Control Test
Task Potential Risk Event Likelihood & Control Activities Control Objectives Test of Control
Misstatement Results
Response
Proposal is awarded Cost share index is not Delay in charging salary; FA requests index if not Reliability of Financial
created/not created in timely incorrect accounting and grants created by G&CA; forward Records;compliance
manner management Low/Medium Cost Share Authorization to
G&CA
Salary not charged Incorrect accounting and grants Low/Medium HR & Fiscal Coordinator, FA Reliability of Financial
management conduct monthly grant review; Records;compliance
review of PAFs
Cost share index(s) runs into Incorrect accounting/burden to Low/Medium Fiscal Technician Senior and Reliability of Financial
deficit Department and University HR & Fiscal Coordinator Records;compliance
conduct monthly review of
grants and 1-ledgers (and
primary funding source);
prepare budget reallocation to
fund cost share accounts to
clear deficits; Administrator
reviews 1-ledgers
Incorrect cost share salary Incorrect accounting and grants Low/Medium Fiscal Technician Senior and Reliability of Financial
charged management HR & Fiscal Coordinator Records;compliance
conduct monthly grant review;
HR & Fiscal Coordinator,
Administrator conduct PAF
review
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Cost Sharing 7/22/2011
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Cost Sharing 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Direct Pay
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Direct Pay form generated by Form incomplete Incorrect accounting Low Fiscal Technician prepares Reliability of financial records
Fiscal Technician form and signs as requester;
FA reviews, approves, and
signs on personal
reimbursements.
Incorrect index, account, Incorrect accounting; incorrect Low Fiscal Administrator reviews Reliability of financial records
amount charges to index form and assigns index,
account, and amount
Missing signatures Delay in reimbursement/delay Low Fiscal Technician prepares and Reliability of financial records
in payments/invoices to signs as requester; FA reviews
subawards and signs as approver on
personal reimbursements.
Missing backup documentation Delay in reimbursement; delay Low Fiscal Technician reviews all Reliability of financial
(receipts, inappropriate in payments/invoices to documentation; FA also records/compliance
charges, incorrect invoices) subcontracts; inappropriate reviews prior to approval
accounting
Form and documentation lost Delay in reimbrusement; delay Low Copy maintained for file and Reliability of financial records
en route to Accounts Payable in payments/invoices to reconciliation process
subcontracts
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Direct Pay 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Effort Certification
Potential Problem or Risk Event Likelihood Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement & Response Control Results
Faculty/staff notified via email Effort charged to wrong index Incorrect accounting; delay in Low/Medium Faculty/staff consults with Reliability of Financial
from G&CA to certify effort certification Administrator if questionable; Records/Compliance
through VCU Effort Reporting Administrator will verify with
System (ECRT) Effort Reporting personnel;
system will not allow certain
entries and will not certify
Incorrect effort percentage Incorrect accounting; delay in Low/Medium Faculty/staff consults with Reliability of Financial
recorded on index certification Administrator if questionable; Records/Compliance
corrects percentage;
Administrator reviews and
approves for submission;
system will not allow certain
entries and will not certify;
Effort Reporting personnel
review
Effort "certify" block not Incorrect accounting; delay in Low/Medium ECRT gives a warning
checked certification message; effort will not be
certified; reminder emails sent
from G&CA to certify effort
All certification periods not Incorrect accounting; delay in Low/Medium Administrator reviews various
certified certification reports in ECRT system; Effort
Reporting personnel review;
reminder emails from G&CA to
certify effort
Effort corrected by Effort Incorrect accounting Low Administrator reviews e-Print Reliability of Financial
Reporting Office via Journal reports for ECR entries and Records/Compliance
Voucher verifies; Grants
personnel/Research
Coordinator/Exec. Asst.
conduct monthly reconciliation
of index(s) to detect ECR
entries
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Effort Certification 7/22/2011
Effort not certified Incorrect accounting; delay in Medium Email warnings are sent from Reliability of Financial
certification; potential loss of G&CA if effort not certified; Records/Compliance
grant funding Principal Investigators can
certify effort on their personnel
if necessary; all certifications
reviewed and approved by
Administrator; Administrator
reviews various reports via the
system to track certification
stage and if certification was
completed; Effort Reporting
Office reviews
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Effort Certification 7/22/2011
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Effort Certification 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Facilities & Administrative Cost Recoveries
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
FACR (F&A) generated by Incorrect FACR rate Incorrect accounting Medium FA verifies rates in Banner Reliability of financial records
revenue (FRAGRNT); monthly
grant/contract review;
reconcilation process; review
Banner/SSB reports; contact
G&CA to correct
FACR distribution to Incorrect accounting Low/Medium Fiscal Technician Senior & HR Reliability of financial records
Department spreadsheet & Fiscal Coordinator review
(accounting by Principal Banner/SAS/SSB FACR
Investigator) - incorrect reports; pulls data and inputs
information entered, amount to Dept. spreadsheet;
credited to wrong PI spreadsheet reviewed monthly
by Administrator.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls FACR 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Fixed Assets
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Equipment purchased by fiscal Equipment not designated as Equipment lost, stolen, not Low/Medium Fixed Assets Custodian must be Safeguarding
assistant "fixed asset" locatable designated and on file with Assets/Compliance
University. All equipment is
requested and approved through
Admin. Dept. (Fixed Assets
Custodian is Supvr.) Fixed Assets
Custodian identifies all equipment
that meets definition of fixed asset;
University Fixed Assets Dept.
emails/calls when error code is
displayed in Banner
Wrong/incorrect asset tag Equipment lost, stolen, not Low Fixed Assets Custodian conducts Safeguarding
affixed to equipment locatable quarterly physical review of Assets/Compliance
assets/tags; review of Banner/SAS
inventory reports
Equipment moved to different Equipment lost, stolen, not Low/Medium Fixed Assets Custodian conducts Safeguarding
location than what is listed on locatable quarterly physical review of Assets/Compliance
reports equipment and location; review of
Banner/SAS inventory reports
Transfer/deletion of equipment Incorrect information entered Low/Medium Fixed Assets Custodian reviews Safeguarding Assets
through Banner (FFATRAN, in system (incorrect tags, Banner/SAS inventory reports to
FFIMAST) location, custodian entered, detect discrepancies/errors
disposal method)
Equipment discarded (surplus Equipment lost, stolen, not Low Personnel contact Fixed Assets Safeguarding
form not completed) locatable; incorrect information Custodian; surplus form completed Assets/Compliance
on form
Improper discarded equipment University violation resulting in Medium Personnel contact Fixed Assets Compliance
fine to Department Custodian for procedures for proper
disposal of equipment (hazardous
waste, liquid, etc. left in equipment)
Inventory of equipment Missing equipment, equipment Medium Fixed Assets Custodian conducts Safeguarding
not tagged, wrong location quarterly physical review of assets; Assets/Compliance
review of Banner/SAS inventory
reports; completes University yearly
inventory report
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Fixed Assets 7/22/2011
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Fixed Assets 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Grants/Contracts Management (Pre Award - Federal/Non-Federal)
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Principal Investigator notifies No meeting/delay in meeting Incorrect personnel, effort, Low FA conducts thorough Reliability of Financial
Grants personnel of with Principal Investigator costs, budget interview with PI to determine Records/Grants Management
submission of grant/contract guidelines, deadlines,
(determination made if grant allowable costs, effort, budget
or contract, federal or non-
federal, due date, type of
Incorrect budget prepared Invalid amounts and costs, Low FA prepares budget; verify Reliability of Financial
budget required)
incorrect effort, unallowable effort, salary, and costs; PI Records/Grants Management
costs; delay in processing reviews
Internal VCU documentation Incorrect salaries/effort, Low Prepared by FA; reviewed by Reliability of Financial
(greensheet, COIDS, internal incorrect IRB/IACUC PI and reviewed by SOM and Records/Grants Management
budget worksheet, cost share information, incorrect budget, SPA
(if applicable - grant only)) unallowable costs; delay in
incomplete/incorrect processing
Missing signatures Return to Department; delay in Low FA reviews and routes to all Reliability of Financial
processing involved Depts and follows up; Records/Grants Management
PI reviews and signs; SOM
and SPA review
Missing documents (Science, Delay in processing Low FA reviews; PI reviews; SOM Reliability of Financial
application, Biosketch, and SPA review Records/Grants Management
Statement of Work, forms
required by Sponsor)
Electronic submission Incorrect/missing VCU internal Low FA reviews; PI reviews and Reliability of Financial
(Federal grant only) - routing documentation, releases proposal.; reviewed Records/Grants Management
Incorrect/missing information budget, effort, unallowable by SOM and SPA
submitted in Grants.gov or costs; missing attachments; reviews/approves proposal.;
VCU eRA Portal delay in processing proposal forwarded back to PI
for final review before SPA
releases to sponsor
Proposal and paperwork not Delay in processing; proposal Low FA monitors situation and Reliability of Financial
forwarded to SPA in timely may be returned to Dept. for advise PI of deadlines; Records/Grants Management
manner corrections contract - follow up with SPA
personnel for official start of
contract
Name of Employee(s) performing the task:
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls G&C Pre Award 7/22/2011
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls G&C Pre Award 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Grants/Contracts Management (Post Award - Federal/Non-Federal)
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
SPA receives NGA (Notice of Delay in creating index No charges/delay in charging Low/Medium FA follows up with G&CA Reliability of Financial
Grant Award) costs to index Records/Grants Management
Incorrect budget/no budget Incorrect charges to account; Medium FA follows up with G&CA; monthly Reliability of Financial
loaded in Banner delay in appropriate grant review; review of Banner Records/Grants Management
accounting; inaccurate grants reports to detect errors
management
Incorrect account codes in Incorrect charges to account; Medium FA follows up with G&CA; monthly Reliability of Financial
Banner inaccurate grants management grant review; review of Banner Records/Grants Management
reports to detect errors
Incorrect F&A Inaccurate grants Low/Medium FA conducts monthly grant review; Reliability of Financial
management; inaccurate review of Banner, e-Print, SAS Records/Grants Management
accounting reports to detect errors
Wrong personnel paid by Incorrect accounting; grants Low/Medium FA conducts monthly grant review; Reliability of Financial
grant/contract management review of Banner, e-Print, SAS Records/Grants Management
reports to detect errors
Unallowable costs charged to Misuse of funds Low FA conduct monthly grant review Reliability of Financial
grant/contract monthly reconciliation process to Records/Grants Management
detect costs; review of Banner
reports
Subaccount/Subaward not Incorrect accounting; grants Low FA follows up with G&CA and Reliability of Financial
created management University Departments involved Records/Grants Management
(subaccount); FA completes
Subaward Request Form and
sends to SPA (PI reviews and
signs); follow up with SPA
(subaward); review status in
Banner
Index in deficit Burden in Department and Low/Medium Senior Fiscal Technician, HR & Reliability of Financial
University; inappropriate fiscal Fiscal Coordinator conduct monthly Records/Grants Management
accounting grant review; PAF review; check
Banner reports
Index not closed out upon Close-out notice not received Inappropriate fiscal Low/Medium Fiscal Staff and FA monitor end Reliability of Financial
completion of grant/contract by Department accounting; delay in final dates of grants/contracts on Records/Grants Management
payments from Sponsor; delay spreadsheets or through Banner
in close-out process reports; notify G&CA if close-out
form not received
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls G&C Post Award 7/22/2011
Incorrect/incomplete close-out Incorrect accounting; grants Low/Medium Fiscal Technician Senior verifies Reliability of Financial
notice management; returned to information on form; form is Records/Grants Management
Dept. for correction; delay in reviewed and signed by Principal
close-out process Investigator and Department
Chair/FA. Contract: Extension
letter obtained from Sponsor (if
continuation of study); form also
reviewed by FA and amount to
pool annotated if fixed contract;
form forwarded to SPA for review
of approval of status (fixed contract
or cost reimbursement); review
Banner reports to ensure proper
close-out and transfer of funds to
pool (contract only)
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls G&C Post Award 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Human Resources - Labor Distribution
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
PHAREDS
HR & Fiscal Coordinator or Inappropriate access granted Limiting access to personal Low FA/PA submits request for Personal information
Fiscal Administrator creates information breeched security access to Banner security
PHAREDS/ NOAEPAF forms
HR & Fiscal Coordinator or Failure to recognize that Inaccurate financial records Medium E-mail confirmation or phone Reliability of financial
Fiscal Administrator adjustment is needed notation of requested changes, reporting
determines if PHARED review of monthly Banner
adjustment is needed financial and SAS WRS
reports
HR & Fiscal Coordinator or Redistribution beyond Violation of university policy Medium Review of monthly Banner Reliability of financial
Fiscal Administrator processes university policy time financial and SAS WRS reporting, University policy
PHAREDS outside of allowable allowance reports; review of university
time restrictions (i.e grants) policy; confirmation via e-mail
with G&C for unique situations,
review by university payroll
authority (Marvin Taylor)
HR & Fiscal Coordinator or Incorrect FOAPAL or "V" Inaccurate financial records Low Use index to populate fields, Reliability of financial
Fiscal Administrator uses "V" number entered review of monthly financial and reporting
number and enters SAS WRS reports, NBAJOBS,
redistribution reviews university pay periods
chart
Dept. enters redistribution Document total is inaccurate Inaccurate financial records Low Banner will not process Reliability of financial
change unless transactions reporting
balance
HR & Fiscal Coordinator or Transaction is not completed Inaccurate financial records Medium review Banner for status of Reliability of financial
Fiscal Administrator approves and posted transaction, review by reporting
redistribution university payroll authority
(Marvin Taylor)
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Labor Distribution 7/22/2011
NOAEPAF
HR & Fiscal Coordinator or Inappropriate access granted limiting access to personal Low FA/PA submits request for Personal information
Fiscal Administrator w/ Banner information breeched security access to banner security
labor distribution security forms
access creates PHAREDS/
NOAEPAF
HR & Fiscal Coordinator or Future payrolls may be Inaccurate financial records Medium E-mail confirmation or phone Reliability of financial
Fiscal Administrator incorrect notation of requested changes, reporting
determines if PHARED review of monthly Banner
adjustment is needed financial and SAS WRS
reports
HR & Fiscal Coordinator or Distribution outside allowable Inaccurate financial records Low Banner will reject entry if Reliability of financial
Fiscal Administrator processes pay period restrictions outside allowable last paid reporting, University policy
NOAEPAF outside of allowable date
time restrictions
HR & Fiscal Coordinator or Incorrect FOAPAL or "V" Inaccurate financial records Low Use index to populate fields, Reliability of financial
Fiscal Administrator uses "V" number entered review of monthly financial and reporting
number and enters distribution SAS WRS reports, NBAJOBS,
reviews university pay periods
chart
Dept. enters distribution Document total is inaccurate Inaccurate financial records Low Banner will not process Reliability of financial
change unless transactions reporting
balance
HR & Fiscal Coordinator or Transaction is not completed Inaccurate financial records Medium review Banner for status of Reliability of financial
Fiscal Administrator approves and posted transaction and monthly reporting
distribution reports, SAS WRS review,
monthly index reconciliation,
review by university payroll
authority (Marvin Taylor)
HR & Fiscal Coordinator or Future payrolls may be Inaccurate financial records Medium Review of NBAJOBS, printouts Reliability of financial
Fiscal Administrator approves incorrect kept in personnel folder, review reporting
distribution over-riding Banner for status of
previously entered future transaction and monthly
distribution reports, SAS WRS review,
monthly index reconciliation,
review by university authority
(Marvin Taylor)
When department salary for a May over or under pay an Inaccurate financial records, Medium Fiscal Administrator confirms Reliability of financial
person with a different home individual, pay longer than loss of money in this salary amount, percent and reporting
department, PA contacts home needed. department time periods with home
department for salary and department and maintains
allocation %. written file on interdepartment
agreement for support. Fiscal
Tech Senior reconciles Banner
and SAS reports to confirm
accuracy of salary payment.
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Labor Distribution 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Human Resources - New Hires
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement /Response Control Results
Staff initiates offer paperwork Incorrect Index is entered Inaccurate financial records Low Preparation and approval Reliability of financial
and obtains approval from completed by different people reporting
Division Chair or Department
Director 1) Faculty- PAF 2) Incorrect "V" number is Inaccurate financial records Low Double check Express Hire Reliability of financial
Classified & Centralized Hourly- selected information before completing reporting
PAW, 3) Decentralized Hourly,
Work-study and Students- I-9 form is incorrectly Non-compliance with Federal Low HR & Fiscal Coordinator Compliance with law
PAF, and 4) Adjuncts, Fellows completed or source and University personnel attends HR Training sessions,
and Graduate Assistants- PAF documents are incorrect policies and guidelines reviews policies and
procedures, and implements
changes as needed.
Communicates changes to
supervisors and FA
Criminal Conviction Non-compliance with Federal Low HR & Fiscal Coordinator Compliance with
background forms incorrectly and University personnel attends HR Training sessions, Commonwealth of
completed policies and guidelines reviews policies and Virginia policy
procedures, and implements
changes as needed.
Communicates changes to
supervisors and FA
Offer paperwork is submitted Transaction is not completed Inaccurate financial records Low Staff reviews NBAJOBS to Reliability of financial
to department administrator and posted to Banner HR ensure that paperwork has reporting
and VCU-Human Resources been reviewed and
approved/authorized
Inaccurate salary or start date Inaccurate financial records Low Staff reconciles source Reliability of financial
is entered documents to NBAJOBS and reporting
resolves any discrepancies;
involves supervisor as needed
Faculty contract does not Inaccurate financial records Low Staff reconciles source Reliability of financial
match Banner HR and inaccurate pay to documents including the reporting
employee contract to Banner HR and
resolves any discrepancies
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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Monthly financial reconciliation Inaccurate financial Inaccurate financial records Low Staff reconciles first payroll Reliability of financial
information is not discovered and inaccurate pay to using Monthly Payroll to reporting
employee Finance Reconciliation Report
to source documents; if
employee starts other than on
the 10th or 25th, calculate
payroll payment. Supervisor
reviews reconciliation and
approves
College work-study student Inaccurate financial records Low Staff obtains copy of award Compliance with federal
earnings exceeds award notice when employee hired; regulations
monitors earnings; and
transfers to student position if
funding fully expended.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Human Resources - Overtime
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement /Response Control Results
Classified, hourly, or student Timekeeper is not aware of Inaccurate financial records; Low Supervisors submit timesheets Reliability of financial records
employee works overtime overtime hours failure to pay overtime timely to Timekeeper which have
been reviewed and approved.
Timekeeper does not report Inaccurate financial records Low Timekeeper reviews status of Compliance with law
overtime correctly for status of employee on NBAJOBS,
employee Employee Class. Timekeeper
submits timesheets to FA for
review and approval.
Overtime is not approved in Inaccurate financial records Low Supervisors notify Timekeeper Reliability of financial records
advance by supervisor of anticipated overtime for
employees. Timekeeper
maintains approval in the files.
Overtime hours were not Inaccurate financial records Low Supervisors submit timesheets Reliability of financial records
actually worked to Timekeeper which the
supervisor has reviewed and
approved. PA monitors for
excessive use of overtime.
For classified non-exempt Incomplete departmental Low Supervisors notify Timekeeper Compliance with law
staff, failure to complete personnel records of anticipated overtime for
Overtime Leave Employee employees. If overtime leave
Agreement when selecting is elected for a nonexempt
overtime leave employee, the supervisor
completes form with
employee. Timekeeper
maintains approval in the files.
Timekeeper incorrectly Inaccurate financial records Low FA reviews and approves Compliance with law; reliability
calculates hours eligible for Timekeeper's submission. FA of financial records
overtime provides training to
Timekeeper to ensure correct
calculation of hours.
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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Timekeeper incorrectly records Inaccurate financial records Low FA reviews and approves Reliability of financial records
leave resulting in over or under Timekeeper's submission. FA
payment of overtime provides training to
Timekeeper to ensure correct
calculation of hours.
Monthly financial reconciliation Inaccurate financial Inaccurate financial records Low Staff reconciles payroll using Reliability of financial records
information is not discovered Monthly Payroll to Finance
Reconciliation Report.
Supervisor reviews
reconciliation and approves.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Overtime 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Human Resources - Payroll Review
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
PHAREDS
HR & Fiscal Coordinator or Failure to recognize that Inaccurate financial records Medium E-mail confirmation or phone Reliability of financial
Fiscal Administrator adjustment is needed notation of requested changes, reporting
determines if PHAREDS review of monthly Banner
adjustment is needed financial and SAS WRS
reports
HR & Fiscal Coordinator or Redistribution beyond Violation of university policy Medium Review of monthly Banner Reliability of financial
Fiscal Administrator processes university policy time financial and SAS WRS reporting, University
PHAREDS transactions when allowance reports; review of university policy
necessary policy; confirmation via e-mail
with G&C for unique situations,
review retro adjustments by
university payroll authority
Incorrect FOAPAL or "V" Inaccurate financial records Low Use index to populate fields, Reliability of financial
number entered review of monthly financial and reporting
SAS WRS reports, NBAJOBS,
reviews university pay periods
chart
Transaction is not completed Inaccurate financial records Medium Review Banner for status of Reliability of financial
and posted transaction and monthly reporting
reports, SAS WRS review,
monthly index reconciliation,
review adjustments by
university payroll authority
NOAEPAF
HR & Fiscal Coordinator or Inappropriate access granted Limiting access to personal Low FA/PA submits request for Personal information
Fiscal Administrator creates information breeched security access to banner security
PHAREDS/ NOAEPAF forms
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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HR & Fiscal Coordinator or Future payrolls may be Inaccurate financial records Medium E-mail confirmation or phone Reliability of financial
Fiscal Administrator incorrect notation of requested changes, reporting
determines if PHAREDS review of monthly Banner
adjustment is needed financial and SAS WRS
reports
HR & Fiscal Coordinator or Distribution outside allowable Inaccurate financial records Low Banner will reject entry if Reliability of financial
Fiscal Administrator processes pay period restrictions outside allowable last paid reporting, University
NOAEPAF outside of date policy
allowable time restrictions
HR & Fiscal Coordinator or Incorrect FOAPAL or "V" Inaccurate financial records Low Use index to populate fields, Reliability of financial
Fiscal Administrator uses "V" number entered review of monthly financial and reporting
number and enters distribution SAS WRS reports, NBAJOBS,
reviews university pay periods
chart
Dept. enters distribution Document distribution is Inaccurate financial records Low Banner will not process Reliability of financial
inaccurate change unless transactions reporting
balance
HR & Fiscal Coordinator or Transaction is not completed Inaccurate financial records Medium review Banner for status of Reliability of financial
Fiscal Administrator approves and posted transaction and monthly reporting
distribution reports, SAS WRS review,
monthly index reconciliation,
review by university payroll
authority
HR & Fiscal Coordinator or Future payrolls may be Inaccurate financial records Medium Review of NBAJOBS, printouts Reliability of financial
Fiscal Administrator approves incorrect kept in personnel folder, reporting
distribution over-riding review Banner for status of
previously entered future transaction and monthly
distribution reports, SAS WRS review,
monthly index reconciliation,
review by university authority
When department salary for a May over or under pay an Inaccurate financial records, Medium Fiscal Administrator confirms Reliability of financial
person with a different home individual, pay longer than loss of money in this salary amount, percent and reporting
department, PA contacts needed. department time periods with home
home department for salary department and maintains
and allocation %. written file on interdepartment
agreement for support. Fiscal
Tech Senior reconciles Banner
and SAS reports to confirm
accuracy of salary payment.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Payroll Review 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
HR - Salary Adjustments
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement /Response Control Results
Central Human Resources Incorrect salary adjustment Inaccurate payroll; inaccurate Medium FA/PA reviews new salaries in Reliability of Human
uploads annual salary increase processed financial statements Banner - compare to facsal Resources and financial
data to Banner roster and classifed merit reporting
increase appropriation
Incorrect orgs charged for new Inaccurate payroll; inaccurate Medium FA/PA verifies NBAJOBS labor Reliability of Human
salary financial statements distribution Resources and financial
reporting
Cost sharing adjustments Inaccurate payroll; inaccurate Medium Fiscal Administrator verifies Reliability of payroll, financial
required financial statements; non- NIH salary cap requirements, reporting
compliance with University and calculates new salary cap. FA
Federal policy requests new cost sharing org
if needed, calculates cost
sharing salary, and processes
needed PAF changes
Central Human Resources Increase incorrectly calculated Inaccurate payment to Low FA/PA verifies eligibility with Reliability of Human
keys in band adjustments per employee; inaccurate financial VCU HR reports Resource transactions to
department request with statements accurately key data in
appropriate University Banner, financial reporting
approvals
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Salary Adjustments 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Human Resources - Terminations
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement /Response Control Results
Faculty, staff, and student Failure to realize that an Inaccurate financial records, Low Timesheets are submitted to Reliability of financial
separation/termination employee has resigned potential over-payment to Timekeeper; with supervisor reporting
individual signature for classified, hourly &
student employees and
timesheets reviewed and
approved by FA
Failure to initiate ePAF Inaccurate financial records Low HR & Fiscal Coordinator attends Reliability of financial
(NOAEPAF) in Banner HR HR Training sessions, reviews reporting
policies and procedures, and
implements changes as needed.
Communicates changes to
support staff and FA
Failure to notify Payroll Office Inaccurate financial records, Low HR & Fiscal Coordinator Reliability of financial
to stop payment overpayment to individual maintains active files on each reporting
employee and is evaluated on
unexpected results or trends.
Failure to collect institutional Continued access to Low PA coordinates separation with Stewardship over assets
property (keys, laptops, etc) confidential information, employees supervisor and the
and return ID to FA computer systems after return of all items
separation
Failure to cancel access to Continued access to Low Staff coordinates with employee Security management
computer systems, long confidential information, the cancellation of access and
distance calls, and Purchase computer systems after Purchase Cards.
Cards termination
Failure to prepare final Inaccurate financial records; Low HR & Fiscal Coordinator reviews Reliability of financial
timesheet or to accurately failure to pay leave balances transactions posted to the Leave records
report leave balances timely or pay accurate leave system by pay period to ensure
balances that the leave balances are
accurate for payment upon
termination
Termination submitted to HR Transaction is not completed Inaccurate financial records Low HR & Fiscal Coordinator reviews Reliability of financial
and posted to Banner HR NBAJOBS to ensure that the reporting
termination has been reviewed
and approved/authorized
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Terminations 7/22/2011
Monthly financial reconciliation Inaccurate financial Inaccurate financial records Low Staff reconciles payroll using Reliability of financial
information is not discovered Monthly Payroll to Finance reporting
Reconciliation Report to source
documents (ePAF or resignation
letter); if employee terminated
other than on the 10th or 25th,
calculate payroll payment.
Supervisor reviews reconciliation
and approves.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls HR-Terminations 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Journal Voucher
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Dept. authority w/ Banner JV Incorrect FOAPAL Inaccurate accounting/violation Medium JV has to be approved by both Reporting
security access creates journal of University policy departments (e-mail/phone
voucher notation) and possible higher level,
rule codes allow certain accounts to
be keyed and index to be used;
VCU policy on transfers should be
followed
JV creator approves JV Violation of University policy Low Minimum of 3 staff w/ Banner JV Reporting
approval security; e-mail notification
from creator to approve JV if not
approved by another within 24
hrs.VCU policy that creator can't be
approver should be followed
Incorrect debit or credit sign Inaccurate accounting Low JV has to be approved by both Reporting
departments (e-mail/phone
notation) and possible higher level,
rule codes allow certain accounts to
be keyed and index to be used;
VCU policy on transfers should be
followed; daily Banner or monthly
index reconciliation will catch
posting errors
JV not completed or wrong Inaccurate accounting Medium Review of Banner documents (i.e. Reporting
amounts FOADOCU) and fiscal reports-E-
prints and SAS WRS
JV total amount above Violation of University policy Low System automatically forwards to Reporting
individual approval level necessary approval levels
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Journal Voucher 7/22/2011
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Journal Voucher 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Petty Cash
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement /Response Control Results
Complete a "Request for Petty Cash Fail to complete request with Funds not received in Low Supervisor reviews request Ensure accurate reporting
Fund" (including Attachment A) to accurate contact information. Department, therefore not
establish a petty cash fund. Indicate available for use.
amount requested and identify petty
cash custodian.
Custodian has sole responsibility for Cash inadvertently left Funds lost or stolen Medium Funds placed on locked Safeguard assets
safekeeping, maintenance and proper unlocked location
usage of funds. Funds are secured in
a locked safe at all times.
Funds are maintained at the Incorrect amount of cash on Inaccurate financial records Medium Reconciliation approved by Stewardship over assets
authorized amount (combination of hand supervisor
cash and any unreimbursed receipts).
Funds are reconciled monthly using
"Petty Cash Attachment B Form" and
are to be reviewed and approved in
writing by fiscal administrator or
department head.
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
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Custodian maintains required Overlook receipt information Funds misappropriated Medium University policy stressed Safeguard assets
supporting documentation for and reimburse for non- during training. Custodian
reimbursement for incidential business expense or incorrect verifies that all expenditures
business expenditures. Business amount are appropriate and necessary
purpose must be documented and documentation is available.
expenditures must be reasonable and Supervisor periodically reviews
meet all guidelines. Original receipt petty cash fund
required with place of purchase, documentation.
description of goods or services,
amount, date, and individual incurring
expense. Receipt must be signed and
dated by person incurring the expense
at the time of reimbursement. If cash
is given out in order for a purchase to
be made, an IOU is signed and dated
by the person receiving the cash .
IOU is destroyed when receipt for
actual expense is received. If original
receipt is not available, department
head approves the reimbursement in
writing with above information and
explanation why an original receipt is
not available, and signs and dates
memo. Canceled checks are accepted
as proof of payment. If cancelled
check not available, copy may be
accepted with purchases making note
on copy "use as original", signing and
dating.
Replenishment of funds processed by Replinishment of funds not Failure to comply with Medium Supervisor verifies in Banner Ensure accurate reporting
Direct Pay document or travel done in a timely manner University policy that Direct Pay documents are
reimbursement voucher, as accurately recorded
applicable. Expenditures less than
$25 should be consolidated and
reimbursed quarterly. Amounts $25
and over should be reimbursed
monthly.
To increase/decrease funds or change Failure to complete request Inaccurate financial records Medium Supervisor reviews and Ensure compliance with
custodian, submit a "Request for with accurate information approves request policies, financial reporting and
Petty Cash Fund Form"(include Petty stewardship
Cash Attachment A form for
increased funds)
Submit a "Request for Petty Cash Fail to enclose Attachment B Failure to comply with Medium Supervisor reviews and Ensure compliance with
Fund" (including Attachment B) to University policy; inaccurate approves request policies, financial reporting and
close fund financial records stewardship
Loss or theft from Petty Cash fund Loss not reported Failure to comply with Medium Supervisor reviews Compliance with laws
must be reported VCU Police and University policy documentation of reported loss
Treasury reporting as soon as it is and keeps a copy on file
discovered.
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Petty Cash 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Procurement < 5,000
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Fiscal Technician receives Select incorrect EVA Charge to Department Medium Creator of requisition must State Reporting
completed order form (Dept. requisition category code verify eVA registered vendor
requirement) requesting (R01, R02, X02) list, internal non vendor
procurement and creates spreadsheet (maintained by
requisition (DO) in eVA Dept.), or X02 Category List
(A/P). Fiscal Administrator
reviews prior to approval (not
the creator of the DO). FA
primary appover. Accounts
Payable will also review
Wrong vendor or wrong Incorrect accounting records; Medium Creator of requisition must Reliability of financial
vendor address used Invoices sent directly to verify eVA vendor list or records
Accounts Payable incorrect internal non vendor
spreadsheet. Fiscal
Administrator verifies prior to
approving and Accounts
Payable will review
Detail requisition lines not Incorrect accounting records; Medium Receiver will see that lines on Compliance;
entered delayed vendor payment requisition do not match reliability of financial
packing slip; Banner will not records
process invoice until order is
received
Incorrect index/budget code Incorrect accounting records; Low Fiscal Technician Senior, HR Reliability of financial
entered invalid charges on budget & Fiscal Coordinator, or FA records
code must review and verify budget
code; Fiscal Technician Senior
and HR & Fiscal Coordinator
conduct monthly
reconciliations
Requisition goes to Accounts Payable for completion
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Purchase < $5,000 7/22/2011
Lab personnel receive Packing slip not delivered to Invoice can not be paid; no Medium Fiscal Technician follows-up Reliability of financial
material, slips are forwarded to admin. personnel confirmation that goods are with lab personnel for packing records; Stewardship
Fiscal Technician received slips. over assets
Fiscal Technician reviews Enter wrong purchase order Late vendor payment; Low Verify information on the Compliance;
pending requisitions from file number incorrect accounting records screen with the paper copy of reporting
and accesses Banner to requisition and packing slip;
receive goods Banner will not allow invoice to
be paid
Enter wrong quantity or dollar Late vendor payment; Medium Banner will not pay invoice; Compliance;
amount inaccurate accounting records Fiscal Technician conducts reporting
weekly review of outstanding
invoices
Failure to receive goods in Late vendor payment; Medium Fiscal Technician conducts Compliance;
Banner incorrect accounting records weekly review of outstanding reporting
invoices; Fiscal Technician,
Fiscal Technician Senior, or
HR & Fiscal Coordinator clear
encumbrances once charges
hit Banner
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Purchase < $5,000 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Procurement > 5,000
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement Response Control Results
Fiscal Technician receives Select incorrect EVA Charge to Department Medium Creator of requisition must verify State Reporting
completed order form (Dept. requisition category code eVA registered vendor list,
requirement) requesting (R01, R02, X02) internal non vendor spreadsheet
procurement and creates (maintained by Dept.), or X02
requisition (DO) in eVA Category List (A/P). FA primary
(immediate determination approver for Dept. funds
made: Sole Source or Accounts Payable and
solicition) Purchasing will also review
Wrong vendor or wrong Incorrect accounting records; Medium Creator of requisition must verify Reliability of financial
vendor address used Invoices sent directly to eVA vendor list or internal non records
Accounts Payable incorrect vendor spreadsheet. Fiscal
Administrator verifies prior to
approving; and Accounts
Payable and Purchasing will
review
Detail requisition lines not Incorrect accounting records; Medium Receiver will see that lines on Compliance; reliability of
entered delayed vendor payment requisition do not match packing financial records
slip; Banner will not process
invoice until order is received
Incorrect index/budget code Incorrect accounting records; Low Fiscal Technician Senior, HR & Reliability of financial
entered invalid charges on budget Fiscal Coordinator, or FA must records
code review and verify budget code;
Fiscal Technician Sr. and HR &
Fiscal Coordinator conduct
monthly reconciliations
Fiscal Technician verifies Sole source form incomplete Delay in requisition Medium FA approves form for submission Reliability of financial
purchase amount and notifies processing; returned to Dept. to University Purchasing records; compliance
requisitioner of sole for correction/more information
source/solicitation process
and forwards applicable
paperwork to requisitioner.
Requisitioner provides quote
for purchase
Sole source form not Delay in requisition processing Medium Fiscal Technician ensures form Reliability of financial
completed is complete; Univ. Purchasing records; compliance
will not process request w/o form
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Purchase > $5,000 7/22/2011
Requisition with applicable paperwork (quote, sole source) is forwarded to University Purchasing for review and processing (note: University Purchasing determines sole source or solicitation process
and notifies Department.
Lab personnel receive Packing slip not delivered to Invoice can not be paid; no Medium Fiscal Technician follows-up with Reliability of financial
material, slips are forwarded admin. personnel confirmation that goods are lab personnel for packing slips. records; Stewardship over
to Fiscal Technician received assets
Fiscal Technician reviews Enter wrong purchase order Late vendor payment; Low Verify information on the screen Compliance; reporting
pending requisitions from file number incorrect accounting records with the paper copy of requisition
and accesses Banner to and packing slip; Banner will not
receive goods allow invoice to be paid
Enter wrong quantity or dollar Late vendor payment; Medium Banner will not pay invoice; Compliance; reporting
amount inaccurate accounting records Fiscal Technician conducts
weekly review of outstanding
invoices
Failure to receive goods in Late vendor payment; Medium Fiscal Technician conducts Compliance; reporting
Banner incorrect accounting records weekly review of outstanding
invoices; Fiscal Technician,
Fiscal Technician Senior, or HR
& Fiscal Coordinator clears
encumbrances once charges hit
in Banner
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Purchase > $5,000 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Purchasing Card including new EVA policy
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Misstatement /Response Control Activities Control Objectives Control Results
Procurement using the Incorrect ordering procedures Imposed eVA fees, Loss of Low All P-Card orders must be Compliance
purchasing card followed. eVA access and P-Card processed via eVA UNLESS
privileges the P-Card is linked with a 5-
ledger Banner Index OR the
transaction is eVA exempt.
Missing Packing/Invoice Slips Incorrect charges Low Supervisor reviews log sheet Reliability of financial
and attached invoices/packing records
slips.
Taxes Charged Not notifying the vendor that Medium Supervisor reviews purchasing Reliability of financial
VCU is tax exempt card log sheet and packing records
slips to insure no taxes were
charged.
Inappropriate Use Misappropriation of funds Low Supervisor and fiscal Reliability of financial
administrator review log sheet records
and packing slips to insure no
improper use has occurred
Card stolen Misappropriation of funds Low/Medium Card must remain in a locked Safeguarding assets
drawer/cabinet when not in
use; card signed by card
holder
Purchasing Card log sheet Log sheet not prepared, not Incomplete records; incorrect Low Fiscal administrator verifies Reliabilty of financial
must be filled out and signed turned in on time or not signed charges appropriate records
by card holder by card holder; card holder signatures/backup/card limits
exceeds authorized limits for all Purchase Card holders
in the department; Charges in
Banner are reconciled back to
log
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Purchase Card 7/22/2011
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Purchase Card 7/22/2011
Department Name: Last Update:
ARMICS Coordinator is the contact name/number required below
Contact Name:
These sections will be
Contact Phone #: completed by Central
PROCESS CONTROL ACTIVITY ASSESSMENT
Travel
Potential Problem or Risk Event Likelihood & Test of Control Test
Task Potential Risk Event Control Activities Control Objectives
Misstatement /Response Control Results
Fiscal Technician receives Incorrect per diem is entered Inaccurate travel records Low Verified by Fiscal Technician Reliability of financial
paperwork from requestor for records
Travel Authorization
Incorrect index entered Inaccurate accounting records Low Verified by department Reliability of financial
designee records
No appropriate signatures Missing the appropriate Low Verified by Fiscal Technician Reliability of financial
signatures for approval of records
travel
Travel Authorization is not Traveler may not be covered Low/Medium FA emails faculty and staff Compliance reporting
turned in prior to travel or reimbursed by the prior to travel with location
University specific per diem information
and informs them that TA is
required.
Business office receives Missing backup Traveler would not get Low Verified by Fiscal Technician. Compliance reporting
request for Travel documentation or incorrect reimbursed for that particular Accounts payable reviews it.
Reimbursement backup documentation item
Not all appropriate signatures Travel Reimbursement would Low Verified by Fiscal Technician. Reliability of financial
were obtained get sent back for correction records
Travel Reimbursement gets Traveler could not be Medium Fiscal Technician keeps Reliability of financial
lost in transit to Accounts reimbursed. backup copies in a designated records
Payable location
Name of Employee(s) performing the task:
Name of Employee's supervisor(s):
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Travel 7/22/2011
M:\ARMICS\Risk Assessment Forms\ VPHS Finance - Confidential
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls Travel 7/22/2011
