Rule of Debit and Credit

Document Sample
Rule of Debit and Credit Powered By Docstoc
					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
        dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                HR-Labor Distribution                                                                                 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   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
        dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                   HR-New Hires                                                                                      7/22/2011
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
        dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                HR-New Hires                                                                                  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 - 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
       dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                        HR-Overtime                                                                                           7/22/2011
                                  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
        dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                   HR-Payroll Review                                                                                     7/22/2011
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
         dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                     HR-Salary Adjustments                                                                                     7/22/2011
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
dba8d9b1-19c9-4c53-9ebb-89b5ed877417.xls                                                                        Petty Cash                                                                                      7/22/2011
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

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:7
posted:7/22/2011
language:English
pages:46
Description: Rule of Debit and Credit document sample