Annual Financial Report Policy
This Policy provides for financial reporting requirements and duties related to those responsible for financial reporting; the approval of accounting records and responsibilities for establishing internal controls to ensure that funds are expended and recorded appropriately; and procedures for obtaining services by an external audit firm.
The combined financial statements of The University of Texas at Dallas are prepared in accordance with Governmental Accounting Standards Board requirements and in accordance with the Texas Comptroller of Public Accounts' Annual Financial Reporting Requirements. The Finance Division has direct responsibility for the establishment of efficient and effective internal controls over the preparation of the annual financial report.
3.1 Designate Responsible Party
The Vice President of Business Affairs shall designate the Associate VP for Finance as the Financial Reporting Officer.
3.1.1 The Associate VP for Budget and Finance is directly responsible to the Vice President of Business Affairs for the integrity of the Annual Financial Report.
3.2 Duties of the Financial Reporting Officer
3.2.1 Annual Financial Report Preparation Process.
The Financial Reporting Officer has direct responsibility for the establishment of efficient and effective internal controls over the preparation of the annual financial report. This includes:
- Identification of all sources of information for the annual financial report.
- Evaluation of the impact of each source of information on the "material" accuracy of the annual financial report.
- Identification of opportunities for misstatement of information in those sources that have a "material" impact on the accuracy on the annual financial report.
- Determination of the system of internal controls for opportunities for misstatement of information in those sources that have a "material" impact on annual financial report accuracy.
3.2.2 Financial Report Data
The Financial Reporting Officer is responsible for establishing appropriate controls over the annual closing of the accounting records and the inclusion of information in the annual financial statements. This includes:
- Ensuring that sources that can have a "material" impact on the annual financial report are included in the proper reporting period.
- Determination of the proper documentation and validity of all adjusting journal entries.
- Reconciliation of all sub-ledgers to their respective general ledger account and reconciliation from the general ledger to the annual financial report.
3.3.2 Certifications by Account Owners (Subcertifications). Each account owner should provide a subcertification annually to the Associate VP for Finance. Each Dean or division head should decide at what level the subcertification is required (e.g. Dean, department head, etc.).
This Policy is applicable to The University of Texas at Dallas.
The Associate VP for Finance officially interprets this Policy and is responsible for revising it as necessary to meet the changing needs of The University of Texas at Dallas and statutory requirements.
Last Updated: February 17, 2012