If appropriate, a certified copy of the petty cash reconciliation as at the end of the financial year. If appropriate, a copy of the certified stock list as at the end of the financial year. 17 AUDIT 17.1 Introduction The Chief Financial Officer, authorised representatives and internal and external auditors shall have authority, on production of identification, to: Enter, at all reasonable times, any University building. Have access to all records, documents and correspondence relating to any financial and other appropriate transactions of the University. Require and receive such explanations as are necessary concerning any matter under examination. Require any employee of the University to account for cash, stock or any other University property under their control. 17.2 Irregularities Any evidence or reasonable suspicion of any financial irregularity relating to funds, stock or other property of the University shall be reported immediately by the Chief Financial Officer or the Financial Controller. Such irregularities shall be dealt with in accordance with the Financial Misconduct Policy and with Section 11.4. 18 VALUE ADDED TAX The University is regarded for VAT purposes as an “eligible body”. VAT will be charged at the appropriate rate for all goods and services purchased by the University. Schools and Professional Support Departments are reminded to allow for VAT within costs when purchasing goods and services. Schools and Professional Support Departments should charge VAT on goods and services provided, in appropriate circumstances (e.g. sale of equipment, consultancy and contract funded research work). They should consult Finance for guidance on VAT matters and for detailed guidance please refer to the . 19 BUSINESS GIFTS & HOSPITALITY No monetary reward or equivalent can be accepted from outside individuals or organisations, except for gifts with minimal value (for example, calendars or diaries). Members of University Court and staff may accept meals and equivalent hospitality only in the normal course of business and only when the hospitality is of a reasonable level. Reasonableness should take into account the nature of the event, and the University representative should ensure the hospitality does not compromise them in any way. In general a meal and refreshment would be regarded as acceptable.
If appropriate, a certified copy of the petty cash reconciliation as at the end of the financial year. If appropriate, a copy of the certified stock list as at the end of the financial year. 17 AUDIT 17.1 Introduction The Chief Financial Officer, authorised representatives and internal and external auditors shall have authority, on production of identification, to: Enter, at all reasonable times, any University building. Have access to all records, documents and correspondence relating to any financial and other appropriate transactions of the University. Require and receive such explanations as are necessary concerning any matter under examination. Require any employee of the University to account for cash, stock or any other University property under their control. 17.2 Irregularities Any evidence or reasonable suspicion of any financial irregularity relating to funds, stock or other property of the University shall be reported immediately by the Chief Financial Officer or the Financial Controller. Such irregularities shall be dealt with in accordance with the Financial Misconduct Policy and with Section 11.4. 18 VALUE ADDED TAX The University is regarded for VAT purposes as an “eligible body”. VAT will be charged at the appropriate rate for all goods and services purchased by the University. Schools and Professional Support Departments are reminded to allow for VAT within costs when purchasing goods and services. Schools and Professional Support Departments should charge VAT on goods and services provided, in appropriate circumstances (e.g. sale of equipment, consultancy and contract funded research work). They should consult Finance for guidance on VAT matters and for detailed guidance please refer to the . 19 BUSINESS GIFTS & HOSPITALITY No monetary reward or equivalent can be accepted from outside individuals or organisations, except for gifts with minimal value (for example, calendars or diaries). Members of University Court and staff may accept meals and equivalent hospitality only in the normal course of business and only when the hospitality is of a reasonable level. Reasonableness should take into account the nature of the event, and the University representative should ensure the hospitality does not compromise them in any way. In general a meal and refreshment would be regarded as acceptable.
GCU_Financial_Procedures_April_2015.docx