centralization of procurement and stores management GOAL 3: Encourage financial discipline, accountability and transparency. OBJECTIVES FINANCIAL ACHIEVEMENT CHALLENGES IMPROVED STRATEGY IMPLICATIONS PERSON 3.1 To establish a An independent Inherent limitations To develop and distribute Bursar sound internal internal audit of internal controls control manuals to all financial control department fully such as collusion and heads of sections. Internal Auditor environment by operational. override of control December 2015. CCTVs have been To continue with internal Bursar installed in all high audits of all sections of security risk areas. the university. Access Bursar permissions in Updating and distribution Pastel evolution of risk registers twice a are now strictly year. controlled 3.2 To provide Review of Production of: financial Year Financial Management information on a statements was Accounts by the 5th monthly basis for successfully of every month. improved conducted by Financial Statements decision making. Internal Audit by the 2nd month of Department. the year. Preparation for the Annual Reports by of 2014 the 2nd month of the financial year is in year.
centralization of procurement and stores management GOAL 3: Encourage financial discipline, accountability and transparency. OBJECTIVES FINANCIAL IMPLICATIONS ACHIEVEMENT CHALLENGES IMPROVED STRATEGY PERSON 3.1 To establish a sound internal financial control environment by December 2015. 3.2 To provide financial information on a monthly basis for improved decision making. An independent internal audit department fully operational. CCTVs have been installed in all high security risk areas. Access permissions in Pastel evolution are now strictly controlled Review of Financial statements was successfully conducted by Internal Audit Department. Preparation for the of 2014 financial year is in Inherent limitations of internal controls such as collusion and override of control To develop and distribute control manuals to all heads of sections. To continue with internal audits of all sections of the university. Updating and distribution of risk registers twice a year. Production of: Management Accounts by the 5th of every month. Financial Statements by the 2nd month of the year. Annual Reports by the 2nd month of the year. Bursar Internal Auditor Bursar Bursar Year
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