Financial report review process

As required by the Administrative Policy Statement Fiscal Roles and Responsibilities, policies and procedures that result in the routine review of financial information. This is a key control to ensure all fiscal transactions are properly recorded in the Finance System and to detect fiscal misconduct. The fundamental components of this process include: • Detailed review of fiscal transactions, including a reconciliation of each individual transaction appearing on the financial report to the related source documentation; • Periodic analysis of planned fiscal activity or budget in relation to actual fiscal activity; • Comparison and analysis of prior year financial activity to current year financial activity where appropriate. Procedures always include taking appropriate investigative and remedial action.