Financial Services

Overarching Financial Responsibility Policy

The University of Western Australia, through the governing body of Senate and/or the Vice-Chancellor, has delegated responsibility for financial operations to (amongst others) Deans, Heads of School, Directors of administrative units, Financial Services and Internal Audit and their delegated officers.

This delegation of financial responsibility is made on the basis of devolution of tasks and on the basis of hierarchical authorisation. Details regarding financial accountability and legislative requirements, specific delegation of authority, external reporting and internal reporting obligations are provided in this section.

As financial responsibilities pertain to the authorisation of income and expenditure and to the preparation and monitoring of budgets, information in each section of the Finance Manual will be applicable to those staff with financial responsibility.

Policy statement

The University must comply with the financial administration, accounting, controls, management, auditing and reporting requirements of the following:

  • University of Western Australia Act 1911 as amended
  • University Endowment Act 1904 as amended
  • Higher Education Support Act 2003 and issued guidelines
  • Financial Management Act 2006
  • Treasurer's Instructions
  • Auditor General Act 2006
  • Australian Accounting Standards Board (AASB) Accounting Standards
  • Income Tax Assessment Act 1997, Item 2.1.1, Sub-Divisions 30-B and 30-BA: (The University is recognised as a deductible gift recipient)
  • Trustees Act 1962
  • State Records "General Disposal Authority for Financial and Accounting Records (1996)
  • Freedom of Information Act 1992
  • Australian Auditing Standards (AUS) and Auditing Guidance Statements (AGS)

To do this, the University relies on its staff with delegated financial responsibilities to keep proper accounts and records of income, expenditure, assets and liabilities made on behalf of the University.

Specific policies governing how these accounts are maintained and how income and expenditure is recorded and authorised are provided in each section of the Finance Manual.