All University staff contribute to fulfilling the University's financial, statutory, legal, reporting and audit responsibilities.

In order to ensure that these responsibilities are fulfilled effectively and efficiently in a decentralised structure, it is essential that all parties clearly understand their roles, have access to necessary information, knowledge and training and contribute to a collaborative approach.

Internal reporting is an essential element in fulfilling these financial responsibilities. Financial Services undertakes corporate internal reporting practices to supply relevant and timely financial data to the Senate, Committees, Executives and other relevant parties. Faculties, Schools, Centres and administrative units are also expected to develop an internal reporting structure to ensure effective financial control and management occurs and thus the fulfillment of the University's financial responsibilities.

Policy statement

Month-end reporting procedures

• The University Faculties, Schools and other Business Units produce monthly financial reports disclosing budget to actual comparisons. The reports generated indicate both summarised and individual account level information. These reports are reviewed and analysed to ensure the accuracy and appropriateness of financial input for the month ended and provides knowledge of current funding position. Deans and Heads of Schools (or equivalent) are responsible for the monitoring of these reports monthly and the initiation of any relevant action.
• Financial Services generates reports on various selected Business Units based on a criteria of rotation, financial difficulty or specific interest. The reports are analysed, issues investigated and comments recorded before being presented to Executives as required.
• All financial sub-systems and selected General Ledger accounts are reconciled monthly by Financial Services’ staff and reviewed by the relevant supervisor. A monthly trial balance is also extracted for the University and reviewed for unexpected variations.
• Financial Services prepares any other reports as requested by Committees or Executives as required for the effective financial management of the University.

Quarter-end reporting

Financial Services prepares reports for various committees and other stakeholders at the end of each quarter. Reports include:

• Financial Summary
• Investment Report
• Financial Summary of Faculties and Schools.

The reports are based on the information recorded in the University's financial management information system (PeopleSoft Financials) and therefore it is important that all financial transactions are processed and correctly recorded prior to the close of the quarter end.

Half-year and year-end reporting

Financial reports are generated by Financial Services and distributed to Senate, Committees and Executives for information and comment. The following reports are currently produced based on financial information at 30 June and 31 December each year (unless stated otherwise):

• Half-year Financial Statements.
• Executive financial summaries summarising financial performance year-to-date, current financial position and outlining the major items or issues impacting on the results.
• Budget versus actual performance report and the half-year and year-end financial statements.
• Financial Summary of Faculties and Schools including income and expenditure results and restricted and unrestricted funds balances.

Additional half and full-year reporting may be required to support information requirements of the operational objectives at the time and the review priorities of various committees. Financial Services provides reports in response to the current needs of the University's committees and executives as requested from time to time.