Financial Services

Missing Monies Policy

Although it is a rare event, on occasion University monies go missing, either intentionally or inadvertently.

Policy statement

  • When University monies are found to be missing, either the School Manager (or equivalent) or Head of School (or equivalent) is required to conduct an investigation and forward a confidential report to the Director Financial Services.
  • In situations where it is thought that money has been taken without authority, refer to the University's Fraud Policy for the process to be followed.

Key controls

  • Segregation of duties: responsibilities for billing (raising invoice) adequately segregated from those for collection, deposit of funds and credit issuance.
  • Reviewing and approving of credit notes as per University Financial Delegation.
  • Prompt investigation of credit issuance and disputes with billing amount.
  • Establishment of a documented Revenues and Receivables procedures and controls to ensure all staff know the processes they are expected to follow.
  • Periodic review and approval by legislative bodies of rate of taxes, fines, fees, programs of tax exemption, rate schedules and the like.
  • Regular review on delinquent accounts and take prompt action to collect or consider them for write-off on a timely basis.
  • Retention of records for audit purposes.