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Document Ref.

: Issue Date:
CU/SOP/FIND/24 30th September, 2017
Issue No.: Revision No.:
05 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

CHUKA UNIVERSITY

Standard Operating Procedure

For

Financial Resources Management


(CU/SOP/FIND/24)

Document Review Sheet


The signatures below certify that this Standard Operating Procedure has been reviewed and
accepted, and demonstrates that the signatories are aware of all the requirements contained herein
and are committed to ensuring their provision.

Action Name & Signature Position Date

Prepared by John K. Thuranira Finance Officer (Ag) 30.8.2017

Reviewed by Prof. D. K. Isutsa Deputy Vice-Chancellor (ARSA)/ISO MR 30.9.2017

Approved by Prof. E. N. Njoka Vice-Chancellor 30.9.2017

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Document Ref.: Issue Date:
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Issue No.: Revision No.:
05 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

CONTENTS
DOCUMENT REVIEW SHEET………………………………………….....…………………1
1.0 AMENDMENT RECORD … ................................................................................................ 3
2.0 GENERAL ............................................................................................................................. 4
2.1 Purpose.......................................................................................................................... 4
2.2 Scope ............................................................................................................................. 4
2.3 References ..................................................................................................................... 4
2.4 Abbreviations ................................................................................................................ 4
2.5 Definitions..................................................................................................................... 4
2.6 Responsibility ............................................................................................................... 4
3.0 ADMINISTRATIVE STRUCTURE ................................................................................... 4
4.0 PROCESSES.. ....................................................................................................................... 6
4.1 Overview ....................................................................................................................... 6
4.2 Process for Accounting for Income .............................................................................. 6
4.3 Process for Processing of Payments ............................................................................. 7
4.4 Process for Budgeting Process ...................................................................................... 8
4.5 Process for Imprest Processing and Surrender.............................................................. 9
4.6 Process for Preparing Financial Accounts and Audit Reports .................................... 10
5.0 RECORDS ........................................................................................................................... 11
6.0 KEY PERFORMANCE INDICATORS/QUALITY OBJECTIVES............................. 11
6.1. Key Performance Indicators………………………………………………………… 11
6.2. Quality Objectives……………………………………………………………………… 12
RISK AND OPPORTUNITIES REGISTER……………………………………………… 16
APPENDIX I: PROCESS MAPS..............................................................................................17

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Document Ref.: Issue Date:
CU/SOP/FIND/24 30th September, 2017
Issue No.: Revision No.:
05 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

1.0 AMENDMENT RECORD


This Standard Operating Procedure is reviewed regularly to ensure relevance to the systems and
process that it defines. A record of contextual additions or omissions is given below.

Amendment Record Sheet


Amendment Issue Revision Page Subject of Review Revised By Approved By
Date No. No. No. /Modification

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Document Ref.: Issue Date:
CU/SOP/FIND/24 30th September, 2017
Issue No.: Revision No.:
05 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

2.0 GENERAL
2.1 Purpose
The purpose of this procedure is to ensure that the activities of the Finance Department are in
compliance with the International Standard and the CU’s and the Government’s statutory
policies, procedures, International Accounting Standards and other regulations.

2.2 Scope
This procedure applies to and defines the activities carried out by the Finance Department.

2.3 References
 CU Charter, 2013
 CU Statutes, 2014
 CU Strategic Plan, 2017-2022
 Government and Management Circulars
 International Accounting Standards
 ISO 9001:2015 International Standard, Clauses 4 to 10
 CU ISO Quality Management System Manual, 2017
 Public Audit Act, Cap 412
 Public Procurement and Disposal Act, 2015
 State Corporations Act, Cap 446

2.4 Abbreviations
AAC Assistant Accountant. AC Accounts Clerk
ACC Accountant. FO Finance Officer
IAS International Accounting Standards. SAA Senior Accounts Assistant

2.5 Definitions
Ledger: A book in which the monetary transactions are posted in the form of debits and credits.
Payment Voucher: A document containing summary of details for a specific payment.

2.6 Responsibility
The Head of Finance Department has the primary responsibility of ensuring that this procedure is
implemented and remains adequate for its intended purpose and for providing the information
from which the documentation for its processes can be compiled and for initiating action to keep
them up to date. All departmental staff members are responsible for implementing and ensuring
that this procedure is followed.

3.0 ADMINISTRATIVE STRUCTURE


Finance Department is one of the sections in the Division of Administration, Finance, Planning
& Development of the University. The Department’s administrative structure is as follows:

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Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL MANAGEMENT

VICE-CHANCELLOR/VC/CEO

DEPUTY VICE-CHANCELLOR (ADMINISTRATION,


FINANCE, PLANNING & DEVELOPMENT)
(DEPUTY VICE-CHANCELLOR (AF&P)
FINANCE OFFICER

DEPUTY FINANCE OFFICER

SENIOR ACCOUNTANT

OPERATIONS, EXPENDITURE AND BUDGETARY INCOME AND FINANCIAL ANALYSIS


CONTROL DEPARTMENT ACCOUNTANT DEPARTMENT ACCOUNTANT

Cash Office & Creditors, Examination of Payroll Final Accts and Assets Mgt IGU Student Finance
Bank Imprest and 1 AA
documents 1 SAA Mgt Reports 1 SAA 1 AAC, 1 SAA
Reconciliation Vote Control 1 AC
2 SAA 1 AA (1 ACC) 1 AA 1 AA
1 AAC, 2 SAA 1 AA, 1 AC
2 AA, 1 AC
LEGEND:
AAC = ASSISTANT ACCOUNTANT SAA = SENIOR ACCOUNTS ASSISTANT ACC = ACCOUNTANT
AA = ACCOUNTS ASSISTANT AC = ACCOUNTS CLERK

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Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

4.0 PROCESSES
4.1 Overview
The Finance Department is responsible for the University’s activities related to finances. The core
activities of the office include:
(i) Accounting for Income
(ii) Processing of Payments
(iii) Budgeting Process
(iv) Imprest Processing and Surrender
(v) Preparing Financial Accounts and Audit Reports

4.2 Process for Accounting for Income


4.2.1 Source
ISO Departments; Government; CU/SOP/VCIM/01; CU/SOP/DVCF/02

4.2.2 Required inputs


 Income source
 Standards and guidelines
 Resource persons (Experts)

4.2.3 Expected outputs


 Receipt
 Income reports

4.2.4 Receivers
ISO Departments; Other payees

4.2.5 Procedure details


No. Description Output Responsibility
1. The customer deposits income in the Bank in slip Finance Officer
appropriate University bank accounts and is
verified. Customers include students, bidders
and the Government
2. Preparation and issuance of receipts for the receipt Accounts Assistant
income paid by RTGS, cash, bankers’ and CDF
cheques upon presentation of the banking slip
3. Recording of the collections in the relevant Cash summary Cashier
Cash and Deposits registers /cashbook
4. Balancing and verification of the receipts Cash summary Accountant
written and coded using Daily Cash Summary
Report from the Computerised System.
5. Verification of the receipts in the System and Cashbook statement Accountant
processing cashbook statements.

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Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

6. Preparation of bank reconciliation on a monthly Bank reconciliation Accountant


basis to confirm that all receipts have been report
accounted for and ascertain status of banking
7. Post the income into the respective ledgers and General ledger Accountant
General Ledger report in the system

4.3 Process for Processing of Payments


4.3.1 Source
ISO Departments; CU/SOP/PROD/25; other payees

4.3.2 Required inputs


 Invoices
 Supporting documents
 Standards and guidelines
 Resource persons (Experts)
 Financial budget

4.3.3 Expected outputs


 Signed cheques
 Payment vouchers

4.3.4 Receivers
ISO Departments; Other payees

4.3.5 Procedure details


No. Description Output Responsibility
1. Receipt of paying documents i.e. invoices, Completeness of Procurement
GRNs, LPOs, delivery notes and duly paying documents Officer
approved claims by creditors as follows:
(a) Suppliers: GRNs, Delivery Note,
Requisitions, LPOs and Invoices.
(b) Teaching claims: duly approved claims,
appointment letters, and attendance sheets.
(c) Other Claims: duly signed/ approved and
detailing expenditure incurred.
(d) Imprest: duly signed and approved imprest
warrants and supporting documents.
2. Confirmation of the required documents and Completeness of Creditor Section
appropriate approvals paying documents
3. Preparation of the payment voucher and Printed cheque, Creditors section
cheque printing in computerised system payment voucher
(a) Withheld tax & PAYE are retained

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Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

4. Examination and endorsement of the Validity of payment Examination


payment vouchers for amounts and coding section/FO
5. Recording the documents and forwarding to Cheque movement Clerk
internal auditor for verification register
6. Receiving from internal auditor, recording Cheques register Clerk
the documents and forwarding to at least two
authorised signatories
7. Issuance of the cheques to the payees upon Cheque issuance Clerk
identification register

4.4. Process for Budgeting Process


4.4.1 Source
Government; MoE; CU/SOP/VCIM/01; CU/SOP/DVCF/02

4.4.2 Required inputs


 Departmental budget proposals
 Standards and guidelines
 Resource persons (Experts)

4.4.3 Expected outputs


 Approved budget estimates

4.4.4. Receivers
Government; MoE; CU/SOP/VCIM/01; CU/SOP/DVCF/02; ISO Departments

4.4.5 Procedure details


No. Description Output Responsibility
1 Proposed departmental budgets for the Forwarding memos HODs
following financial year are prepared in
accordance with management and
government guidelines and submitted
2 Consolidation of all anticipated income and Proposed university FO
expenditures into the various expenditure budget
and income votes to prepare a proposed
University budget.
3 The proposed budget is presented to the Management FO
Management for discussion and approval. minutes
4 Presentation of the proposed budget to the Approved budget VC/CEO
Finance, Farms, General Purpose and estimates
Enterprise Company Committee and the
University Council for discussion and
consideration of approval.

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STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

5 Submission of the University budget to the Forwarding VC/CEO


Ministry of Education and the National letter/memo
Treasury by the due dates
6 The Government releases the approved Budget estimates National
budgetary estimates before end of June of Treasury/Ministry
every year to the University of Education
7 Submission of the rationalised budget to the Approved budget VC/CEO/FO
University Council for final discussion and estimates
approval. Council minutes
8. The Management allocates the budget to Allocation schedule FO
various vote holders and Departments for
implementation and control.
9. The allocated budget is issued to the Notification of FO
Departments for use in making requisitions allocated budget

4.5. Process for Imprest Processing and Surrender


4.5.1 Source
ISO Departments; employees; CU/SOP/RADP/04

4.5.2 Required inputs


 Need identification
 Imprest request form
 Standards and guidelines
 Resource persons (Experts)
 Financial budget

4.5.3 Expected outputs


 Approved imprest
 Fully surrendered imprest

4.5.4 Receivers
Top Management; CU/SOP/CVIM/01; CU/SOP/DVCF/02; CU/SOP/IAUD/26

4.5.5 Procedure details


No. Description Output Responsibility
1 The user submits and application letter by Approval letter Vice-
explaining the purpose for an imprest, which Chancellor/Deputy
if valid is approved Vice-Chancellors
2 An applicant raises an imprest warrant Imprest warrant User
supported by the approved letter
3 Forwarding of imprest warrant to vote book Expenditure Vote book section
section to confirm availability of funds approval

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STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

4 Debtors section confirms that the applicant Payment processing Debtors section
has no outstanding imprest and that the
warrant is properly authorised
5 Accountants process the payment once Cheque Accountant
approval is granted from debtors section
6 After accomplishing the task for which the Surrender form Imprest holder
imprest was requested, the applicant prepares
an imprest surrender form and attaches a
copy of the approved memo and receipts to
account for expenditure within one month.
a) Applicant requests reimbursement via a
letter in case over-expenditure is incurred
b) If there is under-expenditure, the
applicant banks the balance in the
relevant CU bank account before
processing the imprest surrender.
7 The surrender form is authorized by the Approved surrender HOD/Registrar
HOD, approved by the Registrar (A&P) and form (AP) and Internal
finally checked by the Internal Auditor. Auditor
8 Debtor staff assigns a surrender number Surrender statement Accountant
generated by the computerized accounting
system to the surrender form and the relevant
journal entries are captured.
(a) The applicant is no longer held as a
debtor to the University
9 A list is compiled of imprest defaulters, Debtor list Debtors section
within stipulated period, and send to salaries
section to recover from the payroll.

4.6 Process for Preparing Financial Accounts and Audit Reports


4.6.1 Source
Government; MoE; CU/SOP/VCIM/01; CU/SOP/DVCF/02

4.6.2 Required inputs


 Standards and guidelines
 Resource persons (Experts
 Stock sheets
 Fixed asset register

4.6.3 Expected outputs


 Financial statements

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Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

4.6.4 Receivers
Government; MoE; Council; CU/SOP/VCIM/01; CU/SOP/DVCF/02

4.6.5 Procedure details


No. Description Output Responsibility
1 Capturing and recording data on income and General ledger Accountants
expenditure into various books of account
2 End of the year stock taking to ascertain the Stock take sheets Accountants
value of inventory is done at the end of every
financial year
3 Checking various IGUs accounts to ascertain IGUs income Accountants
profits as at the closure of financial year statements
4 Submission and presentation of a complete Management Finance Officer
set of accounts to the University minutes
Management for discussion
5 Submission and presentation of the Annual Approved financial VC/CEO
Report and Financial Statements to the statements
Council for discussion and approval
6 Submission of approved accounts to Auditor Audited accounts VC/CEO/Auditor
General to prepare for audit as required by General
the Exchequer and Audit Act (2003).
7 After Audit accounts are submitted to the Finance Officer
Ministry of Education & National Treasury.

5.0 RECORDS
(i) Memos
(ii) CDF/Sponsors notifications
(iii) HELB notifications
(iv) Online bank statements
(v) Cheques
(vi) Bank statements and bank reconciliation statements
(vii) Project payment certificates
(viii) Payment vouchers
(ix) Fixed asset register and stock-take schedules
(x) Creditor’s ledger and debtors’ ledger

6.0 KEY PERFORMANCE INDICATORS/OBJECTIVES


6.1. Indicators
Annual and Quarterly Minutes, Statements, Reports
Budgetary allocation
Project completion and payments

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STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

6.2. Quality Objectives


Linked Strategic Objective(s)
SO 15: Institution of Prudent Management of Financial Resources
SO 27: Compliance with Statutory Requirements
Quality Objective
1. To prepare and submit annual financial statements by 30th September after the closure of
every Financial Year to the Auditor General’s Office, and quarterly financial reports by 15th day
after the end of every quarter to the National Treasury
Strategies
Improve financial management systems
Reconcile and compile financial records regularly
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Expenditure documents Annually Submitted annual
Income documents financial statements
Review dates: Quarterly
Linked Strategic Objective(s)
SO 14: Expansion of the University’s Financial Resource Base
SO 15: Institution of Prudent Management of Financial Resources
SO 27: Compliance with Statutory Requirements
Quality Objective
2. To prepare and submit the University budget to the National Treasury by 31st January of every
Financial Year.
Strategies
Rationalization of budgets for all the budgeted activities
Request for submission of proposed departmental budgets
Consolidate the departmental budgets into the corporate budget
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Accountants 31st January Submit the University
Head of Departments annually budget
Review dates: Quarterly
Linked Strategic Objective(s)
SO 24: Development and Projection of a Positive Image of the University
SO 27: Compliance with Statutory Requirements
Quality Objective
3. To ensure that all approved payment requests from Procurement Department are processed
within two days from the date of receipt and the customers get their payments within seven days
from the date of signing.
Strategies
Monitor payment logs on a daily basis
Scrutinize supportive documents and process as appropriate

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RESPONSIBILITY RESOURCES TIMELINE MEASURE OF


REQUIRED SUCCESS (KPIs)
Finance Officer Payment requests 7 days from Processed payment
Auditors Testimonials for payments the date of requests
Procurement Officers signing
Review dates: Weekly
Linked Strategic Objective(s)
SO 24: Development and Projection of a Positive Image of the University
SO 27: Compliance with Statutory Requirements
SO 30: Development of Motivated Staff
Quality Objective
4. To process all approved Pay Change Advices from the Registrar (Administration & Planning)
and pay staff salaries by 2nd day of the following month.
Strategies
Monitor submitted PCAs each day, verify validity and approvals and process
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
nd
Finance Officer PCAs 2 day of Paid PCAs
Registrar (A & P) Testimonials the next
month
Review dates: Daily
Linked Strategic Objective(s)
SO 24: Development and Projection of a Positive Image of the University
SO 27: Compliance with Statutory Requirements
Quality Objective
5. To attend to all audit queries within 3 days after receipt of queries from the external auditor.
Strategies
Monitor income and expenditure (cash flow) regularly
Implement prioritised projects
Settle approved invoices as stipulated
Perform follow-up activities and ascertain closure
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Audit queries Weekly Resolved audit queries
PFMA/Finance Manual
Review dates: Daily
Linked Strategic Objective(s)
SO 15: Institution of Prudent Management of Financial Resources
SO 27: Compliance with Statutory Requirements
Quality Objective
6. To ensure that the University approved budget is adhered to and absorbed 100% every
Financial Year to satisfy customer requirements.

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STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

Strategies
Train staff in financial management practices and requirements
Sensitized staff on allocated budget and procedures for absorption
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Training facilitation budget Annually Trained staff
DVC (AFPD) Training experts Absorbed budget
Training programme Training report
Stationery
Review dates: Quarterly
Linked Strategic Objective(s)
SO 15: Institution of Prudent Management of Financial Resources
SO 24: Development and Projection of a Positive Image of the University
SO 27: Compliance with Statutory Requirements
Quality Objective
7. To continuously adopt and implement Financial Accounting Standards and Practices (FASP)
in the preparation of financial statements annually.
Strategies
Train Finance staff in FASP
Develop and regularly update the Finance manual
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Training facilitation budget, Annually Statements prepared
DVC (AFPD) experts, programme following FASP and with
Stationery no errors
Review dates: Semi-annually
Linked Strategic Objective(s)
SO 15: Institution of Prudent Management of Financial Resources
SO 24: Development and Projection of a Positive Image of the University
SO 27: Compliance with Statutory Requirements
Quality Objective
8. To respond to all customer complaints within one (1) week from time of receipt.
Strategies
Monitor customer complaints daily
Assign complaints to Departmental investigators
Review reports, statements and finings and prepare response
Dispatch responses promptly
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Complaint document or info Annually Number of resolved
Public Complaints Policy complaints
Review dates: Weekly

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Linked Strategic Objective(s)


SO 24: Development and Projection of a Positive Image of the University
SO 25: Maintenance and Improvement of Quality Assurance
SO 26: Improvement of Productivity, Efficiency and Effectiveness
SO 27: Compliance with Statutory Requirements
Quality Objective
9. To continuously update the University’s asset register to safeguard against loss
Strategies
Generate codes/signage for new assets
Value assets annually
Affix tags with tagging codes on the assets regularly
RESPONSIBILITY RESOURCES TIMELINE MEASURE OF
REQUIRED SUCCESS (KPIs)
Finance Officer Tags for assets Annually Number of tagged and
Procurement Officer Serial numbers/codes inventoried assets
register
Review dates: Monthly

Department: Finance
Project Name: Financial Management. Code Name: CU/SOP/FIND/24
SN Risk Source Impact
(How can the risk occur) (What is the impact of the risk
occurring)
1 Payment of Failure to vet documents Loss of funds
fictitious claims Collusion to defraud
2 Loss of cash in Theft Failure to fulfil projects/ financial
transit obligations
3 Theft of cash in Fraud/Collusion Loss of funds
office Weak security measures
4 Inflation General increase of prices of Loss of value of money
goods and services
5 Failure to meet Delays in availing of data Heavy penalties
statutory Litigations
deadlines

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RISK AND OPPORTUNITIES REGISTER


Note for monitoring, the responses are: What = risk described. Why = prevent/correct consequence. How = mitigations/controls. Who = risk owner.
Raw Risk
Risk name/ Mitigations/ Controls
Risk Consequences Likelihood Consequence Raw Risk Risk Owner Monitoring
description (Opportunities source)
(L) (C) (L x C)
Payment of Loss of income 1 3 3 Thorough examination of FO What: Fictitious payment
fictitious expenses all documents before When: Continuously
payment Who: FO
How: Strengthening exam section
Loss of cash in Legal suits 1 3 3 Escort of cash in transit FO What: Number of cases reported
transit Failure to meet Impromptu checks on When: Continuously
financial obligations cashiers and guards Who: FO
Cashless transactions How: Strengthen exam section
Provision of insurance
Theft of cash in the Loss of income 1 3 3 Impromptu check on safe FO What: Number of cases reported
office keeping practices When: Check continuously
Who: FO
How: Strengthen internal controls
Inflation Depreciation, high 1 2 2 Opening a foreign FO What: Foreign currency use
prices currency account When: Continuously
Who: FO
How: Making payment as per the
invoice currency
Failure to meet Penalties 1 3 3 Strict adherence to FO What: Statutory payments
statutory deadlines Litigation statutory deadlines When: Continuously
Who: FO
How: Sensitization
Low/poor Failure/inability to 2 3 6 Develop alternative Resource What: Income
capitation deliver business sources of income Mobilization When: Quarterly
Office Who: RMO
How: Fundraising

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APPENDIX I: PROCESS MAPS

i. Accounting for Income


RESPONSIBILITY ACTION

Start

CASHIER Receive of Income

Prepare and Issue


receipts

Balance and verify


daily collections

ACCOUNTANT IN-CHARGE, CASH OFFICE


NO
Correct?
YES

Update Cashbooks
/students’ statements

Prepare Bank
Reconciliation
FINANCE OFFICER, ACCOUNTANTS

Post to General Ledger

Stop

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ii. Procedure for processing of Payments

RESPONSIBILITY ACTION

Start

Receive and Record


SECRETARY, ACCOUNTANTS Documents

Verify Documents
and approvals

NO Return to
Valid? source
ACCOUNTANT IN CHARGE, CREDITORS
SECTION
YES
Prepare Payment
voucher and Cheque

Examine the payment

Forward to Internal
FINANCE OFFICER, ACCOUNTANTS Audit and Signatories

Stop

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iii. Budgeting Process


RESPONSIBILITY ACTION
FINANCE OFFICER
Start

Receive
Departmental
Budget proposals

ACCOUNTANT IN CHARGE, VOTE


BOOK SECTION Consolidate dept.
Budget Proposals

Management Board
FINANCE OFFICER

NO
Approved?

YES
University Council

NO
Approved?

YES
Ministries

Rationalise Budget

Allocation to dept. for


implementation

Stop

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iv. Imprest Processing and Surrender


RESPONSIBILITY ACTION

Start

Raise Imprest
IMPREST APPLICANT
Warrant

VICE-CHANCELLOR/ DEPUTY VICE-


CHANCELLORS Approved &
NO
ACCOUNTANT IN CHARGE, Funds
DEBTORS SECTION Available?

YES

YES Outstanding
imprest?

NO
FINANCE OFFICER, ACCOUNTANTS
Process payment

Prepare Imprest
Surrender Claim

NO
Approved?

YES
Clear debtor

Stop

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Document Ref.: Issue Date:
CU/SOP/FIND/24 30th September, 2017
Issue No.: Revision No.:
05 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT

v. Preparation of Financial Accounts and Audit Reports

RESPONSIBILITY ACTION

Start

Post Income and


Expenditure data to
General Ledger

ACCOUNTANTS IN CHARGE:
FINANCIAL REPORTS, ASSETS AND Conduct Asset Count
CASH OFFICE SECTIONS

Prepare Accounts

University
Management Board

University Council

NO
Approved?

YES

FINANCE OFFICER Forward to Auditor


General

NO
Audited?

YES
Relevant Ministries

Stop

Controlled Copy: Circulation Authorized by the Management Representative. Page 21 of 21