Financial Controls

Overview of Financial Controls

As a proactive measure in anticipation of possible future legislation impacting non-profit organizations, similar to the Sarbanes-Oxley (SOX) Act applicable to publicly traded companies, the Arizona Board of Regents (ABOR) has authorized the creation of a new position at each university to help address internal/financial controls. SOX legislation was enacted by Congress to combat the large-scale fraudulent financial reporting that occurred in companies such as Enron and WorldCom. The intent of each university’s position is to educate the employees of each campus on best financial control practices to hopefully prevent financial misstatements, financial irregularities, and ensure accurate financial reporting.

If you have questions or concerns about particular departmental financial processes or procedures at ASU, please contact the Assistant Director, Financial Controls, at 480.965.2343. Financial Services can come to your department, business unit, school or college to make educational presentations to staff members and/or review at the consulting level, the processes and procedures currently utilized. Our services are separate from those of University Audit and Advisory Services (UAAS); but if warranted by our consultations, there could be situations requiring notification to UAAS for further review and/or investigation.

Ensuring Financial Integrity

Financial and Purchasing Card Reviews

Internal Control Questionnaires

Standards of Internal Control - PDF

Training Availability/Resources

• Financial Controls Workshop
• Cash Handling Training

Example Departmental Desk Manuals

Center for Nonprofit Leadership and Management Operating Polices and Procedures - PDF

School of Community Resources and Development Operating Policies and Procedures - PDF

Financial Services (Cash Handling Manual) - PDF