Division Key Controls

Overview

Financial reporting and system access reviews are important control activities required for external and internal audits. They provide assurance that operating results are complete, accurate, and valid, and that there are no material misstatements to the financial statements. Key controls are to be performed at the division level on a quarterly basis.

A CalPlanning Reporting report (GL Summary Monthly Comparative Actuals) and a Cal Answers General Ledger Compensation by Accounting Period Report should be used in performing the financial reporting review.

System access review (Identity Management) is to be performed within BFS.

Division Finance Leaders (DFLs) are required to:

• For the financial reporting review, upload the reports with explanations and comments to a Box share site by the end of the month following the previous quarter end. We will keep you posted on the due dates via the DFL weekly update email.
• For the system access review, approve system access reports in BFS by the end of the month following the previous quarter end. The due date will be included in the DFL weekly update message when the reports are available.

We will notify you when it’s time to perform this quarter’s controls via our regular weekly DFL Update email. It is required that all DFLs complete their review by the due date. There will be an escalation process which includes three email reminders and will ultimately result in the loss of BFS access for all employees within your division. To avoid unnecessary interruptions to your business process, please make sure to complete your reviews by the due date.