Office of the Controller Activity Anticipated Start Date Anticipated Due Date Description Interim Reporting Q4/YE: 8/1/16 Q1: 10/18/16 Q2: 1/18/17 Q3: 4/17/17 Q4 / YE: 8/8/16 (Year End Budgeting/forecasting narratives due 8/19/16) Q1: 11/3/16 through 11/30/16) Q2: 2/1/17 through 2/28/17) Q3: 4/26/17-4/28/17 through 5/31/17) The quarterly process during which Schools/Units analyze material variances in their interim operating results; they compare: 1) their current performance vs. prior performance and 2) their projection for the current financial year vs. the budget / most recent quarter. Schools also comment on variances in balance sheet items. Q1, Q2 and Q3 quarterly submissions include the reporting template and checklist. *Note - The follow up period for Q4/YE extends to FY16 report release date - The follow up period for Q1 extends from time tubs submit fluxes to end of November - The follow up period for Q2 extends from time tubs submit fluxes to end of February -The follow up period for Q3 extends from time tubs submit fluxes to end of May. Management Representation Letter 7/15/16 9/21/2016 through 10/27/2016) *Note: follow Up Period Extends until FY16 report release date The annual process during which Senior Management from each School/Unit declares in writing (to FAD and ultimately to the external auditor), to the best of their knowledge, that the financial statements and other presentations are sufficient and appropriate and without omission of material facts to the financial statements. In addition, senior management completes and submits an annual certification of internal controls over financial reporting. Appendix: Dates and Glossary of Terms FY17 Update
Risk Management & Audit Services Activity Anticipated Start Date Anticipated Due Date Description Institutional Risk Management Annual Update 9/1/2016 10/31/2016 through 11/30/16) An annual update on the risk management program of each School/CADM unit. The detail to be reported is provided annually and typically includes an updated heat map showing risk movement from the prior year, progress on mitigation efforts for top risks, identification of emerging risks, and key actions planned for the upcoming year. Reports are used in monitoring the effectiveness of the University’s institutional risk management program and consolidated for presentation to the University Risk Management Council. (At this time, it is anticipated that verbal updates during the risk interviews will suffice). Governance review, Joint Committee on Inspection, December 2016 Risk Interviews 9/1/2016 10/31/2016 Governance review of annual internal audit and consulting plan: Joint Committee on Inspection, December 2016 Annual interviews conducted by RMAS with selected School/CADM leadership team members for the purpose of developing RMAS’ annual internal audit and consulting plan that is submitted to the Joint Committee on Inspection for approval. Discussion will include reference to School/CADM heat map risks in the “strengthen controls” and “audit controls” quadrants; emerging issues (financial, operational, and compliance); new/upcoming initiatives; system and process changes; recent and impending management changes; and strategic direction. Internal Audits 7/1/2016 6/30/2017 Governance review of audit plan activities for the prior calendar year: Joint Committee on Inspection, February 2016 An objective and professional evaluation of a business process, department, critical system or functional operation’s internal control procedures. Through these assurance and consultative activities, RMAS helps University leadership accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management and control processes.