The DF operates within the guidelines set out in the University’s policies, procedures, guidelines that clearly outline the responsibilities and duties that must be observed by all employees regarding financial functions of the University.
The primary functions of the DF are summarized as follows:
- To implement the accounting policies adopted by the University.
- To be adhere to the main financial accounting and budgetary policies, procedures, responsibilities and duties.
- To ensure uniformity in accounting and budgetary policies, procedures and to ensure that regulations adopted by the University are in line with International Financial Reporting Standards.
- To ensures that expenditures are based on budgetary controls approved annually by the Board of Directors.
- To guide Executive Management in preparing the budget and presenting it to the Board of Directors for approval prior to the beginning of the financial year.
- To ensure monthly review and comparison of budgeted expenditures versus actual is performed by the Board of Directors at least on quarterly basis.
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03 Jun, 2020