Financial Accountability Program
The Purpose.
To assist member institutions of the ICHE develop, strengthen, and review their financial accounting systems to best serve their local, regional, national, and international stakeholders with God-honoring excellence and integrity.
The Process.
The ICHE will coordinate in conjunction with Azusa Pacific University a financial operational review to assist member institutions in developing effective accounting and reporting practices.
Site Visit
The Site Visit team will review all documented accounting,financial and budgeting policies and procedures. If possible, this information can be received electronically and reviewed prior to the on-site visit.
Through on-site observation, inquiry and review of supporting documentation, the Site Visit team will document an understanding of the accounting systems and procedures through narrativesand/or system flow chart diagrams.
The team will identify existing procedures (i.e. controls) that assist in ensuring accurate tracking, recording and reporting of financialresources.
The team will review the existing processes against relevant accounting standards and industry best practices to identify any areas for improvement.
The will discuss its findings with the institution’s management to agree upon risk ratings and implementation plans.
Site Visit to review the accounting systems, policies, and procedures.
Deliverables
Recommendations for improving accounting, financial and reporting practices.
If certain standards are met, a Certificate of Financial OperationalEffectiveness will be granted.
Whenever possible, the Institutional Financial Accountability Program may run concurrently with the accreditation so as to allow combined Site Visits.
Personnel
The process will involve expert financial professionals provided through the program at Azusa Pacific University L.P. Leung School of Accounting to include:
A team leader who is experienced and qualified;
5 students in accounting at the upper division or graduate level study.
Procedure
A Director of the ICHE Financial Accountability Program will be named to coordinate all arrangements for institutional participation. The ICHE institution will make requests to participate in the Financial Accountability Program. A team leader will be identified along with student team members. A date will be set for the site visit and the team leader to contact the institution requesting appropriate financial documents to be reviewed prior to the visit. The Director will work with the team leader to coordinate the visit.
Standard expectations and documents will be determined by the Director of the ICHE Financial Accountability Program and provided in a manual made available to all institutions seeking to engage in the program. Upon successful completion and with recommendation of the Director and team leader, the institution will receive a Certificate of Financial Operational Effectiveness signed by the Director,Team Leader, and the ICHE President.
Expenses
Travel costs for the Site Visit team will be borne by the L.P. Leung School of Accounting and/or the Professional expert and students who comprise the team.
On Site Costs for the Site Visit team while at the institution will be borne by the institution to include lodging and meals and any office space and material needed for the visit.