ÐÓ°É´«Ã½

Scope

This policy defines the ÐÓ°É´«Ã½’s fiscal year-end financial sub-certification process.

Reason for Policy

The ÐÓ°É´«Ã½ of Missouri, as a public institution, has fiscal responsibilities and accountability to the State of Missouri, bondholders, rating agencies and its internal and external constituents.  In connection with the external audit of the ÐÓ°É´«Ã½’s financial statements, senior management make certain representations as to the accuracy and completeness of the ÐÓ°É´«Ã½’s financial statements and the adequacy of its internal control structure.

Policy Statement

In compliance with the spirit of Sarbanes-Oxley legislation requiring greater public accountability for information included in the financial statements, the ÐÓ°É´«Ã½ implemented a process for certifying the accuracy and completeness of its financial statements.  The process requires senior officers of the ÐÓ°É´«Ã½ to formally certify the accuracy and completeness of the financial data generated by their organizational units that are included in the financial statements of the ÐÓ°É´«Ã½ as a whole.  The certification, referred to as sub-certification, includes specific assertions relating to internal controls and financial accountability within the organizational units of the ÐÓ°É´«Ã½.  The sub-certifications by senior management of the ÐÓ°É´«Ã½, including ÐÓ°É´«Ã½ Administration and the campuses, are to be reviewed and signed as part of the certification process.

The ÐÓ°É´«Ã½ of Missouri’s financial organization extends beyond the campus and ÐÓ°É´«Ã½ accounting offices.  Key personnel from colleges and administrative divisions share the responsibility of managing the ÐÓ°É´«Ã½’s financial resources.  It is the collective and shared responsibility of these areas to work cooperatively in ensuring the financial integrity of the ÐÓ°É´«Ã½.

In order to make representations for the ÐÓ°É´«Ã½ as a whole, senior management must take into account the financial position of each of the campuses and other operating entities.  Due to the decentralized environment in which the ÐÓ°É´«Ã½ operates, senior management at the ÐÓ°É´«Ã½ of Missouri ÐÓ°É´«Ã½ and at the campuses must place reliance on internal controls that are in place, documentation of policies and procedures and monitoring of adherence to such policies by its academic and administrative areas.

At the discretion of each of the campus’s chief financial officers, the deans, department chairs, and their respective fiscal officers may be required to certify up to nine assertions as to the financial information and internal controls in the areas for which they are responsible.

Definitions

Accountabilities

Sign Representation Letter to the external auditors for consolidated financial statements of the ÐÓ°É´«Ã½

• President
• Vice President for Finance and Administration
• Controller
• Associate Controller
• Director, Financial Reporting and Taxation

Required Campus sub-certifications

• Chancellor
• Vice Chancellor for Administration & Finance
• Assistant Vice Chancellor of Finance (if applicable)
• Accounting Director

Discretionary levels of campus sub-certifications  

• Deans
• Department Chairs
• Fiscal Officers

Additional Details

Forms

Related Information

History

Formerly Accounting Policy Manual 2.25.15 – Internal Control – Sub-Certification Process – (revised 7/5/2011)

Procedure