Skip to main content
Professional Communities
Accounting and Finance

Financial Procedures and Internal Controls

Definition of Financial Procedures and Internal Controls

Financial professionals provide oversight of University policy and the overall internal control environment to assure it is routinely monitored, updated, and improved. Internal controls awareness is evidenced by an understanding of appropriate transaction supporting documentation, segregation of duties, and levels of approval. The ability and commitment to represent policy, adhere to processes and applicable internal controls, and to teach the underlying principles to others is essential. It is necessary to both understand and apply technical accounting methods, standards, and internal controls related to processes and functions.

Financial Associate: Detailed understanding of and ability to properly execute financial procedures associated with a limited number of tasks and systems. Master the requirements of system entry and review. Learn the policies governing financial procedures. Develop understanding of appropriate transaction supporting documentation, segregation of duties, and levels of approval. Protect University data and learn how to avoid phishing or other data loss risks. Escalate unusual situations for resolution.

Sr. Financial Associate: Execute multiple assigned processes with detailed knowledge and ability to resolve less routine situations using policy principles with limited supervision. Represent policy, process, applicable internal controls and their underlying principles to others. Clearly communicate or escalate to others, both within and outside the department, when efforts to circumvent or compromise procedures and controls are being attempted.

Financial Professional: Understand and apply technical accounting methods, standards, and internal controls to supervise a complicated process or function. Evaluate existing procedures and control points, and propose improvements that simplify or eliminate unnecessary work to enhance efficiency. Recognize when procedural or policy deviations should be recommended to senior leaders for review and propose appropriate changes.

Sr. Financial Professional: Demonstrate a deep understanding and application of accounting procedures necessary to routinely advise campus financial leaders and staff. As systems implementations occur or requirements change, adapt, improve, or replace past procedures and controls to promote operational priorities and protect people. Review University policy and propose improvements to Financial Principals.

Financial Principal: Oversee the control environment and assure it is routinely monitored, updated, and improved. Ensure that effective communication and training are enhancing financial skills of employees. Evaluate significant process changes--their consistency with established policy and where necessary draft proposed policy changes for senior management approval. Rigorously evaluate existing and proposed systems/upgrades to assure they maintain and advance business objectives, and financial control to mitigate and prevent penetration/fraud risk.

Sr. Financial Principal: Collaborate through central University and department relationships to monitor and improve campus-wide system processes and controls. Lead multi-disciplinary teams to innovate University systems and processes. Directly communicate with all employee levels to understand the challenges they face in executing financial procedures. Build consensus among senior leadership to support controls and procedures. Through Resource Planning, champion systems and initiatives that advance efficiency, internal control, and training to promote and protect resource utilization. Be a connector to other universities and businesses to incorporate systems and practices applicable to our environment.

How to develop Financial Procedures and Internal Controls

University Courses:

  • Bachelors degree-accounting, business or finance or related field
  • Masters degree-accounting, business, finance or related field

Training / Other Courses:

  • Direct Supervisor training-specific courses, background, expectations
  • Y-Train training for systems within responsibility
  • Communications training that applies to challenging situations through HRD courses or develop and practice role play responses with a peer or supervisor
  • Direct Supervisor training-specifics, background, expectations
  • Technical articles and training courses (PeopleSoft, Business Objects)
  • Innovation and efficiency training specific to area of focus

Professional Associations / Certifications:

  • Professional Certification (CPA, CMA, etc)
  • Conferences to build industry awareness and develop / deepen professional relationships

Books / Publications:

  • Business publications

Experiences:

  • Financial Services website information
  • University Policy review
  • Regular attendance and participation at Controller Group Meetings
  • Phishing resources: https://www.phishing.org/ https://www.stopthinkconnect.org/blog/how-phishing-works
  • https://staysafeonline.org/stay-safe-online/online-safety-basics/spam-and-phishing/
  • https://staysafeonline.org/blog/5-ways-spot-phishing-emails/
  • Business problem solving discussions with Senior Leaders in area of responsibility
  • Relationship building across organizational boundaries
  • Collaboration with peers at other universities and with sponsoring organization counterparts
  • Seek team leadership assignments

How to Demonstrate Financial Procedures and Internal Controls

DO: Describe what you did in completing / achieving your development plan

  • Evidence of training courses taken and verbal explanation of their benefit
  • Successful completion of degree / advanced degree
  • Describe nature of interactions with campus financial personnel including the outcome of issues addressed

ASSESS: Share, if applicable, any assessments that were taken / provided related to your activities

LEARN: Explain what you felt that you were able to learn during your journey / experiences

  • Discuss nature of position and relevant policy and job procedures
  • Share learnings about phishing attacks.
  • Describe peer institutions approach to area of responsibility
  • Give evidence of expanded industry awareness, relationships developed and learnings benefitting BYU
  • Describe insights gained through interactions with front line employees

APPLY: Give specifics examples where you have / plan to make direct application to your work

  • Discussion of applicable Financial Services website information and application of Controller Group information
  • Compliance report results; discussion of those results and efforts to train and work with department members
  • Give evidence of enforcing internal controls or procedural requirements with others, both within and outside the department (email examples, describing situations, etc.)
  • Provide evidence of recommended procedural and/or policy improvement recommendations and implementations
  • Describe training of subordinates to enhance their understanding of control procedures and financial oversight responsibilities
  • Relate learning experiences from discussions with senior leadership and how those have been applied in subsequent situations
  • Describe collaborative efforts with other departmental leaders that resulted in process improvement
  • Provide evidence of and results gained through Resource Planning initiatives sponsored

REFLECT: Review / consider things you would have done differently had you had this experience earlier