Financial Compliance

    The Yale University Financial Compliance Office functions within the Controller’s Office and supports the University’s compliance and internal control environment. Financial Compliance performs monitoring over specific high-risk financial areas, transaction reviews, assesses risk and identifies potential gaps in our internal control framework and structure. Financial Compliance then works with departments and other stakeholders to identify solutions to any such gaps.

    The Financial Compliance program is dynamic and evolving, but generally consists of:

    Internal Control Framework

    • Lead Administrator Environmental Controls Questionnaire (LAQ)
    • Controls and Business Process Questionnaire (CBPQ)
    • Lead Administrator and Senior Director Attestation
    • Financial Risk Control Matrices (RCMs) and Financial Risk Assessment

    Financial Compliance and Monitoring

    • University service provider compliance
    • Financial Review Checklist certification and monitoring
    • Sec.117 of the Higher Education Act (20 U.S.C. 1011f) compliance
    • Quality assurance reviews over key financial data
    • Financial transaction reviews
    • Special projects

    Internal Controls

    One of the main goals of Financial Compliance is to help strengthen the internal control and compliance environment at Yale. Financial Compliance is a central resource to help provide reasonable assurance that the University’s internal control structure is functioning as intended, both in terms of design and operation.

    Internal Control is a process designed to provide reasonable assurance of the achievement of objectives in the following categories:

    • Effectiveness and efficiency of operations
    • Reliability of financial reporting
    • Compliance with applicable laws and regulations

    Compliance Monitoring

    • Assesses the internal controls put in place:
      • Provides reasonable assurance that controls are operating as intended
      • Identifies gaps/risks
      • Identifies opportunities for improvement
      • Identifies training needs
    • Considers identified or emerging issues/risks
    • Contributes to setting the tone for a strong internal control environment

    Reminders

    Form Details Due Date
    Financial Review Checklist Certification – FY23-Q4 Lead Administrators are required to complete the FY23-Q4 FRC Certification. They will need to certify for the completion of the FRC and its activities for their respective schools, departments, units, or other organizational units. August 16, 2023

    Business Update

    View Business Update, a weekly newsletter that includes news, key dates, and action items for the business community.

    Contact Us

    If you have any questions or compliance concerns, please contact us at financial.compliance@yale.edu.