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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 |
|---|---|---|
| 2023 Controls and Business Process Questionnaire | The CBPQ questionnaire is used to help assess the strength of internal controls and to highlight important policies and control activities. Lead Administrators need to determine the appropriate organizational level(s) at which the questionnaire should be distributed and complete it for their areas of responsibility. | March 15, 2024 |
| Financial Review Checklist Certification – FY24-Q2 | Lead Administrators are required to complete the FY24-Q2 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. | February 22, 2024 |
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.