Financial Review and Reporting Standards


Key PFM principles related to financial review include:

  • Standardized approval processes that ensure strong internal controls
  • Transaction review processes that are optimized for the review of high-risk transactions

Procedure 1101.PR02, Financial Transaction Review and Budget Monitoring, describes the standards for financial transaction review and budget monitoring, the role of Form 1101 FR.01 Financial Review Checklist (“FRC”), and the processes supporting the use of the FRC. The FRC details the minimum required financial review activities that must be performed to ensure business offices are maintaining proper accounting, Internal Controls and adherence to University policies and procedures. All business offices must utilize this Financial Checklist.

The Financial Compliance site, includes FRC Trainings to help guide business offices in utilizing the outlined reports to successfully complete the activity steps. These videos can also be accessed on Box.