Financial Review and Reporting Standards

Overview

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, outlines the minimum transaction review and budget monitoring requirements.  To assist business offices with fulfillment of these requirements, BOLT provides a Financial Management Checklist that outlines specific monthly and quarterly review steps. All business offices must utilize this Financial Management Checklist unless the unit obtains written approval from BOLT to use an alternate checklist.

The Financial Management Checklist Guide explains why and how the financial review steps are conducted. The Guide also contains information about suggested reports to utilize.