Page 132 - AREA 10_PPP

PROGRAM PERFORMANCE PROFILE

Article 3. Financial Management Services (FMS). The Financial Management
Services Unit shall be established in the University. The unit comprises the
consolidated functions of the Budget Section, Accounting Section and Cashier.
The unit shall safeguard assets, check the accuracy and reliability of the financial
data, promote the effectiveness of policies in the utilization of funds and encourage
adherence to University policies thrusts and priorities.

a.) The Financial Management Services Unit shall be under the direct supervision
of the Director for Financial Management

b) The Financial Management Services Unit shall monitor and see to it that the
financial management and plans of the University are carried out effectively
and economically and make recommendations to improve and strengthen the
system.

Article 4. Accounting and Auditing of Accounts. In line with the COA Circular No.
2001-004 dated 30 October 2001, the University shall adhere to the prescribed
New Government Accounting System (NGAS) in ensuring proper accounting and
auditing of all financial transactions of the University.

Article 5. Internal Management Control (IMC). An Internal Management
Control System shall be established in the University that shall safeguard
assets, check the accuracy and reliability of its financial data, promote
operational efficiency, determine the effectiveness of policies in the
utilization of funds, and encourage adherence to prescribed managerial
policies.

a) The Internal Management Control System shall be under the direct
supervision of the Director for Administration / Administrative
officer and independent from other service functions as it reviews
the operations of other system.

b) The Internal Management Control shall regularly monitor and see to it
that the adopted plans are carried out effectively and economically; make
recommendations to improve and strengthen the system.

Excerpts from the CvSU Manual of Operations Vol. 1 Rule IV- Financial Management pp.46-48

Area X: Administration