Financial Administration

PART I - Introduction and Background

B. Mission Statement

The UW System Office of Financial Administration develops guidelines and definitions to assist in implementing a smooth transition to procedure and policy changes. Essential to this function is the effective communication of all such requirements to each institution. The development and maintenance of effective communication between the institutions and System Administration is necessary to ensure maximum input from the institutions. The services provided by the UW System Office of Financial Administration to the institutions are characterized by, but not limited to, the following:

  1. Ensuring that transactions comply with budgetary, civil service, legislative and legal requirements of the State and policies of the University of Wisconsin System;

  2. Interpreting Wisconsin Statutes and Board of Regent Rules and Regulations to weigh transactions not only on the basis of absolute legality and accuracy, but also on the basis of propriety relative to program goals and legislative intent;

  3. Assisting in the evaluation of the effectiveness of an institution's system of internal controls, ensuring that measures have been adopted to safeguard its assets and check the accuracy and reliability of its accounting data;

  4. Encouraging development of administrative improvements and adherence to prescribed financial and managerial policies;

  5. Promoting expeditious and efficient financial operating procedures by assisting in the development and implementation of necessary changes in the design, flow and processing of financial transactions;

  6. Developing and maintaining a level of competence to ensure the delegated preaudit function is performed in accordance with established auditing standards and the delegation agreement will not be withdrawn because of unsatisfactory performance.

Each institution should develop its own preaudit mission statement consistent with that of the UW System Office of Financial Administration's but adapted to cover unique requirements of that institution. All UW System institutions are encouraged to keep in contact with each other (network) to discuss and resolve mutual preaudit problems.