Financial Internal Controls Initiative

Transcription

1 Financial Internal Cntrls Initiative Purchasing Card Cmpliance Implementatin Financial Management Meeting April 11, /19/2017 University f Wiscnsin Madisn 1

2 Purchasing Card Cmpliance Implementatin 4/19/2017 University f Wiscnsin Madisn 2

3 Backgrund The Prcure-t-Pay (P2P) prcess imprvement team submitted recmmendatins in June 2016, which were presented t the Administrative Cuncil and VCFA Directrs in July Recmmendatins included restructuring the Purchasing Card Prgram and develping new plicies and prcedures. A team was launched in Nvember 2016 t implement these recmmendatins. 4/19/2017 University f Wiscnsin Madisn 3

4 Purchasing Card Cmpliance Implementatin Overview Objective: Strnger Internal Cntrls Phase 1 Address purchasing card cmpliance issues Phase 2 Mve t a 1:1 purchasing card relatinship Phase 3 Eliminate use f purchasing cards fr internal purchases 4/19/2017 University f Wiscnsin Madisn 4

5 April 2017 Additinal updates will be presented t Administrative Cuncil and VCFA Directrs. New plicy will be shared with stakehlders. Additinal infrmatin will be distributed t campus units t aid in develping plans fr transitining away frm designated use: Summary f feedback prvided by campus units regarding alternatives t designated use. Suggested first steps in develping a transitin plan. 4/19/2017 University f Wiscnsin Madisn 5

6 By May 1, 2017 New purchasing card plicy will g int effect. New plicy and prcedures will be published. Purchasing card website will be refreshed. Applicant agreement fr new cardhlders will be revised. In-persn training will be updated. Designated User Frm will be bsleted; remved frm website. Cmpliance tracking and enfrcement fr will begin fr purchases psted n r after May 1. N new purchasing cards with designated users will be issued. 4/19/2017 University f Wiscnsin Madisn 6

7 Als by May 1, 2017 Cardhlders with designated users shuld be in the prcess f transitining t an alternative s they are prepared fr a mass reissue f purchasing cards with n designated users in mid-december. Mving away frm designated use 4/19/2017 University f Wiscnsin Madisn 7

8 By July 1, 2017 Prject team will share new plans t apprve all purchasing cards fr travel and t cnslidate purchasing card training. August 1 - Octber 31, 2017 Updated nline refresher training will be available: Training will reflect all new plicy and prcedures. Travel training and purchasing card training will be cmbined. 4/19/2017 University f Wiscnsin Madisn 8

9 December 15-31, 2017 All purchasing cardhlders will be issued new cards. New cards will have new accunt numbers, expiratin dates, and CVV cdes. N new cards will be set up with designated users. Any cards reissued befre this time will be reissued as usual under the current prcess: card number will remain the same and expiratin date and CVV cde will change. Nte: Timing f mass reissue is deliberate: it is a quiet time fr travel and aligns with the beginning f enfrcement f Phase 2. 4/19/2017 University f Wiscnsin Madisn 9

10 Cmpliance Errrs During Current Audit Cycle We are currently in the middle f an audit cycle (11/5/16-3/10/17). N transactins frm the current audit cycle will result in a warning, hwever, cmpliance issues will be cmmunicated t the cardhlder, site manager, and Divisinal Business Office. Starting with the next audit cycle, any transactins with a psting date f 5/1/17 r later will be subject t the warning and revcatin prcess fr nn-cmpliance. 1 st cmpliance errr Cmpliance errr after written warning Written warning Warnings will be kept n file in the Purchasing Card Prgram Office fr tw years. After tw years, warnings will be expunged. Revcatin f purchasing card(s) All purchasing cards issued t the cardhlder will be revked. The cardhlder may reapply fr a purchasing card ne year after revcatin. If the applicatin is apprved, training will be required. 4/19/2017 University f Wiscnsin Madisn 10

11 Next Steps P-Card Cmpliance Implementatin Team Present updates t Administrative Cuncil and VCFA Directrs. Share new plicy with stakehlders. Cmmunicate updates via Purchasing Card Newsletter. Financial Managers Familiarize yurself with the infrmatin yu received tday. Reinfrce cmmunicatin within yur divisin at staff meetings and via ther channels when the pprtunities arise. Cntinue t help frame this new prcess as part f the verall Financial Internal Cntrls initiative supprted by the VCFA. 4/19/2017 University f Wiscnsin Madisn 11

12 Questins? Infrmatin n the Financial Internal Cntrls initiative is available at 4/19/2017 University f Wiscnsin Madisn 12