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Procurement Card Audits
The Business Services Auditor is responsible for reviewing P-Card transactions for compliance with university policies. The Business Services Auditor also verifies that purchases made using all other forms of university payment, such as the DV/DVQE processes, internal requisitions, and USC eMarket, adhere to university policies.
All P-Cards are subject to post-purchase audit. P-Cardholders and Senior Business Officers should follow these steps to facilitate prospective audits.
- Both cardholder and approving supervisor should be familiar with university policies.
- Obtain and retain an itemized receipt for each transaction, regardless of the amount. Mount small receipts on 8-1/2 X 11 sheets of paper. If a receipt is lost or stolen, complete a Missing Receipt Declaration form and have the form signed by the cardholder's Senior Business Officer.
- Keep all receipts in a designated area (folder, in box, file, etc.) until the eStatement is uploaded to Kuali (P-Card statements are uploaded by the issuing bank on the 11th of each month).
- Review the eStatement for errors. Immediately dispute erroneous transactions via the Citibank portal (registration required).
- Provide a concise but clear business purpose for each receipt. Answer the questions: WHO, WHAT, WHERE, WHEN and WHY. This will ensure that the dates and business purpose are clear for audit purposes. A business purpose is required, even when the type of transaction may inherently imply a business purpose (toner, paper, pens, business cards, letterhead, lab supplies etc.).
- Scan and attach receipts to the appropriate transactions in the eStatement.
- After each business purpose has been entered and receipts have been attached, approve and submit each eStatement to the designated supervisor for review and approval.
- Retain the receipts and signed statements for a minimum of four (4) years (unrestricted accounts) or four (4) years after final audit and final payment (sponsored project accounts).