Procurement Card Audits
Disbursement Control's Audit Department is responsible for reviewing Procurement Card transactions for compliance with university policies. The Audit Department also verifies that purchases made using all other forms of university payment, such as check requests, internal requisitions, and requisitions, adhere to university policies.
Audit Preparation
Procurement Cards are subject to post-purchase audit. Procurement Cardholders and Business Managers should follow these steps to facilitate prospective audits.
- Step 1:
Be familiar with University policies
- Step 2:
Obtain and retain an itemized receipt for each transaction, regardless of the amount. Mount small-sized receipts to 8 1/2 X 11 sheets of paper. If a receipt is lost or stolen, complete a Missing Receipt Declaration and have the Declaration signed by the cardholder's Senior Business Officer.
- Step 3:
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.).
- Step 4:
Keep all receipts in a designated area (folder, in box, file, etc.) until the Procurement Card statement arrives. (Statements are distributed by the issuing bank on the 11th of each month.)
- Step 5:
Review the statement for errors. Immediately dispute erroneous items via www.netserviceaccess.com.
- Step 6:
Attach all receipts to the statement.
- Step 7:
Have your designated supervisor review your Procurement Card transactions and sign your statement.
- Step 8:
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).
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