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Division of Financial and Business Services

Home > Policies and Procedures > Procurement Card Audits

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.

Audit Preparation

All P-Cards are subject to post-purchase audit. P-Cardholders and Senior Business Officers should follow these steps to facilitate prospective audits.

  1. Both cardholder and approving supervisor should be familiar with university policies.
  2. 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.
  3. 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).
  4. Review the eStatement for errors. Immediately dispute erroneous transactions via the Citibank portal (registration required).
  5. 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.).
  6. Scan and attach receipts to the appropriate transactions in the eStatement.
  7. 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.
  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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