Development Plan - Accounting Office

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I – BACKGROUND
The UEP Accounting office is considered to be one of the important units of the institution. The office establish and maintains, on behalf of the administration, an accurate accounting system, develo9ps a sound internal accounting controls to safeguard the university assets from loss through unauthorized use or disposition and assume the proper recording of financial transactions in accordance with Governmental Generally Accepted Accounting Principles (GAAP).

The Accounting office is situated on the first floor-leftwing of the UEP-Administration building. The unit is headed by a young, brilliant, and dynamic man, with sixteen (16) competent employees under his supervision, who in their own way manage to be an asset of the university. The staff interacts on a daily basis with other departments within the Finance and Administrative area, such as the Budget Office, Cashiers Office, Supply Office, Office of the President, Office of the Resident Auditor and other administrative campus wide.

The Accounting office provides numerous services in support of the finance activities of the University. These services are beneficial to a wide variety of constituents including students’ financial staff, executive management, trustees, auditors, etc. Listed below are examples of services:

1) Daily monitoring, and verifying of the accuracy of the finance system to protect the integrity of financial records (an example of the main services the office is rendering). This ensures that the finance system is accurate and that up-to-date information is available for users making account inquiries and fiscal decisions. It provides reliable information for reporting purposes and enables the university to avoid audit findings. 2) Reconciling all bank accounts and other selected general ledger accounts on a regular basis is also a concern of the office. Bank accounts are reconciled to ledger balances so that the university’s actual cash position is known, in order that all charges or deposit to the bank are reflected in the university’s accounting system, and to satisfy accounting and auditing requirements. 3) Conducting internal audit and control functions. Provide feedback about strengths and weaknesses of a program and level of compliance with policies and procedures. 4) Accounting for the university’s fixed assets (equipment and plant assets) 5) Ensures proper recording, safeguarding, and valuation of fixed assets, and provides reliable information needed to make decision. 6) Reviewing transactions, including receipts, disbursements and other related entries, preparing cash flow analysis for individual accounts as well as for the university, and assisting in detecting any errors. 7) Coordinating, scheduling, processing, and other activities related to the year-end close out process in preparation for the new fiscal year. This enables all necessary year-end transactions to be processed on a timely basis and ensures the smooth transaction from one accounting year to the next. 8) Evaluating alternative accounting procedures for existing and new programs and issues. To reduce risk to the university, and decreases chance of audit criticism. 9) Preparing and maintaining internal and external financial reports. II – RATIONALE OF THE PLAN

The three-year development plan of the UEP-Accounting office focuses on the immediate needs of the office in order to serve best its constituents. Like any organization, the accounting unit wanted to improve its service to meet its mission, vision and goal. The office believes that there is a need for awareness on the changing environment so as to be more competitive.

The plans laid down by the office are actually a product of observation from the people in the accounting office. The plans have been discussed on how the office will come up with strategies to achieve them for a three-year time frame.

III – MISSION
To work with utmost devotion and...
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