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Accounting & Financial Reporting

Fiscal Control and Internal Auditing Act Certification

The Fiscal Control and Internal Auditing Act (FCIAA) is an annual State-mandated certification. The following survey is designed to provide the appropriate information to the University of Illinois System (System) to assist in its response to the FCIAA requirement. It is important to note unit heads and fiscal officers are responsible for ensuring the effectiveness of the fiscal/internal controls in their respective units and for addressing any weaknesses.

The statements in this questionnaire describe a variety of fiscal and administrative controls that should be present in the current operating environment within the unit. Include details of any documented fiscal and/or administrative control weaknesses identified by internal/external auditors, consultants, or other agencies when responding to each statement:

Yes - This control is included in the normal operating practices of my unit, and is applied on a consistent basis
Partial - This control exists in my unit, but may not be applied consistently
No - This control does not exist for my unit
N/A – This control is not applicable in my unit

In completing the questionnaire, a "partial" or "no" response to a statement may indicate a weakness in fiscal and/or administrative controls, and hence an opportunity for improvement. Add comments to describe corrective actions in progress at the unit, requests for guidance/assistance, or to communicate any other information the unit believes is important to understanding the responses. Also use comments to describe the impact and details of documented weakness received from internal/external auditors, consultants, or other agencies.

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Asset Management

Item 1: Changes, transfers, and disposals of  equipment assets are recorded promptly in unit equipment inventory records.
Item 2: University property control labels are promptly affixed to equipment as required by University of Illinois System (System) policies and procedures. 
Item 3: On March 31, May 31, or August 31, 2023 depending on your applicable university submission deadline, the physical biennial inventory was certified and completed as scheduled by the unit in accordance with System policy and procedures.
Item 4: The unit has completed a physical inventory of its merchandise for resale and reconciled the results with its financial record in accordance with established System policies and procedures. Note: Select N/A if your unit does not sell merchandise.
Item 5: Prior authorization and approval in compliance with System policies and procedures and State regulations has been received before physically removing university equipment for disposal or transfer.
Item 6: Cash and checks under the control of the unit are managed in accordance with System policies and procedures established for cash controls. Note: Select N/A if your unit does not handle cash or checks.
Item 7: Funds, property, and other assets and resources (including the University P-Card and T-Card) are safeguarded against waste, loss, unauthorized use, and misappropriation.

Financial Management

Item 8: Financial statements are reviewed each month and appropriate actions are initiated to reconcile transactions to unit records.
Item 9: When required by the University or System Budget Office, or the Office of the Chief Financial Officer, remedial business plans  for clearing deficit balances have been submitted in accordance with System policy and procedure. Note: Select N/A if your unit was not required to submit a plan.
Item 10: Staff responsible for FOAPAL management understand the System policies and procedures related to the use of these funds.
Item 11: In the unit, transactions are reviewed through a documented process for proper FOAPAL usage to ensure appropriate and accurate reporting.
Item 12: Self-supported FOAPALs have been reviewed to determine that they are used only for the purpose originally stated and that the continued use of the FOAPAL is warranted. Note: Select N/A if your unit does not have self-supporting funds.
Item 13: Faculty and staff have been made aware of the rules and regulations for the use of sponsored project funds under their control. Note: Select N/A if your unit does not have sponsored project funds.
Item 14: Under a sponsored project agreement, all expenditures incurred, including payroll expenses, are reviewed for allowability by the principal investigator and the grant administrator or unit administrative staff with suitable means of verification. Note: Select N/A if your unit does not have project funds.
Item 15: On sponsored projects, the performance of subrecipients is monitored to ensure that they are meeting all terms and conditions of their subaward agreements. Note: Select N/A if your unit does not have sponsored project funds or sub-awards.
Item 16: Gift funds receive proper management oversight to ensure that gift funds under the control of the unit are used in accordance with the intent of the donor. Note: Select N/A if your unit does not have gift funds.
Item 17: Faculty and Staff responsible for University P-Card and T-Card use and management understand the System policies and procedures related to the use of these purchasing instruments.
Item 18: Accounts receivable (and appropriate allowance for doubtful accounts) are promptly recorded when services are rendered or merchandise is sold, and unit accounts receivable records are reconciled to the general ledger on a monthly basis. Note: Select N/A if your unit does not have accounts receivable.
Item 19: Encumbrances and costs incurred by the unit and resources available to the unit are utilized efficiently, effectively, and in compliance with System policies and procedures.
Item 20: Revenues, expenditures, and transfers of assets, resources, or funds applicable to operations are properly recorded and accounted for in Banner.

Transactions and General

Item 21: If an internal control weakness has been identified by an internal audit, an external audit or another party such as consulting firm, please respond No to this statement, indicating non-compliance. Please include notes to describe the internal control weakness identified and the status of corrective action. The impact of fiscal/administrative control weaknesses should be reflected in the responses to this FCIAA questionnaire. Note: Select N/A if your unit has not received notification of fiscal/administrative control weaknesses. 
Item 22: The unit has reviewed systems access and approval profiles for each employee to determine if they are appropriate. Accordingly, the unit has modified or removed an employee’s system access due to responsibility changes, job changes, or employment termination.
Item 23: Access to sensitive or confidential information is restricted to faculty and staff who need the information to peform their duties.
Item 24: Faculty and staff who have financial security and approval authority are aware of and accept the responsibility inherent in this authority.
Item 25: Professional service contracts are fully executed prior to services being rendered.
Item 26: University P-Card and T-Card transactions are reconciled and reviewed by apporpiate staffing in accordance with System policies and procedures.
Item 27: Documentation for departmental P-Card and T-Card transactions is properly maintained in accordance with policy and available to support the business purpose and to meet audit requirements.
Item 28: Duties, responsibilities, and system access, within the unit, are properly segregated so there is appropriate review and approval of all transactions. (Adequate segregation of duties translates to no one person performing, having system access, to all the critical elements of initiating, processing, recording, and reconciling financial transactions.)
Item 29: Unit heads or their designee possess an awareness of the relevant statutes, rules, and guidelines governing their unit financial activities. A department/unit head has the overall managerial and fiscal responsibility for the unit.
Item 30: Unit head participates in key decision-making functions including budgets, purchases of expensive goods and services, and the hiring and firing of key employees.
Item 31: Lines of authority and responsibility are clearly understood throughout the unit and should promote segregation of duties. Clear lines of authority facilitate operations and provided accountability.
Item 32: In planning system, university and unit goals and objectives, management uses policy and procedures manuals to communicate goals and objectives. These materials are readily available to all employees outlining methods to be followed to achieve the desired outcomes.
Item 33: Unit employees have appropriate access to reports needed to execute oversight duties. Reports are reviewed by unit head or their designee on a regular basis to monitor business activities, transaction, and financial health.
Item 34: Unit head is provided with explanations of significant variances between budgeted and actual revenues and expenses.

Last Updated: October 25, 2023

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