Internal Controls
Policy on Internal Controls
The policy on internal controls at ULCHS emphasizes critical aspects of financial management. It highlights the importance of separation of duties, pre-approval processes, access controls, and physical asset control to ensure effective governance and risk management.
ULCHS
Banking
Monthly cash and banking transactions are handled with care. They are prepared by the OFS Finance Office & Coordinator, reviewed by the OFS Director, and approved by the ULCHS VP. ULCHS's bank account serves all projects. Additionally, separate accounts are opened per donor request, reflecting a commitment to transparency and accountability in financial operations.
Financial
Reporting
OFS follows rigorous procedures and standards in financial reporting. Financial reports are shared with donors/partners based on required reporting frequency, whether monthly, quarterly, or annually. Internal budget verses actual reports are readily available, and proper documentation practices are emphasized. All project-related documents are filed electronically and in hard copy for thorough record-keeping. Monthly-end closure procedures are meticulously documented, outlining activities, monthly workflow, and the progress of OFS staff, ensuring accuracy and accountability in financial reporting.
Audit
Process
OFS coordinates and leads the annual audit process with transparency and compliance in mind. An approved audit firm conducts the annual external audit, providing an opinion on financial operations. Given that most grants are USG-funded, OFS uses audit firms from the approved list, maintaining credibility and adherence to regulatory standards.
OFS Overview
The Office of Fiduciary Service (OFS) plays a crucial role within the University of Liberia College of Health Sciences (ULCHS), exemplifying a mission and objectives focused on self-reliant and resilient financial and grant management systems.
The ULCHS CTLI is a national public-private-academic hub for research utilization education, training, and collaboration throughout Liberia’s health sector. CTLI provides a long-term institutional home for sustaining programs developed through BRIDGE-U: Applying Research for a Healthy Liberia (BRIDGE-U Liberia) and other funded projects. CTLI also provides a place for faculty, students, policymakers, clinicians, entrepreneurs, and others to gather for project activities and trainings as well as networking and collaboration.
