Financial Affairs Department

The Organizational Structure for The Financial Affairs Department

Headquarters & Branches

22

 

  • The Branch’s Financial Manager is technically followed by The Vice President for Administration and Financial Affairs. 

An overview of the functions and tasks of the Financial Affairs Department:

- Carry out all related tasks on managing financial affairs; implement all relevant regulations and bylaws of the University’s activities. 

- Conduct necessary analyses for scrutinizing the budget proposals of the responsibility centers of the University at the level of the AOU Headquarters (AOU-HQ) and Branches.

- Manage the approved annual budget and oversee its implementation in accordance with all AOU departments and branches; prepare periodic reports for assessing the financial performance and direct towards necessary control procedures.

- Follow up the activity of expending appropriations allocated to each department and branch, and compare them with the planned budget in order to detect and analyze any financial deviations to know the shortcomings and avoid them in future.

- Provide the audit evidence of all AOU financial transactions in accordance with the international financial reporting standards (IFRS).

- Bookkeeping all financial documents and record them in special registries.

- Coordinate with the Procurement Department to implement all procurement procedures; conclude contracts and tenders, and all the requirements of the University.

- Follow a system for financial control and audit to all expenditures commensurate with the AOU Financial System and the international financial reporting standards (IFRS). 

- Bookkeeping, record-keeping, bank accounts opening, and executing any necessary records.

- Activate the internal control procedures regarding receiving, spending, and saving money; record them in daily registries and statements.

- Provide the audit evidence of all different assets of the University and record them in the accounting records to ensure the sufficiency of disclosure and presentation of these assets in the University Financial position statement.

- Prepare periodic financial reports (monthly, quarterly, and annually) related to the University’s activities and all other related additional reports, and submit them to Vice President for the Administrative and Financial Affairs in preparation for presenting them to the University Council, the Executive Committee, and the AOU Board of Trustees.

- Conduct analytical studies that support the administrative decisions related to the investment of financial resources in order to maximize their benefits.

- Prepare a monthly, quarterly and annually cash budget; follow up its implementation to ensure the liquidity necessary to meet financial obligations related to the University's capital expenditure and operating expenditure.

- Provide the External Audit Office with all financial data required for the quarter examine and annual audit in preparation for financial statements for the University; follow up the Management letter attached with the external audit report, and respond on them.

- Follow up and financially supervise the accounts of construction projects of the University buildings; prepare monthly reports on the construction projects.

- Provide all financial data to Internal Audit unit; follow up its reports and respond on them.

- Identify the breakdown of the joint expenditures and the AOU Headquarters' expenditures and charge them Through AOU branches’ current account .

- Prepare bank settlement statements.

- Ensure that tuition revenues obtained by all AOU branches are deposited in the income / revenue account.

- Audit salary tables and coordinate with the Human Resources Department to check out monthly additions and deductions.

- Funding monthly salaries

- Supervise the annual inventory of fixed and circulating assets, and inventory of Educational materials.

- Periodically follow up the evaluation of the financial system (Oracle) in cooperation with the Department of Information Technology to avoid any technical problems or troubles.