24 SOP Finance Department

Document Ref.
: Issue Date:
CU/SOP/FIND/24 20th August, 2019
Issue No.: Revision No.:
06 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL RESOURCES MANAGEMENT
CHUKA UNIVERSITY
Standard Operating Procedure
For
Financial Resources Management

(CU/SOP/FIND/24)
Document Review Sheet

The signatures below certify that this Standard Operating Procedure has been reviewed and
accepted, and demonstrates that the signatories are aware of all the requirements contained herein
and are committed to ensuring their provision.
Action Name & Signature Position Date
Prepared & CPA John K. Thuranira Ag. Finance Officer 20.8.2019

Revised by
Reviewed by Prof. D. K. Isutsa Deputy Vice-Chancellor (ARSA)/ISO MR 20.8.2019
Approved by Prof. E. N. Njoka Vice-Chancellor 20.8.2019
Controlled Copy: Circulation Authorized by the Management Representative. Page 1 of 22

Document Ref.: Issue Date:
06 00
Document Title:
CONTENTS
DOCUMENT REVIEW SHEET…………………………………….…….....…………………1
1.0 AMENDMENT RECORD … ................................................................................................ 3
2.0 GENERAL ............................................................................................................................. 4
2.1 PURPOSE .............................................................................................................................. 4
2.2 SCOPE ................................................................................................................................... 4
2.3 REFERENCES ...................................................................................................................... 4
2.4 ABBREVIATIONS ............................................................................................................... 4
2.5 DEFINITIONS ...................................................................................................................... 4
2.6 RESPONSIBILITY............................................................................................................... 4
3.0 ADMINISTRATIVE STRUCTURE ................................................................................... 4
4.0 PROCESSES.. ....................................................................................................................... 6
4.1 Overview ....................................................................................................................... 6
4.2 Process for Accounting for Income .............................................................................. 6
4.3 Process for Processing of Payments ............................................................................. 7
4.4 Process for Budgeting Process ...................................................................................... 8
4.5 Process for Imprest Processing and Surrender.............................................................. 9
4.6 Process for Preparing Financial Accounts and Audit Reports .................................... 10
5.0 RECORDS/RETAINED DOCUMENTED INFORMATION ........................................ 11
6.0 KEY PERFORMANCE INDICATORS/QUALITY OBJECTIVES............................. 12
6.1. Key Performance Indicators………………………………………………………… 12
6.2. Quality Objectives……………………………………………………………………… 12
RISK REGISTER………………………………………………………………………..….. 16
OPPORTUNITIES REGISTER……………………………………………………………. 17
APPENDIX I: PROCESS MAPS..............................................................................................18

06 00
Document Title:
1.0 AMENDMENT RECORD

This Standard Operating Procedure is reviewed regularly to ensure relevance to the systems and
process that it defines. A record of contextual additions or omissions is given below.
Amendment Record Sheet

Amendment Issue Revision Page Subject of Review Revised By Reviewed &
Date No. No. No. /Modification Approved By
20/8/2019 06 00 6 to 10 Added “resources” in all HOD ISO M.R./VC
processes by revising
inputs heading to read
“inputs/resources” and
expanding the section as
necessary
20/8/2019 06 00 11 Revised KPIs in quality HOD ISO M.R./VC
objectives to be
“measurable”
20/8/2019 06 00 11 to Revised quality objectives HOD ISO M.R./VC
16 to distinguish from routine
duties and responsibility, &
infused actions that will
ensure customer
satisfaction
20/8/2019 06 00 17 Revised risks to capture HOD ISO M.R./VC
factually binding and
persistent ones
20/8/2019 06 00 18 Generated stand-alone HOD ISO M.R./VC
Opportunities for the
Department and de-linked
them from Risks

06 00
Document Title:
2.0 GENERAL
2.1 Purpose
The purpose of this procedure is to ensure that the activities of the Finance Department are in
compliance with the International Standard and the CU’s and the Government’s statutory
policies, procedures, International Accounting Standards and other regulations.
2.2 Scope
This procedure applies to and defines the activities carried out by the Finance Department.
2.3 References
 CU Charter, 2013
 CU Statutes, 2014
 CU Strategic Plan, 2017-2022
 Government and Management Circulars
 International Accounting Standards
 ISO 9001:2015 International Standard, Clauses 4 to 10
 CU ISO Quality Management System Manual, 2017
 Public Audit Act, Cap 412
 Public Procurement and Disposal Act, 2015
 State Corporations Act, Cap 446
2.4 Abbreviations
AAC Assistant Accountant. AC Accounts Clerk
ACC Accountant. FO Finance Officer
IAS International Accounting Standards. SAA Senior Accounts Assistant
2.5 Definitions
Ledger: A book in which the monetary transactions are posted in the form of debits and credits.
Payment Voucher: A document containing summary of details for a specific payment.
2.6 Responsibility
The Head of Finance Department has the primary responsibility of ensuring that this procedure is
implemented and remains adequate for its intended purpose and for providing the information
from which the documentation for its processes can be compiled and for initiating action to keep
them up to date. All departmental staff members are responsible for implementing and ensuring
that this procedure is followed.
3.0 ADMINISTRATIVE STRUCTURE

Finance Department is one of the sections in the Division of Administration, Finance, Planning
& Development of the University. The Department’s administrative structure is as follows:


01 00
Document Title:
STANDARD OPERATING PROCEDURE FOR FINANCIAL MANAGEMENT
VICE-CHANCELLOR/VC/CEO
DEPUTY VICE-CHANCELLOR (ADMINISTRATION,

FINANCE, PLANNING & DEVELOPMENT)
(DEPUTY VICE-CHANCELLOR (AF&P)
FINANCE OFFICER
DEPUTY FINANCE OFFICER
SENIOR ACCOUNTANT
OPERATIONS, EXPENDITURE AND BUDGETARY INCOME AND FINANCIAL ANALYSIS

CONTROL DEPARTMENT ACCOUNTANT DEPARTMENT ACCOUNTANT
Cash Office & Creditors, Examination of Payroll Final Accts and Assets Mgt IGU Student Finance
Bank Imprest and 1 AA
documents 1 SAA Mgt Reports 1 SAA 1 AAC, 1 SAA
Reconciliation Vote Control 1 AC
2 SAA 1 AA (1 ACC) 1 AA 1 AA
1 AAC, 2 SAA 1 AA, 1 AC
2 AA, 1 AC
LEGEND:
AAC = ASSISTANT ACCOUNTANT SAA = SENIOR ACCOUNTS ASSISTANT ACC = ACCOUNTANT
AA = ACCOUNTS ASSISTANT AC = ACCOUNTS CLERK

06 00
Document Title:
4.0 PROCESSES
4.1 Overview
The Finance Department is responsible for the University’s activities related to finances. The core
activities of the office include:
(i) Accounting for Income
(ii) Processing of Payments
(iii) Budgeting Process
(iv) Imprest Processing and Surrender
(v) Preparing Financial Accounts and Audit Reports
4.2 Process for Accounting for Income

4.2.1 Source
ISO Departments; Government; CU/SOP/VCIM/01; CU/SOP/DVCF/02
4.2.2 Required inputs/resources

 Income source
 Standards and guidelines
 Resource persons (Experts)
 Stationery
 Suitable working environment
 Facilitation budgets
 Furniture and equipment
4.2.3 Expected outputs

 Recognition of income through issuance of receipts
 Income reports
 Accounting for income
 Issuance of clearance documents
4.2.4 Receivers
ISO Departments; Other payees
4.2.5 Procedure details

No. Description Output Responsibility
1. The customer deposits income in appropriate Bank in slip Customer
University bank accounts and is verified.
Customers = students, bidders and Government
2. Preparation and issuance of receipts for the Receipt Accounts Assistant
income paid by RTGS, cash, bankers’ and CDF
cheques upon presentation of the banking slip
3. Recording of the collections in the relevant Cash summary Cashier
Cash and Deposits registers Cashbook

06 00
Document Title:
4. Balancing and verification of the receipts Cash summary Accountant

written and coded using Daily Cash Summary
Report from the Computerised System.
5. Verification of the receipts in the System and Cashbook statement Accountant
processing cashbook statements.
6. Post the income into the respective ledgers and General ledger Accountant
General Ledger report in the system
7. Preparation of bank reconciliation on a monthly Bank reconciliation Accountant
basis to confirm that all receipts have been report
accounted for and ascertain status of banking
4.3 Process for Processing of Payments

4.3.1 Source
ISO Departments; CU/SOP/PROD/25; other payees

 Invoices
 Supporting documents
 Financial budget
 Stationery

 Payment to customers
4.3.4 Receivers
ISO Departments; Other payees

1. Receipt of paying documents i.e. invoices, Completeness of Finance Clerk
GRNs, LPOs, delivery notes and duly paying documents
approved claims from creditors as follows:
(a) Suppliers: GRNs, Delivery Note,
Requisitions, LPOs and Invoices.
(b) Teaching claims: duly approved claims,
appointment letters, and attendance sheets.
(c) Other Claims: duly signed/approved and
detailing expenditure incurred.
(d) Imprest: duly signed and approved imprest
warrants and supporting documents.

06 00
Document Title:
2. Confirmation of the required documents and Completeness of Creditor Section

appropriate approvals paying documents
3. Preparation of the payment voucher and Printed cheque, Creditors section
cheque printing in computerised system payment voucher
(a) Withheld tax & PAYE are retained
4. Examination and endorsement of the Validity of payment Examination
payments section/FO
5. Recording the documents and forwarding to Cheque movement Finance Clerk
internal auditor for verification register
6. Receiving from internal auditor, recording Cheque movement Finance Clerk
the documents and forwarding to at least two register
authorised signatories
7. Issuance of the cheques to the payees upon Cheque issuance Finance Clerk
identification register
4.4. Process for Budgeting Process

4.4.1 Source
Government; MoE; CU/SOP/VCIM/01; CU/SOP/DVCF/02

 Departmental budget proposals
 Stationery

 Approved budget estimates
4.4.4. Receivers
Government; MoE; CU/SOP/VCIM/01; CU/SOP/DVCF/02; ISO Departments

1 Proposed Departmental budgets are prepared Forwarding memos HODs
in line with Management and Government
guidelines and submitted to the University
Finance Department
2 Consolidation of all anticipated income and Proposed university FO
expenditures into the various expenditure budget
and income votes to prepare a proposed
University budget.

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Document Title:
3 The proposed budget is presented to the Management FO

Management for discussion and approval. minutes
4 Presentation of the proposed budget to the Approved budget VC/CEO
Finance, Farms, General Purpose and estimates
Enterprise Company Committee and the
Council for discussion and approval.
5 Submission of the University budget to the Forwarding VC/CEO
Ministry of Education and the National letter/memo
Treasury by the due dates
6 The Government releases annual approved Budget estimates National Treasury/
budgetary estimates before end of June MOE
7 Submission of rationalised budget to Council Approved budget VC/CEO/FO
for final discussion and approval. Council minutes
8. The Management allocates the budget to Allocation schedule FO
various vote holders and Departments for
implementation and control.
9. The allocated budget is issued to the Notification of FO
Departments for use in making requisitions allocated budget
4.5. Process for Imprest Processing and Surrender

4.5.1 Source
ISO Departments; employees; CU/SOP/RADP/04

 Approved expenditure requests
 Imprest application form
 Financial budget

 Payment of imprest
 Fully surrendered imprest
4.5.4 Receivers
Top Management; CU/SOP/CVIM/01; CU/SOP/DVCF/02; CU/SOP/IAUD/26

1 The user submits application letter to incur Approved request to VC/Deputy Vice-
expenditure explaining the purpose for the incur expenditure Chancellors
imprest, if valid, approval is granted

06 00
Document Title:
2 The user applies for imprest based on the Imprest warrant User
approval issued
3 Forwarding of the imprest warrant to Processed payment Creditors section
Finance department for processing of
payment
4 Debtors section confirms that the applicant Processed payment Debtors section
has no outstanding imprest and that the
expenditure is properly authorised
5 Accountants process the payment once Processed Accountant
approval is granted from debtors section Cheque/Voucher
6 After accomplishing the task for which the Surrender form Imprest holder
imprest was requested, the applicant prepares
an imprest surrender form and attaches a
copy of the approved memo and receipts to
account for expenditure.
a) Applicant requests reimbursement via a
letter in case over-expenditure is incurred
b) If there is under-expenditure, the
applicant banks the balance in the
relevant CU bank account before
processing the imprest surrender.
7 The surrender form is authorized by the Approved surrender HOD/Registrar
HOD, approved by the Registrar (A&P) and form (AP) and Internal
finally checked by the Internal Auditor. Auditor
8 Debtor staff assigns a surrender number Surrender statement Accountant
generated by the computerized accounting
system to the surrender form and the relevant
journal entries are captured.
(a) The applicant is no longer held as a
debtor to the University
9 A list is compiled of imprest defaulters, Imprest debtors Debtors section
within stipulated period, and send to salaries schedule
section to recover from the payroll.
4.6 Process for Preparing Financial Accounts and Audit Reports

4.6.1 Source
Government; MoE; CU/SOP/VCIM/01; CU/SOP/DVCF/02
4.6.2 Required inputs

 Resource persons (Experts
 Stock sheets

06 00
Document Title:
 Fixed asset register


 Financial statements
4.6.4 Receivers
Government; MoE; Council; CU/SOP/VCIM/01; CU/SOP/DVCF/02

1 Capturing and recording data on income and General ledger Accountants
expenditure into various books of account
2 End of the year stock taking to ascertain the Stock take sheets Accountants/
value of inventory is done at the end of every Procurement
financial year
3 Checking various IGUs accounts to ascertain IGUs income Accountants
profits as at the closure of financial year statements
4 Submission and presentation of a complete Management Finance Officer
set of accounts to the University minutes
Management for discussion
5 Submission and presentation of the Annual Approved financial VC/CEO
Report and Financial Statements to the statements
Council for discussion and approval
6 Submission of approved accounts to Auditor Audited accounts VC/CEO/FO
General to prepare for audit as required by
the Exchequer and Audit Act (2003).
7 After Audit accounts are submitted to the Finance Officer
Ministry of Education & National Treasury.
5.0 RECORDS/RETAINED DOCUMENTED INFORMATION

(i) Memos
(ii) CDF/Sponsors notifications
(iii) HELB notifications
(iv) Online bank statements
(v) Cheques
(vi) Bank statements and bank reconciliation statements
(vii) Project payment certificates
(viii) Payment vouchers
(ix) Fixed asset register and stock-take schedules
(x) Creditor’s ledger and debtors’ ledger

06 00
Document Title:
6.0 KEY PERFORMANCE INDICATORS/OBJECTIVES

6.1. Indicators
Annual Financial Reports
Annual Budgetary Allocation
Accurate, complete and timely Payments
Quarterly Financial Reports
Number of customers served
Number of complaints resolved
Number of audit queries resolved
6.2. Quality Objectives

Linked Strategic Objective(s)
SO 15: Institution of Prudent Management of Financial Resources
SO 27: Compliance with Statutory Requirements
Quality Objective
1. To submit annual financial statements by 30th September after the closure of every Financial
Year to the Auditor General’s Office, and quarterly financial reports by 15th day after the end of
every quarter to the National Treasury and the Ministry of Education with no audit queries
Strategies
Improve financial management systems
Reconcile and compile financial records regularly
Strengthen financial management control systems
Allocate adequate and competent staff in the preparation of financial reports
Responsibility Resources Required Timeline Measure of Success (KPIs)
Finance Officer Expenditure documents Annually Number of annual financial
Income documents statements, quarterly and annual
Competent personnel audit reports with no queries
Review dates: Quarterly
SO 14: Expansion of the University’s Financial Resource Base
Quality Objective
2. To increase budgetary allocations to Departments by 5% annually as opposed to 1% annually
Strategies
Rationalize budgets for all the budgeted activities based on submitted departmental budgets
Consolidate the departmental budgets into the corporate budget
Finance Officer Accountants July each year Percentage increase in
Head of Departments Departmental budgetary
allocations

06 00
Document Title:

SO 24: Development and Projection of a Positive Image of the University
Quality Objective
3. To process all approved payment requests within two days down from four days from the date
of receipt in Finance Department
Strategies
Monitor payment logs on regular basis
Scrutinize supportive documents and process payments as appropriate
Finance Officer Payment requests 2 days from Processed payments
Internal Audit Necessary payments the date of
attachments receipt
Review dates: Weekly
SO 30: Development of Motivated Staff
Quality Objective
4. To payment staff salaries by 2nd day down from 5th day of the following month
Strategies
Monitor payroll changes on daily basis
Assign competent personnel to process the payroll on monthly basis
Allocate adequate budget for payment of salaries
nd
Finance Officer Pay Change Advices 2 day of the Paid salaries
Registrar (A&P) Approved payment following Submitted payroll statutory
instructions month deductions
Review dates: Daily
Quality Objective
5. To attend to all audit queries within 5 days down from 7 days after receipt of queries from the
external auditor.
Strategies
Monitor income and expenditure (cash flow) regularly
Implement prioritised projects
Settle approved invoices as stipulated
Perform follow-up activities and ascertain closure
Finance Officer Audit queries As presented Resolved audit queries

06 00
Document Title:
PFM Act/Finance
Manual
Review dates: As presented
Quality Objective
6. To ensure that the University approved budget is adhered to and absorbed 100% up from 90%
every Financial Year
Strategies
Disseminate allocated budget to vote holders
Train staff on financial management practices and requirements
Allocate and communicate budgetary provisions to the respective departments
Finance Officer Competent personnel for Annually Fully absorbed budget report
DVC (AFPD) budget preparation
Necessary tools and
equipment
Quality Objective
8. To respond to all customer complaints within one (1) week down from two (2) weeks from
time of receipt.
Strategies
Monitor customer complaints and complements on a daily basis
Review reports, statements and finings and prepare response
Dispatch resolved responses
Finance Officer Complaints register Weekly Number of resolved complaints
Public Complaints
Policy
Competent personnel to
handle complaints
Review dates: Weekly
SO 25: Maintenance and Improvement of Quality Assurance
SO 26: Improvement of Productivity, Efficiency and Effectiveness

06 00
Document Title:
Quality Objective
9. To update the University’s asset register to safeguard against losses once per month down
from once per quarter
Strategies
Identification of University assets through coding
Revaluation of fully depreciated assets
Disposal of obsolete assets
Finance Officer Provision of tags for Annually Number of tagged assets
Procurement tagging assets
Officer Asset register
Review dates: Continuous
Risk Identification table

Department: Finance. Project Name: Financial Management. Code Name: CU/SOP/FIND/24
S Risk Source Impact (What is the impact of
N (How can the risk occur) the risk occurring)
1 Payment of Failure to vet documents Loss of funds
fictitious claims Collusion to defraud
2 Loss of cash in Theft Failure to fulfil projects/ financial
transit obligations
3 Theft of cash in Fraud/Collusion Loss of funds
office Weak security measures
4 Inflation General increase of prices of Loss of value of money
goods and services
5 Failure to meet Delays in availing of data Heavy penalties
statutory deadlines Litigations
Risk Identification Key

Likelihood Consequence Raw Risk (Likelihood x consequence)
1: Low, very unlikely less 1: insignificant, consequences are very 1 - 3: Low, managed within existing
than 10% chance of low, can lead to nil/minor disruptions (1 controls, monitor annually
occurring day), leads to no financial loses
2: Medium, possible 20% 2: Moderate, consequences are moderate, 4 - 6: Medium, evaluate efficiency of
- 60% chance of occurring disruption can be up to a week, financial existing controls or implement
loss can be up to $10,000 mitigation plan, monitor quarterly or 6
monthly
3: High, likely to almost 3: Serious, consequences are adverse, can 7 - 9: High, implement mitigation plan
certain 70% - 100% lead to legal prosecutions, media immediately, escalate to senior
chance of occurring coverage, investigation by statutory body, management, monitor weekly or
complete loss of service delivery or monthly
financial loss of > $ 100,000


01 00
Document Title:
RISK REGISTER
Note for monitoring, the responses are: What = risk described. Why = prevent/correct consequence. How = mitigations/controls. Who = risk owner.
Department: CU/SOP/FIND/24 – Finance Office
Procedure/Project/Process Name: Finance Management August 20.2019

Risk Risk Likelihood Consequence Potent Risk Mitigations/Controls Risk Monitoring Actual Risk
name/description Consequences (L) of risk (C) of risk (LxC) (Opportunity source) Owner (when)
LA CA RI=LA RR%= EC%
*CA RI/PR
Payment of Loss of income 2 2 4 Thorough examination of FO 1 1 1 25% 75%
fictitious expenses all documents before Daily
payment
Loss of cash in Legal suits 2 3 6 Escort of cash in transit FO Daily 1 2 2 33% 67%
transit Failure to meet Impromptu checks on
financial cashiers and guards
obligations Cashless transactions
Provision of insurance
Theft of cash in the Loss of income 1 2 2 Impromptu check on safe FO Daily 1 1 1 50% 50%
office keeping practices
Inflation Depreciation, 1 2 2 Opening a foreign currency FO Daily 1 0 0 0% 100%
high prices account
Failure to meet Penalties 2 2 4 Strict adherence to statutory FO Monthly 2 1 2 50% 50%
statutory deadlines Litigation deadlines
Key: LA= Likelihood achieved. CA= Consequence achieved. RI= Risk incidences encountered. RR% = Residual Risk EC (%) = Effectiveness of Control
Potent Risk (PR): Refers to potential raw risk that is anticipated. EC% = 100% - RR%


01 00
Document Title:
Opportunities table
SN Opportunities Action plan Time line Effectiveness
01 Existence of National and Source for funding from Once a year 100%
County Governments National Government
through budget proposals
Encourage needy students Once a year 100%
to seek bursaries from
both County and National
Governments
02 Existence of potential Develop a budget to apply Once a year 100%
donors and funding/grant for agency/donor grants
agencies
03 Availability of scholarships Sensitize and encourage Every 100%
and fellowships students to apply for semester
available scholarships and
fellowships
04 Community goodwill Collaborate with the Continuous 90%
support community in support of
needy students and
expansion of infrastructure
05 Increasing demand for Developing competitive Continuous 100%
higher education and fees structures for new
professional programmes programmes
06 Linkages with business and Develop MOUs with Continuous 70%
industry partners various financial
institutions for efficient
cash collection
arrangements
07 Demand for establishment Sensitize and encourage Continuous 100%
of Campuses in other students in new campuses
regions to seek for available
funding opportunities
08 Existence of Alumni Partner with alumni and Annually 50%
Association and Philanthropists to raise
Philanthropists funds to develop
University facilities

06 00
Document Title:
APPENDIX I: PROCESS MAPS
i. Accounting for Income

RESPONSIBILITY ACTION
Start
CASHIER Receive of Income
Prepare and Issue

receipts
Balance and verify

daily collections
ACCOUNTANT IN-CHARGE, CASH OFFICE

NO
Correct?
YES
Update Cashbooks
/students’ statements
Prepare Bank
Reconciliation
FINANCE OFFICER, ACCOUNTANTS
Post to General Ledger
Stop

06 00
Document Title:
ii. Procedure for processing of Payments
Start
Receive and Record

CLERK/SECRETARY, ACCOUNTANTS Documents
Verify Documents
and approvals
NO Return to
Valid? source
ACCOUNTANT IN CHARGE, CREDITORS
SECTION
YES
Prepare Payment
voucher and Cheque
Examine the payment
Forward to Internal
FINANCE OFFICER, ACCOUNTANTS Audit and Signatories
Stop

06 00
Document Title:
iii. Budgeting Process

FINANCE OFFICER
Start
Receive
Departmental
Budget proposals
ACCOUNTANT IN CHARGE, VOTE

BOOK SECTION Consolidate dept.
Budget Proposals
Management Board
FINANCE OFFICER
NO
Approved?
YES
University Council
NO
Approved?
YES
Ministries
Rationalise Budget
Allocation to dept. for

implementation
Stop

06 00
Document Title:
iv. Imprest Processing and Surrender

Start
Raise Imprest
IMPREST APPLICANT
Warrant
VICE-CHANCELLOR/ DEPUTY VICE-

CHANCELLORS Approved &
NO
ACCOUNTANT IN CHARGE, Funds
DEBTORS SECTION Available?
YES
YES Outstanding
imprest?
NO
FINANCE OFFICER, ACCOUNTANTS
Process payment
Prepare Imprest
Surrender Claim
NO
Approved?
YES
Clear debtor
Stop

06 00
Document Title:
v. Preparation of Financial Accounts and Audit Reports
Start
Post Income and

Expenditure data to
General Ledger
ACCOUNTANTS IN CHARGE:
FINANCIAL REPORTS, ASSETS AND Conduct Asset Count
CASH OFFICE SECTIONS
Prepare Accounts
University
Management Board
University Council
NO
Approved?
YES
FINANCE OFFICER Forward to Auditor

General
NO
Audited?
YES
Relevant Ministries
Stop

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Document Ref.

Standard Operating Procedure

Financial Resources Management

Document Review Sheet

Action Name & Signature Position Date

Prepared & CPA John K. Thuranira Ag. Finance Officer 20.8.2019

Approved by Prof. E. N. Njoka Vice-Chancellor 20.8.2019

Controlled Copy: Circulation Authorized by the Management Representative. Page 1 of 22

Controlled Copy: Circulation Authorized by the Management Representative. Page 2 of 22

1.0 AMENDMENT RECORD

Amendment Record Sheet

Controlled Copy: Circulation Authorized by the Management Representative. Page 3 of 22

3.0 ADMINISTRATIVE STRUCTURE

Controlled Copy: Circulation Authorized by the Management Representative. Page 4 of 22

CU/SOP/FIND/24 30th August, 2017

DEPUTY VICE-CHANCELLOR (ADMINISTRATION,

DEPUTY FINANCE OFFICER

OPERATIONS, EXPENDITURE AND BUDGETARY INCOME AND FINANCIAL ANALYSIS

Controlled Copy: Circulation Authorized by the Management Representative. Page 5 of 22

4.2 Process for Accounting for Income

4.2.2 Required inputs/resources

4.2.3 Expected outputs

4.2.5 Procedure details

Controlled Copy: Circulation Authorized by the Management Representative. Page 6 of 22

4. Balancing and verification of the receipts Cash summary Accountant

4.3 Process for Processing of Payments

4.3.2 Required inputs/resources

4.3.3 Expected outputs

4.3.5 Procedure details

Controlled Copy: Circulation Authorized by the Management Representative. Page 7 of 22

2. Confirmation of the required documents and Completeness of Creditor Section

4.4. Process for Budgeting Process

4.4.2 Required inputs/resources

4.4.3 Expected outputs

4.4.5 Procedure details

Controlled Copy: Circulation Authorized by the Management Representative. Page 8 of 22

3 The proposed budget is presented to the Management FO

4.5. Process for Imprest Processing and Surrender

4.5.2 Required inputs/resources

4.5.3 Expected outputs

4.5.5 Procedure details

Controlled Copy: Circulation Authorized by the Management Representative. Page 9 of 22

4.6 Process for Preparing Financial Accounts and Audit Reports

4.6.2 Required inputs

Controlled Copy: Circulation Authorized by the Management Representative. Page 10 of 22

 Fixed asset register

4.6.3 Expected outputs

4.6.5 Procedure details

5.0 RECORDS/RETAINED DOCUMENTED INFORMATION

Controlled Copy: Circulation Authorized by the Management Representative. Page 11 of 22

6.0 KEY PERFORMANCE INDICATORS/OBJECTIVES

6.2. Quality Objectives

Controlled Copy: Circulation Authorized by the Management Representative. Page 12 of 22

Linked Strategic Objective(s)

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Controlled Copy: Circulation Authorized by the Management Representative. Page 14 of 22

Risk Identification table

Risk Identification Key

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CU/SOP/FIND/24 30th August, 2017