Financial Systems Training SAS 115 Overview

SAS 115 Overview Statements on Auditing Standards (SAS) are issued guidelines from the Auditing Standards Board (ASB). The SAS 115 is a form designed to ensure a set of internal control procedures related to matter identified in a previous Audit. SAS 115 has three major components for review: General Ledger Summary General Ledger Transaction Verification Payroll Expense Importance of SAS 115 Implemented as the result of an Audit Signatures reflect that the manager has reviewed all of the three major areas of concern and that the charges are correct If Audit is triggered, managers are responsible for outcome The SAS 115 form came as a result from an audit in the past. The SAS 115 is a set of issued guidelines formed by the Auditing Standards Board.

SAS 115 Overview

General Ledger Summary Review Serves as a set of checks and balances from the summary level that the expenses flowing through your division are accurate Must be checked each month Verified by the managers signature GL Sum by Account L4 Budsum: Summarizes expenses by BFS Account GL Sum Monthly Expense: Shows your expenses year to date GL Sum Two Year Actuals: Used as a comparison on how this years actuals compare to last

General Ledger Transaction Review Serves as a set of checks and balances for each transaction that has hit your divisions books Must be checked each month Verified by the managers signature GL Detail: Summarizes expenses by BFS Account and then each transaction that took place in the account Transaction Types: Voucher: regular transactions processed through the BearBuy system Journal: transactions initiated by campus (payroll, utilities, etc) or corrections by your financial analyst P-Card: Charges that have been made by a Purchase Card

Payroll Expense Review Serves as a set of checks and balances from the summary level that the payroll related expenses flowing through your division are accurate Must be checked each month Verified by the managers signature BAIRS GL CustomerReport: Used as a simple method of checking to see if the employees listed should be a part of your divisions payroll. BIS PPS Expense Detail Curr: Provides detail for each employee that is a part of your payroll including hourly rate, hours worked, payroll gross and benefits gross.

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