1. Financial Systems Training
SAS 115 Overview

2. 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.

3. SAS 115 Overview

4. 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

5. 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

6. 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.

7. Questions?