Indiana University (IU) continues to implement best practices that enhance our institution’s internal control environment. As part of this process, IU has issued a revised sub-certification for all Constituent Reporting Units (CRUs) to complete. The sub-certification process serves two primary objectives:
- To provide reasonable assurance of a sufficient and effective internal control structure which can identify weaknesses in financial processes and systems, and
- To support the EVPFA’s basis for the annual financial attestation by providing reasonable assurance of the underlying financial activity reported in the university’s financial statements.
Currently, IU Policy, Internal Controls (FIN-ACC-470) and the Office of the University Controller (UCO) require sub-certification at the CRU level only. CRUs do have the option to require this sub-certification of the units that comprise the CRU but are not required to submit this level of sub-certification to UCO.
The sub-certification should be reviewed and completed in conjunction with the year-end close process to ensure accuracy and completeness of financial information and internal controls. Once the sub-certification process is completed, the CRU should forward the completed sub-certification to their Campus Controller no later than July 31, 2023. Once the Campus Controller has finished their review of the signed sub-certification, the Campus Controller will forward the completed sub-certification to University Accounting & Reporting Services (UARS), along with other closing materials, by August 15, 2023. UARS will ensure all documents are forwarded to Maggie Harrell, Internal Controls Manager, for further control review.