Financial Accountability and Control

A series of financial frauds in recent years at companies such as Enron and Worldcom have focused public attention on the quality of financial accountability and control in business organizations. Congress has imposed strict new requirements for public companies that are also “raising the bar” for non-profit organizations such as the University of Utah. Regents, trustees, legislators, credit rating agencies, insurers, and regulators are increasingly soliciting information regarding the University’s policies and procedures in this area, along with evidence that they are adhered to. The purposes of this communication are to emphasize lines of responsibility for financial accountability and control at the University and to discuss fraud deterrence. See Financial Accountability and Control