Can Certifications Help?
With regard to accountability, control, and transparency, a session on financial subcertifications featured two multifaceted organizations. Session presenters were Charles Chaffin, chief audit executive and systemwide compliance officer for the University of Texas System, Austin, and Jay Bounty, controller at Harvard University, Cambridge. While the environments at UTS and Harvard are both highly decentralized, their approaches to subcertification couldn’t be more different; yet together they provide some tips for effective processes. The University of Texas System UTS is a large, diverse, complex public system encompassing 15 institutions, 190,000 students, 80,000 faculty and staff, $36 billion in assets, a $10 billion operating budget, six hospitals, $1.8 billion in research, and five Division I NCAA programs. The system has eight accounting systems and no uniform chart of accounts. About 20 years ago, Texas state auditors began auditing the state as a whole rather than auditing indi
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