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Financial Governance

The office of University Facilities Budget and Finance (BFO–The Office) promotes the financial governance process that enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. It consults on strategy and objectives to strike an optimal balance between growth and return goals and related risks. The objective is to strengthen financial management and its leadership, thereby contributing to appropriate stewardship of resources, effective decision-making and efficient policy and compliance delivery. The office advises on internal control best practices that foster effectiveness and efficiency of operations, reliability of financial reporting and compliance with financial expectations, laws and regulations.

The office serves as the liaison with internal and external auditors, providing support during audits of the units within University Facilities & Capital Planning. It also ensures audit recommendations are evaluated and implemented as necessary. Courses of action are recommended for improvement with internal auditors, independent auditors/investigators and/or public accountants in execution of independent audit programs. The office maintains a self-assessment program that reviews internal controls practices and evaluates their effectiveness or need for modification.