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Financial Roles & Responsibilities

University of Waterloo

Conceptual framework for business and financial processes

Overriding principles

  • The University operates in a decentralized environment in terms of decision making and a centralized environment in terms of establishing accounting standards, policies, procedures and financial systems
  • All University departments (includes Faculties, academic and academic support departments, schools, centres and institutes) are responsible for compliance with financial policies, procedures and sponsor guidelines to ensure accountability and protect the University’s reputation
  • Finance is accountable for the General Ledger
  • The General Ledger stores high level information to meet external and internal reporting requirements
    • Detailed transactions are stored in sub-ledgers which feed summary information into the General Ledger, where applicable
    • Adjustments to the General Ledger are kept to a minimum to maintain the control framework and data integrity
    • Corrections are processed through the appropriate sub-ledger, where applicable

Roles and responsibilities

January 2012