VC Finance Quarterly Reporting Processes

 

VC Finance Quarterly Reporting

Reporting Process

Key Controls

Management Reporting

External Audit Activity

Financial Reporting Review

System Access Review

Quarterly Variance Reports

Flash Forecast

Due

Q1: October 31

Q2: January 31

Q3: April 30

Q4: August 21 (FY18)

Q1: October 31

Q2: January 31

Q3: April 30

Q4: August 21 (FY18)

Within 10 days of reports sent out to Deans.

Q1: Due October 31

Q2: Due January 31

Q3: Full forecast - as part of budget submittal

Q4: Nothing due

Q1: September 4

Q2: December 3

Q3: March 1

Q4: June 1

Managed by

Controller’s Office

Controller’s Office

Financial Planning & Analysis

Financial Planning & Analysis

Controller’s Office

Contact

Financial Accounting & Controls team at gao@berkeley.edu

BFS Security team at secbfs@berkeley.edu

Director of Financial Reporting & Analysis Heidi Hallett at hhallett@berkeley.edu

Financial Planning & Analysis team at dfl_concierge@berkeley.edu

Financial Accountant Natalia Lau at natalialau@berkeley.edu

Reporting Level

L3

L3

L3

L3

L3

Link to instructions

Division Key Controls

Quarterly Variance Reports

Flash Forecast

External Audit Activity

Financial Reporting Review

System Access Review

Submitted via

Access Box via an individual’s network username and password to login

Approvals submitted in BFS: Login to https://bfs.is.berkeley.edu and navigate to CAL Components>Security>System Access Review>Review Report

Director of Financial Reporting & Analysis Heidi Hallett at hhallett@berkeley.edu

Financial Planning & Analysis team at dfl_concierge@berkeley.edu

Financial Accountant Natalia Lau at natalialau@berkeley.edu

Notes:

  • Processes not listed here include the PI Portfolio review, which occurs on a monthly basis.
  • The dates listed in this table are best estimates and are subject to change.

Quarterly Review and Quarterly Variance Analysis

The financial reporting review provides assurance that financial reporting of actual results is complete, accurate and valid, detects material misstatements for correction. The quarterly variance analysis and flash forecast allow divisions to course correct throughout the year, deliver transparent reporting, and improve the quality of actual, budget, and forecast data.

Learn more in the slides that Financial Accounting & Controls Director Lisa Vanderfin shared at the June 2017 DFL Forum.