Policies and Procedures

B0101 Accounting System/Segregation of Duties

Accounting System

The College shall organize and operate its accounting system in accordance with Wisconsin Administrative Code, Chapter TCS 7. The College shall use the Uniform Financial Fund Accounting System established by the Wisconsin Technical College System Board.

Segregation of Duties

State and federal policies require that accounting transactions be authorized according to sound management practices. Segregation of duties is critical because it ensures separation of different functions and defines authority and responsibility over transactions. Segregation of duties is critical to effective internal control; it reduces the risk of both erroneous and inappropriate actions.

The fundamental premise of segregated duties is that an individual should not be in a position to initiate, approve, and review the same action. Also, the accounting/reconciling function, and the asset (e.g., money, inventory) custody function should be separated among employees. These are called incompatible duties when performed by the same individual.

Western Technical College considers the principle of segregation of duties when designing and defining job duties. The College implements and enforces policies and procedures that, to the extent feasible, segregate duties among employees and that include effective oversight of activities and transactions, in order to safeguard the assets of the district.

Revised December 19, 2017
Reviewed November 16, 2004                                                                                                             
Reviewed December 15, 1992
Revised July 10, 1989
Adopted November 28, 1979
Wisconsin Administrative Code, Chapter TCS 7