University of Mosul Policy on Financial Reporting

University of Mosul Policy on Financial Reporting

1. Title

Policy on the Preparation and Publication of Financial Reports – University of Mosul

2. Purpose / Objectives

This policy aims to:

  • Ensure transparency and credibility in presenting the university’s financial position.

  • Strengthen financial and administrative accountability.

  • Support strategic decision-making based on accurate and up-to-date financial data.

  • Comply with national laws and international financial reporting standards.

3. Scope

This policy applies to all colleges, administrative departments, research units, and centers affiliated with the University of Mosul. It covers all revenues, expenditures, investments, and grants.

4. Principles / Commitments

  1. Transparency: Provide clear and understandable financial reports to stakeholders.

  2. Accountability: Require all departments to use resources efficiently and effectively.

  3. Compliance: Adhere to Iraqi laws, ministerial instructions, and International Financial Reporting Standards (IFRS).

  4. Accuracy and Objectivity: Prepare reports based on verified and audited data.

  5. Timeliness: Issue financial reports regularly according to defined schedules.

5. Procedures / Implementation Mechanisms

  • Report Preparation:

    • Produce monthly, quarterly, and annual financial reports.

    • Include data on revenues, expenses, assets, and liabilities.

  • Internal and External Auditing:

    • Subject all reports to internal review by the Audit Unit.

    • Conduct an annual external audit by an independent accounting body to ensure integrity.

  • Publication and Disclosure:

    • Submit reports to senior management and the Ministry of Higher Education.

    • Publish annual financial summaries for staff, students, and stakeholders on the university’s official website to promote transparency.

  • Continuous Improvement:

    • Enhance digital accounting systems to improve accuracy and efficiency.

    • Provide staff training on best accounting practices.

6. Responsibilities

  • University Presidency: Provide final approval of financial reports.

  • Finance Department: Prepare and draft reports in accordance with standards.

  • Internal Audit Unit: Review and verify data accuracy.

  • Academic and Administrative Units: Submit accurate and timely financial data.

7. Monitoring and Evaluation

  • Conduct quarterly assessments of the quality and accuracy of financial reports.

  • Prepare an annual report comparing financial performance with the planned budget.

  • Track internal and external audit findings and implement recommendations.

8. Review and Updates

This policy shall be reviewed every three years, or upon the issuance of new legislative or ministerial instructions, to ensure alignment with best practices.

9. Link to Global Goals (SDGs)

  • Goal 16: Promote effective, accountable, and transparent institutions.

  • Goal 17: Strengthen partnerships for sustainable development through transparent financing.

Approved by: Presidency of the University of Mosul.

Last updated: 24-12-2024.