{"id":78242,"date":"2025-09-29T11:02:40","date_gmt":"2025-09-29T11:02:40","guid":{"rendered":"https:\/\/uomosul.edu.iq\/en\/?page_id=78242"},"modified":"2025-09-29T11:42:26","modified_gmt":"2025-09-29T11:42:26","slug":"university-of-mosul-policy-on-financial-reporting","status":"publish","type":"page","link":"https:\/\/uomosul.edu.iq\/en\/university-of-mosul-policy-on-financial-reporting\/","title":{"rendered":"University of Mosul Policy on Financial Reporting"},"content":{"rendered":"

University of Mosul Policy on Financial Reporting<\/strong><\/p><\/h1><\/div><\/div><\/div>

University of Mosul Policy on Financial Reporting<\/strong><\/p>\n

1. Title<\/strong><\/p>\n

Policy on the Preparation and Publication of Financial Reports \u2013 University of Mosul<\/p>\n

2. Purpose \/ Objectives<\/strong><\/p>\n

This policy aims to:<\/p>\n

    \n
  • \n

    Ensure transparency and credibility in presenting the university\u2019s financial position.<\/p>\n<\/li>\n

  • \n

    Strengthen financial and administrative accountability.<\/p>\n<\/li>\n

  • \n

    Support strategic decision-making based on accurate and up-to-date financial data.<\/p>\n<\/li>\n

  • \n

    Comply with national laws and international financial reporting standards.<\/p>\n<\/li>\n<\/ul>\n

    3. Scope<\/strong><\/p>\n

    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.<\/p>\n

    4. Principles \/ Commitments<\/strong><\/p>\n

      \n
    1. \n

      Transparency<\/strong>: Provide clear and understandable financial reports to stakeholders.<\/p>\n<\/li>\n

    2. \n

      Accountability<\/strong>: Require all departments to use resources efficiently and effectively.<\/p>\n<\/li>\n

    3. \n

      Compliance<\/strong>: Adhere to Iraqi laws, ministerial instructions, and International Financial Reporting Standards (IFRS).<\/p>\n<\/li>\n

    4. \n

      Accuracy and Objectivity<\/strong>: Prepare reports based on verified and audited data.<\/p>\n<\/li>\n

    5. \n

      Timeliness<\/strong>: Issue financial reports regularly according to defined schedules.<\/p>\n<\/li>\n<\/ol>\n

      5. Procedures \/ Implementation Mechanisms<\/strong><\/p>\n

        \n
      • \n

        Report Preparation<\/strong>:<\/p>\n

          \n
        • \n

          Produce monthly, quarterly, and annual financial reports.<\/p>\n<\/li>\n

        • \n

          Include data on revenues, expenses, assets, and liabilities.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

        • \n

          Internal and External Auditing<\/strong>:<\/p>\n

            \n
          • \n

            Subject all reports to internal review by the Audit Unit.<\/p>\n<\/li>\n

          • \n

            Conduct an annual external audit by an independent accounting body to ensure integrity.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

          • \n

            Publication and Disclosure<\/strong>:<\/p>\n

              \n
            • \n

              Submit reports to senior management and the Ministry of Higher Education.<\/p>\n<\/li>\n

            • \n

              Publish annual financial summaries for staff, students, and stakeholders on the university\u2019s official website to promote transparency.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

            • \n

              Continuous Improvement<\/strong>:<\/p>\n

                \n
              • \n

                Enhance digital accounting systems to improve accuracy and efficiency.<\/p>\n<\/li>\n

              • \n

                Provide staff training on best accounting practices.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                6. Responsibilities<\/strong><\/p>\n

                  \n
                • \n

                  University Presidency<\/strong>: Provide final approval of financial reports.<\/p>\n<\/li>\n

                • \n

                  Finance Department<\/strong>: Prepare and draft reports in accordance with standards.<\/p>\n<\/li>\n

                • \n

                  Internal Audit Unit<\/strong>: Review and verify data accuracy.<\/p>\n<\/li>\n

                • \n

                  Academic and Administrative Units<\/strong>: Submit accurate and timely financial data.<\/p>\n<\/li>\n<\/ul>\n

                  7. Monitoring and Evaluation<\/strong><\/p>\n

                    \n
                  • \n

                    Conduct quarterly assessments of the quality and accuracy of financial reports.<\/p>\n<\/li>\n

                  • \n

                    Prepare an annual report comparing financial performance with the planned budget.<\/p>\n<\/li>\n

                  • \n

                    Track internal and external audit findings and implement recommendations.<\/p>\n<\/li>\n<\/ul>\n

                    8. Review and Updates<\/strong><\/p>\n

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

                    9. Link to Global Goals (SDGs)<\/strong><\/p>\n

                      \n
                    • \n

                      Goal 16<\/strong>: Promote effective, accountable, and transparent institutions.<\/p>\n<\/li>\n

                    • \n

                      Goal 17<\/strong>: Strengthen partnerships for sustainable development through transparent financing.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div><\/div>

                      <\/div><\/div>
                      <\/span><\/div><\/div><\/div>
                      <\/span><\/div><\/div><\/div>

                      Approved by: Presidency of the University of Mosul.<\/p>\n

                      Last updated: 24-12-2024.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":72,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-78242","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/pages\/78242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/users\/72"}],"replies":[{"embeddable":true,"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/comments?post=78242"}],"version-history":[{"count":2,"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/pages\/78242\/revisions"}],"predecessor-version":[{"id":78245,"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/pages\/78242\/revisions\/78245"}],"wp:attachment":[{"href":"https:\/\/uomosul.edu.iq\/en\/wp-json\/wp\/v2\/media?parent=78242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}