Updated Financial Authority Limits
The University’s Financial Regulations are underpinned by our Financial Authority Limits, which ensures that appropriate levels of control /oversight exist for all categories of financial transactions and are effectively adhered to.
As our previous set of Financial Authority Limits had been operationally effective since June 2017, a new updated version (which takes which into account personnel/ role changes as well as inflationary factors) has been approved by the Executive Group (EG) and the Finance & Resources Committee (FRC) recently, as well as by the Council on 29th June 2022.
The updated Authority Limits are due to come into effect from 1st August, 2022.
Ahead of the 1st August 2022 effective date, relevant procurement and finance systems and workflows will be updated accordingly in order to facilitate an automated transition to the new authority limits where applicable. However note that where financial transactions originate from, or are processed outside of the standard procurement/ financial accounting systems, staff are expected to familiarise themselves with, and practically adhere to the applicable authority limits as set out in the new Financial Authority Limits.
You may contact Henry Wereko should you have any queries regarding the updated authority limits.