Research On University Budget And Final Accounts Management Based On COSO Internal Control Framework

With the implementation of the national strategy for giving priority to the development of education,fiscal education funds has entered the "Post-4%Era".Under the environment of increasingly diversified sources of income and increasing expenditures,the budget is an important management tool in the economic activities of universities.The government continues to carry out budget reform for universities,and the "Regulations on the Internal Control of Administrative Institutions" has strengthened the requirements for the budget management of universities.The importance of the budget in terms of improving the efficiency of resource and the level of educational fund management is further highlighted.The promulgation of "Guide to the Internal Control of Economic Activities of Universities Directly Under the Ministry of Education(Trial)"([2016]No.2)has promoted the process of building internal control systems in all universities across the country.Budget management has been incorporated into the internal control system as one of its core business activities.China's college budget management system has been implemented for a long time.Combining the requirements of internal control with budget management is of great significance in promoting the construction of internal control of universities and improving the budget management of universities.Under the traditional perspective,the budget management activities are divided into three major processes:preparation,implementation,and assessment.This paper adds the five major elements of the COSO internal control framework to study the budget management of universities from a holistic perspective.This article is based on COSO internal control framework and the existing literature on the budget management and internal control at home and abroad.After analying the budget implementation of 15 universities in Jiangsu province in recent 3 years,the status quo of budget control on N university was analyzed on the basis of budget deviations,self-assessment of budget management risks and questionnaire interviews.Compared with the internal control of the budget of Taiwan University,the paper believes that N university has many drawbacks on budget management,such as lack of awareness about budget and risks,incomplete budget,single budget methods,poor budget execution and assessment,poor communication and imperfect supervision system,etc.At last,the paper proposes five routines to improve the operating efficiency and financial budget control level of N university from the perspective of the five elements of internal control:optimizing the internal environment,establishing a risk assessment mechanism for budget management,strengthening budgetary control activities,implementing communication,and improving the budget supervision system.