Research on the Construction of a Financial and Accounting Supervision System in Universities from a Governance Perspective

Abstract

With the constant growth and growing complexity in the operational scale and financial operations of contemporary universities, setting up a strong financial and accounting supervisory system has become an important part necessary in order to safeguard financial safety, enhance the allocation efficiency of resources, and keep public accountabilities. But the old style supervision models tend to have dispersed responsibilities, emphasize post event compliance, and lack internal review, so they can't deal with modern issues like a range of different funding sources, complicated global collaborations, and a lot of money put in. This article delves into the creation of an overall supervisory mechanism for finance and accounts in universities from the viewpoint of governance: It claims that universities can go beyond simply checking whether the rules have been followed, and really get involved with overseeing the institution’s finances strategically by using ideas from modern corporate and public governance like being accountability, clear about what is happening, letting people take part, and looking ahead to see which dangers you might fall into. It carefully looks into the main shortcomings of past supervision systems, which don’t give prompt assurance or align with the university’s strategic objectives. It offers up a multi-dimensional control scheme that gives oversight responsibility a new home. It stresses on the governance body (such as the Board of Trustees or University Council) being the undeletable key player, the creation of an independent and financially knowledgeable audit committee who are in full control, integrating the enterprise risk management (ERM) deeply into every financial and strategic decisioning process and optimizing every single aspect of internal control processes by using accepted standards. Moreover, it stresses the critical importance of taking full advantage of nowadays information technology and data analyses so as to improve real- time monitoring, finding anomalies, and making sure the transparency of information to all kinds of shareholders. To create an all-round, pro-active, and forward-looking supervisory environment so as to not only prevent financial irregularity and waste but also actively drive the real inaction of strategy and guarantee the long-term sustainable development of higher education institutions, the proposed system.