Re: question about audits and records

I think every state and every library is different. Here at the University of Tennessee Libraries, Technical Services is designated as the office responsible for our original invoices. We send most of our invoices through an semi-automated program and the invoices don't leave the office. Even in the few cases where the treasurer's office has to pay invoices (e.g. contracts (not so rare anymore!; bank payments in foreign currencies; and checks payable to an individual using SSN and not FIN) we keep the invoices. 

Thus, we do have auditors come in occasionally (once this year) and check random invoices and go over procedures. They did pull invoices and almost every year, they ask to see back up for large payments (e.g. to our serials vendors or big deal packages). 

By state law, we have to keep 10 years of these invoices. 

At the other 4 libraries I've worked, the Library was NOT the official invoice keeper. We kept copies for about 3-5 years and then recycled them. 

I have found hearsay remarkable unreliable on these matters. The best way to get to the truth is to call the auditors' office and ask them. 

JoAnne Deeken 
University of Tennessee Libraries 
jdeeken_at_utk.edu 


----- Forwarded Message ----- 
From: acqnet-l_at_lists.ibiblio.org 
To: acqnet-l_at_lists.ibiblio.org 
Sent: Friday, June 11, 2010 8:30:56 AM GMT -08:00 US/Canada Pacific 
Subject: [ACQNET-L] question about audits and records 

Hi, 

Please forgive my ignorance but I would like some information about acquisitions and audits. 

Has anyone ever had their library audited? Was it within the last 10 years or so? 

If so, did the auditor actually come to the library to review financial records, invoices, etc.? Was paperwork requested of the library? 

I’ve been told that if the library was audited that no auditor would physically come to the library to review any paperwork in Acquisitions. 

The auditor would review all the paperwork at the University’s business office hence the library does not need to print out paperwork nor keep paperwork. 

I’ve also been told that the business office no longer keeps paperwork but rather scans their invoices, etc. I was not given this information by the business office but by another individual in the library. 

I realize that every institution varies in their policies but before we stop retaining paper printouts, etc. I would like to find out what others are doing. 

I understand the concern about excessive printing but I am hesitant to stop printing totally. I also know that generally you need to keep financial documents for several years and/or follow the policy of your business office. 

Please respond to me at the email address below so as not to clutter the list unless others are interested as well. 

Thanks so much for your input. 


Sue Riehl 
Public / Technical Services Librarian 
Todd Wehr Memorial Library 
Carroll University 
100 N. East Avenue 
Waukesha, WI 53186 

(262) 650-4832 
(262) 524-7377 fax 

sriehl_at_carrollu.edu 




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