The objectives of the P-Card Review are to review P-Cardholders transactions/activities and verify that they are in compliance with the Procurement Card Manual for University Departments.
P-Card Reviews began in June 2008 with an estimate that university departments will have documents reviewed every two to five years. The departments with the highest amount of cardholders and transactions will be reviewed probably more than others compared with departments with just a couple of P-Cards. If problems are found with compliance issues, a follow-up review will be scheduled.
The scope of the P-Card Review will be from two to twelve months of transactions to determine compliance and documentation.
The review consists of verifying that original documents are on file in the department, the monthly transaction log total is verified to the monthly VISA statement and required signatures are showed on the copy kept in the file for each cardholder.
After the scheduled P-Card review, a memo is sent to the department record keeper noting the exceptions and findings for process improvements for each cardholder or department as a whole. If there are missing documents, the record keeper is asked if they can locate the receipts in 10 days. If taxes have been charged on a P-Card purchase, the record keeper is asked to obtain a credit from the vendor for the amount of the tax charged. If signatures are missing from the transaction log or VISA statement, the record keeper is required to have the proper authorities to sign off on the forms.
A final document is issued to the reviewed department with a Summary Review Report letter and P-Card Review Summary Report listing whether the department was in full compliance with P-Card requirements or listing any findings or problems that could not be resolved during this review, such as P-Card purchases at the MSU Bookstore, payments for hotel rooms, meals over the daily limit, or purchases over the daily or monthly limit.