The University of Michigan has identified ways in which to improve controls over their investment office, following an audit report released by accounting firm PricewaterhouseCoopers.
Based on an internal assessment, the university will make several key changes. Governance: Allocations ranges will now be presented annually, for each asset class, to the Board of Regents for approval. This includes a comparison of the current investment portfolio to the approved ranges. Due diligence and documentation will be recorded in a more timely manner. Refinements will be made to the process of recording information contained within the office’s documentation system. The university will also formalise a protocol to record financial commitments to funds, ensuring the financial commitments are verified. There will be a tighter adherence to a segregation of duties with regards to who is authorised to sign off on investment purchases. Additional amendments will be made to conflict of interest and conflict of commitment documentation and travel and expense reimbursement and third-party gifts practices.
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