ARCHIVED Bulletin: Important Changes to PCard Policy and Procedures (Posted June 2, 2008)
Here at Stanford and at other universities, there have been increasing levels of Purchasing Card (PCard) abuse, including fraud. This misuse has led to some needed system improvements in how PCard transactions are verified and approved, including on-line review of PCard receipts.
Verification and Approval Policy
Stanford's policy requires that the approver of PCard transactions be someone different than the transaction verifier, providing an additional level of review and control to ensure the transaction is valid, appropriate and accounted for properly. Reference Administrative Guide Policy 5.3.3 Purchasing Cards.
PCard System Improvements – Effective June 7, 2008
- PCard Approval Routing - The PCard module is being enhanced to prevent PCard Verifiers from approving the transactions they are verifying.
- Card holders MAY verify their own transactions.
- Card holders MAY NOT approve their own transactions. Card holders must route transactions to someone who has authority over the account charged, does not report directly or indirectly to the cardholder, and is not the beneficiary of the transaction.
- Receipt Imaging - The PCard module is being enhanced to enable imaging of PCard transaction receipts.
- Beginning June 7, 2008, all PCard receipts MUST be electronically attached to the PCard verification transaction. Once the electronic copy has been successfully submitted, associated to the Pcard transaction and confirmed that the image is legible, the paper receipt can be destroyed. On-line imaging of PCard receipts reduces hard copy paperwork.
- The imaging process will be exactly like the iOU backup documentation imaging process. For instructions, see How to: Verify PCard Transactions.
PCard Abuse in the News
Click the link below to view a two minute video clip about a former Georgia Tech staff member who was found guilty of approximately $300,000 of PCard fraud. This video illustrates the dangers of not having proper control structures in place. Note - There is a brief commercial before the news story begins. Action News 2 WSB-TV Atlanta Video: http://www.wsbtv.com/video/16257729/index.html (video not available any longer).
Questions? Need Help?
- For questions, please submit a HelpSU ticket. Select Request Category Administrative Applications and Request Type Oracle Financials.