Directorate of Finance

THE UNIVERSITY OF LARKANO

 

Introduction:
The Finance Department at the University of Larkano serves as the cornerstone of the institution's administrative and financial operations. Guided by the principles outlined in Section 18 of The University of Larkano Act, 2023, the department is committed to ensure the efficient management of the University’s property, finances, and investments. The Directorate of Finance oversees all aspects of financial operations, including budget preparation, expenditure management, and compliance with statutory and regulatory obligations.
The Directorate of Finance is also the driving force behind the University's ambition to align with modern financial practices and global standards. It prepares the University’s Annual Financial Report in accordance with International Public Sector Accounting Standards (IPSAS), ensuring transparency and accuracy in financial reporting. Additionally, the department is leading the digital transformation of critical administrative functions, including HR, payroll, student lifecycle management, and examination processes, in collaboration with the Sindh Higher Education Commission (SHEC). This digitization effort is designed to streamline operations and meet the dynamic needs of the University’s stakeholders.

 Aims and Objectives
The Directorate of Finance at the University of Larkano is committed to fostering financial stability and supporting the University's mission of academic excellence, research, and societal impact. The Directorate aims to achieve this through efficient financial planning, management, and service delivery, guided by principles of transparency, integrity, and accountability.
The comprehensive aims and objectives of the Directorate are as follows:

  1. Strategic Financial Planning
    • Develop, implement, and monitor the University’s Strategic Financial Plans to ensure long-term financial sustainability and growth.
    • Align financial strategies with the University’s overall vision, mission, and strategic priorities.
    • Regularly review financial plans to adapt to changing economic conditions and institutional requirements.
  2. Efficient Financial Services
    • Streamline financial processes to enhance productivity and reduce operational costs.
    • Ensure the timely preparation and dissemination of accurate financial reports to stakeholders.
    • Foster an inclusive and supportive financial environment that promotes stakeholder satisfaction.
  3. Income/ Revenue Management
    • Ensure that all income due to the University is accurately recorded and received in a timely manner.
    • Diversify income sources by exploring grants, donations, and endowments to strengthen the University’s financial position.
    • Implement automated receipt system to enhance efficiency and reduce errors.
    • Implement robust financial controls to safeguard revenue streams.
  4. Procurement Excellence
    • Procure goods and services at competitive costs, with the required quality, and within the necessary timeframe.
    • Uphold transparency and accountability in procurement processes.
    • Establish and maintain strong relationships with reliable vendors and suppliers.
  5. Payment Accuracy
    • Guarantee accurate and timely payments to vendors, employees, and other stakeholders.
    • Ensure that payments are correctly recorded and made to the appropriate recipients for the correct amounts.
    • Implement automated payment systems to enhance efficiency and reduce errors.
  6. Financial Integrity and Regularity compliance
    • Maintain probity in the utilization of funds by adhering strictly to financial policies, regulations, and ethical standards.
    • Conduct regular internal audits to ensure compliance and identify areas for improvement.
    • Promote a culture of accountability across all financial operations.
    • Fulfill all statutory and regulatory obligations related to financial accountability and reporting.
    • Maintain accurate records to facilitate transparent audits and reviews by regulatory bodies
  7. Investment Optimization
    • Maximize income from investments while minimizing associated risks.
    • Explore private-sector funding opportunities to enhance the University’s financial position.
    • Develop and implement sound investment policies to secure financial growth and sustainability.

By adhering to these aims and objectives, the Directorate of Finance ensures the effective management of the University’s resources. This enables the University of Larkano to achieve its mission of academic excellence and societal impact. The Directorate remains committed to fostering a culture of financial prudence, innovation, and sustainability, positioning the University as a leader in higher education and research.