The University of Auckland, founded in 1883, is the largest University in New Zealand with eight faculties over six campuses and over 40,000 students.
It has turnover now exceeding $1 billion per annum, with net assets of $1.5 billion and growing.
The University of Auckland has a decentralised finance function. Its policy is to have all balance sheet accounts reconciled by cost centre and reviewed within the individual business units on a monthly basis, with a second review performed by the Central Finance team at the end of each quarter. This leads to over 2,500 individual reconciliations that have to be completed each month.