Finance is the life and blood for any organisation. The success, failure and future of any organisation depend to a large extent on its ability to make adequate finance available in a timely manner and also its ability to generate surplus over a period of time. This assumes greater significance for an educational institution operating in the private sector.

There is a sound procedure for Financial Management at DU. DU is well supported and guided in this respect by its Board of Directors (BOD). The BOD meets regularly (every quarter) and monitors the actual spending with the budgeted figures.

DU also has a comprehensive set of policies and procedures for safeguarding the funds of the University given in the DU Financial Bylaws. The persons responsible for planning, supervising, and controlling the financial operations of the University are the Vice Chancellor (VC) and the Director of Financial Affairs (DFA).

DU follows a bottom-up approach in the preparation of its annual budget, which ensures that adequate financial resources are allocated in the DU budget for various academic activities and support services. It is the responsibility of the individual cost center to ensure that the budget of their cost center is adequate to support their objectives and priorities.

The heads of various cost centers have full authority to take financial decisions for their center within the budgetary allocation for their center and also keeping in mind the allocation for various heads. However, all such decisions require the final approval of the DFA to ensure compliance with the DU Financial Bylaws.

DU is registered as “Dhofar University Company (SAOC)”. Accordingly, its financial books are audited by an External Auditor every year. The external auditor is Deloitte and Touche (M.E.) & CO LLC. Company, which is independent of the institution, its senior staff and members of the governing body. The audited financial statements are issued once a year.

The DFA prepares and presents the annual financial data to the external auditor every year while authorising them to check all books, registers and documents and to have access to the information and the reports deemed necessary for the satisfactory implementation of their task.

DU also has an Internal Audit Unit that reports to the BOD and the VC. Their main role is to examine the internal procedures and control measures to ensure that all legal requirements, the University Bylaws and other rules and regulations are observed. They assist the University administration in identifying shortcomings or weaknesses and submit relevant recommendations to correct them. They also rectify the errors discovered by the external auditor and inform the VC. They submit quarterly reports of their work to the VC.