AUDITOR GENERAL S REPORT

Size: px
Start display at page:

Download "AUDITOR GENERAL S REPORT"

Transcription

1 AUDITOR GENERAL S REPORT SYNOPSIS ON PUBLIC ACCOUNTS STATEMENT AND FINANCIAL MANAGEMENT OF FEDERAL GOVERNMENT MINISTRIES/DEPARTMENTS 2007

2 PREFACE 1. Article 106 and 107 of the Federal Constitution and Audit Act 1957 require the Auditor General to audit the Federal Government Public Accounts Statement and activities and submit its report to the King who will then direct it to be tabled in Parliament. To fulfil this responsibility, the National Audit Department has undertaken 3 types of audits as follows : Attestation Audits to give an opinion as to whether the Federal Government Public Accounts Statement for the year concerned shows a true and fair view as well as its accounting records have been maintained properly and up-to-date Compliance Audits to determine whether financial management at Ministries/Departments have been carried out in accordance with relevant financial laws and regulations Performance Audits to ascertain whether Government activities have been carried out efficiently, economically and achieved its desired objectives/goals. 2. My Report on the Public Accounts Statement 2007 and Financial Management of the Federal Government was prepared separately from the Report on the activities of the Federal Government Ministries/Departments and management of the Federal Government companies. This is for easy reference and to have better impact on the issues raised. My Report on the Public Accounts Statement and Financial Management of the Federal Government 2007 include the following matters :- Part I : Certification on The Federal Government Public Accounts Statement For The Year Ended 31 December 2007 Part II : Financial Management Of The Federal Government Part III : Involvement Of The National Audit Department In Various Activities To Enhance Public Fund Management And Accountability Part IV : General Matters 3. The audit on The Federal Government Public Accounts Statement 2007 revealed that the statement as a whole reflected a true and fair view of the financial position of the Federal Government for the year ended 31 December The accounting records had been kept properly and up-to-date. With regard to the financial management, there were still some financial regulations not followed. Among others the weaknesses were due to 1

3 insufficient manpower and training in financial management; lack of close supervision and continuous monitoring. 4. All matters reported had been brought to the attention of the respective Controlling Officers/Heads of Departments for their confirmation. The National Audit Department has also undertaken various efforts and initiatives to enhance financial management accountability by assisting the Ministries/Departments to take corrective actions on weaknesses in financial management. Among the measures taken are as follows : The implementation of an objective and transparent star rating system that formed the basis of the Accountability Index will evaluate 6 main elements by providing scores and rating on how the Ministries/Departments perform the best practices principles in financial management elements The National Audit Department had also published the booklet on Excellent Financial Management From the Perspective of the National Audit Department. This booklet is one of the proactive steps introduced to enhance financial management. It is hoped that the Heads Of Departments/Agencies will be induced to get good assessment and rating under the Accountability Index System by highlighting examples of common weaknesses identified during the course of audit. 4.3 Treasury Instructions require the Heads Of Departments to ensure officers be responsible to safeguard public money, stamps or other valuable items in safety boxes, vaults, cash boxes, drawers and others. Heads Of Departments should also ensure complete and updated records be maintained and checked by senior officers periodically. Starting from 2007, the National Audit Department carries out surprise checks in 51 Federal Departments/Offices consisting of 15 Immigration Offices, 23 Management Institutions, 10 District Education Offices, 1 Custom Office, 1 Road Transport Office and District Police Headquarters respectively The Adopted Agency Programme was introduced in Under this programme, selected offices with weaknesses in financial management were given guidance and advice by the National Audit Department to assist them in rectifying weaknesses especially with regard to the maintenance of accounting records. In 2007, the National Audit Department had implemented the Adopted Agency Programme in 12 offices. Generally, financial management at the selected Adopted Offices have improved and showed positive changes The National Audit Department has carried out special evaluations on the financial management performance of the Ministries/Departments and Agencies under the control of Premier Grade Officers for the confirmations in their respective posts. From January 2007 to May 2008, evaluations had been carried out on financial management involving 103 Heads of Departments. These evaluations have indirectly contributed towards the enhancement of the financial management as promotion of 2

4 Heads Of Departments would only be considered by the Public Services Department after the National Audit Department had confirmed that the officers had taken corrective action on the weaknesses on financial management To enhance the functions of the Internal Audit Units (IAU), it is important that the officers in the IAUs must have knowledge and experience in auditing field. The Central Agency had agreed to the proposal of the National Audit Department that the IAUs are headed by auditors from the National Audit Department with cadet posts. To enable the internal auditors to assist Ministries/Departments to enhance the financial management performance, the National Audit Department will continue its efforts to give training in the field of auditing Officers from the National Audit Department had participated in discussions on the development of computerized systems at various Ministries/Departments to ensure internal controls were adequate to safeguard the integrity of data and reliability of the systems. It is felt that such involvement is necessary as huge expenditure has been spent in developing computerized systems. Thus, it is appropriate that these systems should be implemented properly to meet the desired objectives. 5. I wish to express my thanks to all the officers in the various Ministries/ Departments who have given their cooperation to my officers during the course of audit work. I also wish to record my appreciation and thanks to my officers who have worked diligently and gave total commitment to complete this Report. (TAN SRI DATO SETIA HAJI AMBRIN BIN BUANG) Auditor General Malaysia Putrajaya 16 June

5 SYNOPSIS PART I - CERTIFICATION OF THE FEDERAL GOVERNMENT PUBLIC ACCOUNTS STATEMENT FOR THE YEAR ENDED 31 DECEMBER The Federal Government Public Accounts Statement for the year ended 31 December 2007 as a whole reflected a true and fair view of the financial position of the Federal Government and the accounting records were also properly maintained and kept up-to-date. PART II - FINANCIAL MANAGEMENT OF THE FEDERAL GOVERNMENT Overall Financial Management Performance 2. For the year 2007, the Government had spent RM billion (98.8%) out of an allocation of RM billion approved for operating expenditure. Whereas a total of RM40.56 billion (88.9%) was spent out of RM45.60 billion approved for development allocation. The Government had received revenue totalling RM billion as compared to RM billion in the year There were 57 Federal Ministries/ Departments with arrears of revenue totalling RM14.08 billion and of which, RM9.48 billion (67.3%) had been outstanding for more than 3 year. Financial Management At Federal Ministries And Departments Level 3. The National Audit Department had carried out an audit at 28 Ministries and 31 Federal Departments in the year 2007 in order to ascertain whether financial management at these Ministries and Departments was carried out according to established laws and financial regulations. The results of the audit showed that a few of the Ministries and Federal Departments are not serious in improving their financial management performance even though such weaknesses had been repeatedly brought up to their attention by the National Audit Department. As an effort to motivate the Ministries and Federal Departments to improve and strengthen their financial management performance, the National Audit Department has introduced the Accountability Index of Financial Management to evaluate the financial management performance. The Ministries and Federal Departments rated as excellent can become a role model to others. From the assessment carried out, financial management performance at 1 Ministry and 5 Departments were rated as excellent; 22 Ministries and 4

6 20 Departments as good and the remaining 5 Ministries and 6 Departments as satisfactory. 4. The Controlling Officers/Heads Of Department must ensure that the responsible officers have kept all public money, stamps or other valuables of any kind safely in cash boxes, strong rooms, drawers or other receptacles as stated under the Treasury Instructions. The Controlling Officers/Heads Of Department must also ensure that all records are properly maintained, up-to-date and examined by senior officers occasionally. In order to ensure that such duties are being carried out by the Controlling Officers/Heads Of Department, the National Audit Department had carried out surprise examinations at 51 Federal Departments which consisted of 15 Immigration Departments, 23 Teaching Institutes, 10 District Education Offices, 1 Custom Department, 1 Road Transport Department and 1 District Police Headquarters. As a result of these examinations, it was revealed there were few cases where the public money and other valuable items were not safely kept, collections were bank-in late and balances of cash in hand differed as recorded in the books. 5. Besides conducting mandatory audits as provided under the laws, the National Audit Department also implements Adoption Programmes and special evaluations on the financial management performance of the Ministries/Departments/ Agencies under the control of the Premier Grade Officers. In year 2007, the National Audit Department had carried out 12 Adoption Programmes. From January 2007 to May 2008, a total of 103 Premier Grade Officers had been evaluated. 5

Internal Audit Manual

Internal Audit Manual COMPTROLLER OF ACCOUNTS Ministry of Finance Government of the Republic of Trinidad Tobago Internal Audit Manual Prepared by the Financial Management Branch, Treasury Division, Ministry of Finance TABLE

More information

MALAYSIA S GOVERNMENT PROCUREMENT REGIME

MALAYSIA S GOVERNMENT PROCUREMENT REGIME MALAYSIA S GOVERNMENT PROCUREMENT REGIME 1. INTRODUCTION The prime objective of the Malaysian Government procurement is to support Government programmes by obtaining value for money through acquisition

More information

COMPTROLLER OF ACCOUNTS

COMPTROLLER OF ACCOUNTS COMPTROLLER OF ACCOUNTS Ministry of Finance Government of the Republic of Trinidad Tobago Accounting Manual Prepared by the Financial Management Branch, Treasury Division, Ministry of Finance TABLE OF

More information

INTERNAL OVERSIGHT SERVICES INTERNAL OVERSIGHT AND ETHICS OFFICE

INTERNAL OVERSIGHT SERVICES INTERNAL OVERSIGHT AND ETHICS OFFICE INTERNAL OVERSIGHT SERVICES INTERNAL OVERSIGHT AND ETHICS OFFICE SUMMARY OF INTERNAL AUDIT ACTIVITIES AND REPORTS FOR THE REPORTING YEAR ENDING 31 DECEMBER 2014 MARCH 2015 SUMMARY OF INTERNAL AUDIT ACTIVITIES

More information

Audit Management and Audit Observation Settlement Procedure

Audit Management and Audit Observation Settlement Procedure Audit Management and Audit Observation Settlement Procedure Shish Haider Chowdhury Finance Controller (Army), Pay-1 Dhaka Cantonment, Dhaka Cell: 01819225594 Definition of Audit The word 'audit' comes

More information

Cash Handling Review Asset Management and Public Works Cloverbar Waste Management

Cash Handling Review Asset Management and Public Works Cloverbar Waste Management Cash Handling Review Asset Management and Public Works Cloverbar Waste Management March 24, 2004 Office of the City Auditor This page is intentionally blank. Office of the City Auditor Cash Handling Review

More information

TO HIS HONOUR THE SPEAKER AND THE MEMBERS OF THE HONOURABLE HOUSE OF ASSEMBLY:

TO HIS HONOUR THE SPEAKER AND THE MEMBERS OF THE HONOURABLE HOUSE OF ASSEMBLY: REPORT OF THE PARLIAMENTARY STANDING COMMITTEE OF THE PUBLIC ACCOUNTS ON: THE ANNUAL REPORT OF THE AUDITOR GENERAL ON THE WORK OF THE OFFICE OF THE AUDITOR GENERAL AND ON THE ACCOUNTS OF THE GOVERNMENT

More information

Breaking out: public audit s new role in a post-crash world AN ENGLISH PERSPECTIVE

Breaking out: public audit s new role in a post-crash world AN ENGLISH PERSPECTIVE Breaking out: public audit s new role in a post-crash world AN ENGLISH PERSPECTIVE About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants.

More information

WHAT IS PUBLIC ACCOUNTABILITY?

WHAT IS PUBLIC ACCOUNTABILITY? WHAT IS PUBLIC ACCOUNTABILITY? A publication by: AGO Logo 4C AGO Logo 2C (Black & Pantone 295C) CONTENTS Page PREFACE 2 ACCOUNTABILITY OF THE GOVERNMENT 3 THE ACCOUNTABILITY PROCESS Before the Financial

More information

Internal Audit Charter

Internal Audit Charter Contents Page 1. INTRODUCTION 1 2. MISSION STATEMENT 1 3. OBJECTIVES AND SCOPE OF WORK 1 4. AUTHORITY 2 5. ACCOUNTABILITY AND RESPONSIBILITY 2 6. INDEPENDENCE 3 7. EXTERNAL RELATIONSHIPS 3 1. INTRODUCTION

More information

Basildon District Council Financial Planning Framework

Basildon District Council Financial Planning Framework Basildon District Council Financial Planning Framework 1. Introduction The Financial Planning Framework underpins the Council s Medium Term Financial Strategy and sets out the financial planning processes

More information

Internal Control Requirements December 11, 2002

Internal Control Requirements December 11, 2002 1 Internal Control Requirements December 11, 2002 Internal controls are mechanisms, policies, and procedures used to minimize and monitor operational risks. In order to deter employees and/or members from

More information

Vacancy for a post of Accountant (Grade AD 7) in the European Asylum Support Office (EASO) REF.: EASO/2011/005

Vacancy for a post of Accountant (Grade AD 7) in the European Asylum Support Office (EASO) REF.: EASO/2011/005 EUROPEAN ASYLUM SUPPORT OFFICE Vacancy for a post of Accountant (Grade AD 7) in the European Asylum Support Office (EASO) REF.: EASO/2011/005 Publication Title of function Parent Directorate-General /

More information

HM CUSTOMS AND EXCISE. Gambling Duties

HM CUSTOMS AND EXCISE. Gambling Duties HM CUSTOMS AND EXCISE Gambling Duties REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 188 Session 2004-2005 14 January 2005 EXECUTIVE SUMMARY 1 There are six types of gambling duties: lottery, general

More information

Revised Scheme of Service. for Accountants

Revised Scheme of Service. for Accountants REPUBLIC OF KENYA Revised Scheme of Service for Accountants April, 2009 ISSUED BY THE PERMANENT SECRETARY, MINISTRY OF STATE FOR PUBLIC SERVICE OFFICE OF THE PRIME MINISTER NAIROBI 2 3 REVISED SCHEME OF

More information

MINISTRY OF LANDS, HOUSING AND URBAN DEVELOPMENT UGANDA SUPPORT TO MUNICIPAL INFRASTRUCTURE DEVELOPMENT PROGRAM (USMID) PROJECT

MINISTRY OF LANDS, HOUSING AND URBAN DEVELOPMENT UGANDA SUPPORT TO MUNICIPAL INFRASTRUCTURE DEVELOPMENT PROGRAM (USMID) PROJECT THE REPUBLIC OF UGANDA MINISTRY OF LANDS, HOUSING AND URBAN DEVELOPMENT UGANDA SUPPORT TO MUNICIPAL INFRASTRUCTURE DEVELOPMENT PROGRAM (USMID) PROJECT IDA CREDIT NO.5223 - UG FINANCIAL STATEMENTS FOR THE

More information

Meeting: Overview and Scrutiny Board Date: 9 July 2014 Full Council 17 July 2014

Meeting: Overview and Scrutiny Board Date: 9 July 2014 Full Council 17 July 2014 Meeting: Overview and Scrutiny Board Date: 9 July 2014 Full Council 17 July 2014 Wards Affected: All Wards Report Title: Provisional Outturn 2013/14 Subject to Audit Executive Lead Contact Details: Mayor

More information

ELEMENTARY ACCOUNTING PROCEDURES

ELEMENTARY ACCOUNTING PROCEDURES ELEMENTARY ACCOUNTING PROCEDURES The school has a fiduciary responsibility to the public to spend funds for the purpose for which they were collected. The school must be able to demonstrate this fiscal

More information

INTRODUCTION TO AUDIT

INTRODUCTION TO AUDIT INTRODUCTION TO AUDIT 1. Objectives: The document is intended to: 1. understand the definition of audit and audit control; 2. list out the objectives of audit; 3. narrate the functions and spirit of audit;

More information

Key messages. Asset management in the NHS in Scotland

Key messages. Asset management in the NHS in Scotland Key messages Asset management in the NHS in Scotland Prepared for the Auditor General for Scotland January 2009 1 Key messages Background 1. Fixed assets in the NHS include: the estate (land and buildings)

More information

Sickness Reporting Audit Final Report

Sickness Reporting Audit Final Report ITEM 7 APPENDIX B(2) Sickness Reporting Audit Report Michael George Auditor Contact Details 07768 635682 Date of Review November 2013 Draft Report Issued 19 December 2013 Report Issued 14 January 2014

More information

New York State Division of State Police

New York State Division of State Police O f f i c e o f t h e N e w Y o r k S t a t e C o m p t r o l l e r Division of State Government Accountability New York State Division of State Police Interest Earned on Seized Assets Report 2009-S-57

More information

TRANSFERRING INTERNAL CONTROL KNOWLEDGE FROM LEGISLATION TO SCHOOL MANAGEMENT: THE CASE OF SLOVENIA

TRANSFERRING INTERNAL CONTROL KNOWLEDGE FROM LEGISLATION TO SCHOOL MANAGEMENT: THE CASE OF SLOVENIA TRANSFERRING INTERNAL CONTROL KNOWLEDGE FROM LEGISLATION TO SCHOOL MANAGEMENT: THE CASE OF SLOVENIA Tatjana Horvat International School for Social and Business Studies, Slovenia tatjana.horvat@mfdps.si

More information

Internal Audit Standards

Internal Audit Standards Internal Audit Standards Department of Public Expenditure & Reform November 2012 Copyright in material supplied by third parties remains with the authors. This includes: - the Definition of Internal Auditing

More information

Chapter 8. Internal Control. Chapter 8-1

Chapter 8. Internal Control. Chapter 8-1 8 Internal Control and Cash 8-1 Internal Control and Cash Internal Control Cash Controls Use of a Bank Reporting Cash The Sarbanes- Oxley Act Principles Limitations Control over cash receipts Control over

More information

Seized Assets Program. Division of State Police

Seized Assets Program. Division of State Police New York State Office of the State Comptroller Thomas P. DiNapoli Division of State Government Accountability Seized Assets Program Division of State Police Report 2013-S-46 December 2014 Executive Summary

More information

Code of Conduct, Statement of Corporate Purpose, Managing Unsatisfactory Performance, SES Performance Management

Code of Conduct, Statement of Corporate Purpose, Managing Unsatisfactory Performance, SES Performance Management Policy Name: Status: Staff Performance Management Policy and Framework Current Policy Number: 4 Version Number: 3 File reference: Compliance Level: Applies to: Category: Summary Related Policies: ADM/3132P02

More information

Internal Audit Annual Report 2011/12

Internal Audit Annual Report 2011/12 1 Introduction 1.1 In accordance with the Code of Practice for Internal Audit in Local Government in the United Kingdom, the Internal Audit Annual Report 2011/12 for Cheshire East contains the following:

More information

JOB DESCRIPTION. Director of Finance. Trust Corporate HQ/Finance Directorate WORKING RELATIONSHIPS. Accountable to Chief Executive

JOB DESCRIPTION. Director of Finance. Trust Corporate HQ/Finance Directorate WORKING RELATIONSHIPS. Accountable to Chief Executive JOB DESCRIPTION POST: LOCATION: Director of Finance Trust Corporate HQ/Finance Directorate WORKING RELATIONSHIPS Accountable to Chief Executive Executive & Non Executive Directors Clinical Managers & Clinical

More information

FINANCIAL RELATED AUDIT OF BOYKIN CONTINUING EDUCATION CENTER School Year 2008-09

FINANCIAL RELATED AUDIT OF BOYKIN CONTINUING EDUCATION CENTER School Year 2008-09 Detroit Public Schools Office of the Auditor General OF BOYKIN CONTINUING EDUCATION CENTER School Year 2008-09 REPORT NO: 09-015 REPORT DATE: June, 2009 Fisher Building 3011 West Grand Boulevard Suite

More information

Status Report of the Auditor General of Canada to the House of Commons

Status Report of the Auditor General of Canada to the House of Commons 2011 Status Report of the Auditor General of Canada to the House of Commons Chapter 1 Financial Management and Control and Risk Management Office of the Auditor General of Canada The 2011 Status Report

More information

Report of the Auditor General of the Republic of Trinidad & Tobago on the Public Accounts of Trinidad & Tobago for the Financial Year Ended 30 th

Report of the Auditor General of the Republic of Trinidad & Tobago on the Public Accounts of Trinidad & Tobago for the Financial Year Ended 30 th Report of the Auditor General of the Republic of Trinidad & Tobago on the Public Accounts of Trinidad & Tobago for the Financial Year Ended 30 th September, 2013 TABLE OF CONTENTS Page No. AUDITOR S REPORT

More information

TAX AUDIT FRAMEWORK INLAND REVENUE BOARD (Amendment 1/2015) MALAYSIA Effective date: 01 February 2015

TAX AUDIT FRAMEWORK INLAND REVENUE BOARD (Amendment 1/2015) MALAYSIA Effective date: 01 February 2015 i TABLE OF CONTENTS Pages 1. INTRODUCTION 1 2. STATUTORY PROVISIONS 1 3. WHAT IS AUDIT? 2 4. OBJECTIVE OF TAX AUDIT 3 5. YEARS OF ASSESSMENT COVERED 4 6. SELECTION OF CASES 4 7. HOW A TAX IS CARRIED OUT

More information

EXECUTIVE SUMMARY. ACTION REQUIRED Corporate Administration, Finance and Enterprise Committee to receive for information.

EXECUTIVE SUMMARY. ACTION REQUIRED Corporate Administration, Finance and Enterprise Committee to receive for information. STAFF REPORT TO Corporate Administration, Finance and Enterprise SERVICE AREA Finance and Enterprise DATE June 10, 2013 SUBJECT REPORT NUMBER Finance Department 2012 Report FIN-13-13 EXECUTIVE SUMMARY

More information

Monitoring of Patients Finances in Mental Health & Learning Disability Inpatient Facilities (Article 116 Mental Health (NI) Order 1986) South Eastern

Monitoring of Patients Finances in Mental Health & Learning Disability Inpatient Facilities (Article 116 Mental Health (NI) Order 1986) South Eastern Monitoring of Patients Finances in Mental Health & Learning Disability Inpatient Facilities (Article 116 Mental Health (NI) Order 1986) South Eastern Health & Social Care Trust January 2014 1 Table of

More information

COTSWOLD DISTRICT COUNCIL JOB DESCRIPTION. Internal Audit Partnership. Audit Partnership Manager

COTSWOLD DISTRICT COUNCIL JOB DESCRIPTION. Internal Audit Partnership. Audit Partnership Manager COTSWOLD DISTRICT COUNCIL 6 th December 2010 JOB DESCRIPTION Title: Directorate: Service: Grade: Location: Responsible to: Responsible for: Internal Auditor (ICT) Corporate Services Cotswold District Council

More information

Duration: One year with the option of an additional year based on performance.

Duration: One year with the option of an additional year based on performance. Position: Adviser to the Internal Audit Unit Objectives: A person to support the newly established Internal audit unit to transform it from its infancy stage to a unit that is a trusted adviser, and more

More information

State of New York Office of the State Comptroller Division of Management Audit and State Financial Services

State of New York Office of the State Comptroller Division of Management Audit and State Financial Services State of New York Office of the State Comptroller Division of Management Audit and State Financial Services OFFICE OF MENTAL HEALTH KINGSBORO PSYCHIATRIC CENTER CONTROLS OVER PATIENT CASH REPORT 98-S-43

More information

F I N A N C I A L R E G U L A T I O N S

F I N A N C I A L R E G U L A T I O N S F I N A N C I A L R E G U L A T I O N S South Downs National Park Authority March 2014 Page 0 of 17 F I N A N C I A L R E G U L A T I O N S Contents Page 1 INTRODUCTION Purpose of Financial Regulations

More information

INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT.

INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT. INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT July 2010 PREPARED BY THE INTERNAL AUDIT BRANCH (IAB) Project No:

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

Treasury KPIs a Powerful Management Tool

Treasury KPIs a Powerful Management Tool Treasury KPIs a Powerful Management Tool By Paul Higdon Chief Technology Officer, IT2 Treasury Solutions Limited Synopsis Treasury Management has always involved a significant amount of measurement and

More information

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français.

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français. Guidance Note: Corporate Governance - Board of Directors March 2015 Ce document est aussi disponible en français. Applicability The Guidance Note: Corporate Governance - Board of Directors (the Guidance

More information

Regulation for Establishing the Internal Control System of an Investment Management Company

Regulation for Establishing the Internal Control System of an Investment Management Company Unofficial translation Riga, 11 November 2011 Regulation No. 246 (Minutes No. 43 of the meeting of the Board of the Financial and Capital Market Commission, item 8) Regulation for Establishing the Internal

More information

Agencies and Public Bodies Team Public Bodies: A Guide for Departments

Agencies and Public Bodies Team Public Bodies: A Guide for Departments Agencies and Public Bodies Team Public Bodies: A Guide for Departments Chapter 7: Financial Management Planning, Funding and Control Chapter 7: Financial Management - Planning, Funding and Control FINANCIAL

More information

14:19 PREVIOUS CHAPTER

14:19 PREVIOUS CHAPTER TITLE 14 TITLE 14 Chapter 14:19 PREVIOUS CHAPTER STANDARDS DEVELOPMENT FUND ACT Acts 3/1987, 33/1989, 12/1997 (s. 11), 22/2001. ARRANGEMENT OF SECTIONS Section 1. Short title. 2. Interpretation. 3. Minister

More information

FS-06-SF3 School Funds Receipt Log; FS-04-SF2 Schools Funds Payment Request; FS-04-SF1 School Funds: Advance of Funds

FS-06-SF3 School Funds Receipt Log; FS-04-SF2 Schools Funds Payment Request; FS-04-SF1 School Funds: Advance of Funds Administrative SCHOOL FUNDS Responsibility: Legal References: Related References: Executive Superintendent of Business Services Nil FS-04-SF4 School Funds: Receipts; FS-06-SF3 School Funds Receipt Log;

More information

Basel Committee on Banking Supervision. Consolidated KYC Risk Management

Basel Committee on Banking Supervision. Consolidated KYC Risk Management Basel Committee on Banking Supervision Consolidated KYC Risk Management October 2004 Table of contents Introduction...4 Global process for managing KYC risks...5 Risk management...5 Customer acceptance

More information

FINANCIAL REPORTING AND CASH MANAGEMENT

FINANCIAL REPORTING AND CASH MANAGEMENT FINANCIAL REPORTING AND CASH MANAGEMENT Financial Management Training Module 1 of 4 MINISTRY OF LOCAL GOVERNMENT AND PROVINCIAL COUNCILS FINANCIAL REPORTING AND CASH MANAGEMENT Financial Management Training

More information

Who s next after TalkTalk?

Who s next after TalkTalk? Who s next after TalkTalk? Frequently Asked Questions on Cyber Risk Fraud threat to millions of TalkTalk customers TalkTalk cyber-attack: website hit by significant breach These are just two of the many

More information

SOUTH LAKELAND DISTRICT COUNCIL INTERNAL AUDIT FINAL REPORT ACCOUNTING SYSTEM AND GENERAL LEDGER

SOUTH LAKELAND DISTRICT COUNCIL INTERNAL AUDIT FINAL REPORT ACCOUNTING SYSTEM AND GENERAL LEDGER SOUTH LAKELAND DISTRICT COUNCIL 12-08 INTERNAL AUDIT FINAL REPORT ACCOUNTING SYSTEM AND GENERAL LEDGER Executive Summary Introduction The Council s Integra financial information and accounting system is

More information

CO-OPERATIVE GOVERNANCE. A Summary of the Code of Best Practices for Co-operatives

CO-OPERATIVE GOVERNANCE. A Summary of the Code of Best Practices for Co-operatives CO-OPERATIVE GOVERNANCE A Summary of the Code of Best Practices for Co-operatives INTRODUCTION The main pillars of the Good Governance are transparency, accountability, risk management and control. Though

More information

APPENDIX A TRAINING AND DEVELOPMENT STRATEGY

APPENDIX A TRAINING AND DEVELOPMENT STRATEGY TRAINING AND DEVELOPMENT STRATEGY 1 CHESTER-LE-STEEET DISTRICT COUNCIL TRAINING AND DEVELOPMENT STRATEGY 1 INTRODUCTION Chester-le-Street District Council continues to change and must constantly adapt

More information

Aboriginal Affairs and Northern Development Canada. Internal Audit Report. Audit of Internal Controls Over Financial Reporting.

Aboriginal Affairs and Northern Development Canada. Internal Audit Report. Audit of Internal Controls Over Financial Reporting. Aboriginal Affairs and Northern Development Canada Internal Audit Report Audit of Internal Controls Over Financial Reporting Prepared by: Audit and Assurance Services Branch Project #: 14-05 November 2014

More information

REPORT 2016/047 INTERNAL AUDIT DIVISION. Audit of the operations in Egypt for the Office of the United Nations High Commissioner for Refugees

REPORT 2016/047 INTERNAL AUDIT DIVISION. Audit of the operations in Egypt for the Office of the United Nations High Commissioner for Refugees INTERNAL AUDIT DIVISION REPORT 2016/047 Audit of the operations in Egypt for the Office of the United Nations High Commissioner for Refugees Overall results relating to the effective management of the

More information

NEEDS IMPROVEMENT EXAMPLE

NEEDS IMPROVEMENT EXAMPLE NEEDS IMPROVEMENT EXAMPLE Name William Worksafe Manager Linda Laboratory Title Manager- Health & Safety Grade 12 Review Period 07/01/2007 to 06/30/2008 School/Department Health & Safety Review period is

More information

NORTH YORKSHIRE FIRE AND RESCUE AUTHORITY FINANCIAL MANAGEMENT FRAMEWORK SECTION A INTRODUCTION

NORTH YORKSHIRE FIRE AND RESCUE AUTHORITY FINANCIAL MANAGEMENT FRAMEWORK SECTION A INTRODUCTION NORTH YORKSHIRE FIRE AND RESCUE AUTHORITY FINANCIAL MANAGEMENT FRAMEWORK SECTION A INTRODUCTION 1.1 Key to the achievement of the Authority s own and other stakeholders objectives is an effective system

More information

Financial Services Regulatory Commission Antigua and Barbuda Division of Gaming Customer Due Diligence Guidelines for

Financial Services Regulatory Commission Antigua and Barbuda Division of Gaming Customer Due Diligence Guidelines for Division of Gaming Customer Due Diligence Guidelines for Interactive Gaming & Interactive Wagering Companies November 2005 Customer Due Diligence for Interactive Gaming & Interactive Wagering Companies

More information

COUNTY OF TRINITY CASH HANDLING PROCEDURES

COUNTY OF TRINITY CASH HANDLING PROCEDURES COUNTY OF TRINITY CASH HANDLING PROCEDURES Prepared by the Trinity County Auditor/Controller s Office Revised October 1, 2009 TABLE OF CONTENTS I. Introduction--------------------------------------------------------------------1

More information

PROJECT FICHE 3.2.1.2

PROJECT FICHE 3.2.1.2 PROJECT FICHE 3.2.1.2 TO ACTION PROGRAMME 2005 FOR THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA Title Combating money laundering (phase II) Total cost EC contribution: 1.5 million (approx) Aid Method Project

More information

Interim Audit Report. Borough of Broxbourne Audit 2010/11

Interim Audit Report. Borough of Broxbourne Audit 2010/11 Interim Audit Report Borough of Broxbourne Audit 2010/11 The Audit Commission is an independent watchdog, driving economy, efficiency and effectiveness in local public services to deliver better outcomes

More information

Gravesham Borough Council

Gravesham Borough Council Gravesham Borough Council Report to: Finance & Audit Committee Date: 21 February 2008 Reporting officer: Subject: Senior Auditor Audit Opinion of Unsatisfactory Council Tax Purpose and summary of report:

More information

A Road Map for Disaster Risk Management

A Road Map for Disaster Risk Management Towards a Safer Sri Lanka A Road Map for Disaster Risk Management December 2005 Disaster Management Centre Ministry of Disaster Management Government of Sri Lanka Supported by U N D P United Nations Development

More information

Council accounts: a guide to your rights. Update July 2013

Council accounts: a guide to your rights. Update July 2013 Council accounts: a guide to your rights Update July 2013 As a local resident you have legal rights, which let you inspect your council s accounts and related documents. Contents Introduction...5 What

More information

Accountants and Auditors

Accountants and Auditors SOC 13-2011: Examine, analyze, and interpret accounting records for the purpose of giving advice or preparing statements. Install or advise on systems of recording costs or other financial and budgetary

More information

Audit of Financial Reporting Controls

Audit of Financial Reporting Controls Audit of Financial Reporting Controls WESTERN ECONOMIC DIVERSIFICATION CANADA Audit & Evaluation Branch February 2012 Table of Contents 1.0 Executive Summary 1 2.0 Statement of Assurance 1 3.0 Introduction

More information

INTERNAL Audit Manual DETAILED GUIDANCE ON SPECIFIC AUDIT AREAS

INTERNAL Audit Manual DETAILED GUIDANCE ON SPECIFIC AUDIT AREAS INTERNAL Audit Manual PART 4 DETAILED GUIDANCE ON SPECIFIC AUDIT AREAS Contents 1. INTRODUCTION 2. AUDIT OF THE BUDGET CYCLE 3. REVIEW OF HUMAN RESOURCES MANAGEMENT 4. REVIEW OF CASH COLLECTION AND BANK

More information

CODE OF PRACTICE DEALING WITH THE RELATIONSHIP BETWEEN THE NATIONAL AUDIT OFFICE AND THE COMPTROLLER AND AUDITOR GENERAL

CODE OF PRACTICE DEALING WITH THE RELATIONSHIP BETWEEN THE NATIONAL AUDIT OFFICE AND THE COMPTROLLER AND AUDITOR GENERAL CODE OF PRACTICE DEALING WITH THE RELATIONSHIP BETWEEN THE NATIONAL AUDIT OFFICE AND THE COMPTROLLER AND AUDITOR GENERAL The Budget Responsibility and National Audit Act received Royal Assent in March

More information

UNIT 2 Audit of Banks, Insurance Companies and Mortgage Banks

UNIT 2 Audit of Banks, Insurance Companies and Mortgage Banks MANUAL - AUDITING AND INVESTIGATION ( ACC 406) UNIT 1 The Audit of Public Sector Organizations. Power and Control over public funds as provided for by the constitution. The status and functions of the

More information

Prepared April 2004. Source: Draft originally prepared for Ministry of Finance, Lesotho.

Prepared April 2004. Source: Draft originally prepared for Ministry of Finance, Lesotho. CONTRACTING OUT DAY-TO-DAY MANAGEMENT OF THE ROAD FUND ADMINISTRATION Prepared April 2004. Source: Draft originally prepared for Ministry of Finance, Lesotho. Some countries have decided that they could

More information

Supplier Performance Management Guide

Supplier Performance Management Guide Supplier Performance Management Guide DRAFT PR04-503 (Nov14) PR04-503 (Nov 14) Page 1 of 11 Contents 1 Introduction... 3 1.1 ATPACE Responsibilities... 3 2 Completing Performance Evaluations... 4 2.1 Performance

More information

Creation of lead nurturing database revives languishing long-term prospects and accelerates the sales pipeline

Creation of lead nurturing database revives languishing long-term prospects and accelerates the sales pipeline September 2012 Creation of lead nurturing database revives languishing long-term prospects and accelerates the sales pipeline www.extendedpresence.com EPinfo@extendedpresence.com 303-325-8600 Business

More information

Public Finance and Expenditure Management Law

Public Finance and Expenditure Management Law Public Finance and Expenditure Management Law Chapter one General provisions Article one. The basis This law has been enacted in consideration of Article 75, paragraph 4 of the Constitution of Afghanistan

More information

The policy and procedural guidelines contained in this handbook are designed to:

The policy and procedural guidelines contained in this handbook are designed to: BASIC POLICY STATEMENT The Mikva Challenge is committed to responsible financial management. The entire organization including the board of directors, administrators, and staff will work together to make

More information

Introduction to Resource Management. Resource Management Seminar: Second Session Rome, 27 January 2015

Introduction to Resource Management. Resource Management Seminar: Second Session Rome, 27 January 2015 Introduction to Resource Management Resource Management Seminar: Second Session Rome, 27 January 2015 Resource Management Department 1 1 Agenda Second Session WFP s Financial Resource Management Planning

More information

THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS

THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS I certify that I have audited the financial statements of Defence Equipment & Support for the year ended 31 March 2015 under

More information

Joint Audit Report for South Lakeland District Council. & Eden District Council

Joint Audit Report for South Lakeland District Council. & Eden District Council Joint Audit Report for South Lakeland District Council & Eden District Council Audit of IT Data Backup and Recovery Arrangements Audit of Development Management 22nd May 2015 11 th June 2015 0 Page 0 Audit

More information

Appendix C Accountant in Bankruptcy. Annual report on the 2013/14 audit

Appendix C Accountant in Bankruptcy. Annual report on the 2013/14 audit Appendix C Accountant in Bankruptcy Annual report on the 2013/14 audit Prepared for Accountant in Bankruptcy and the Auditor General for Scotland 6 August 2014 Audit Scotland is a statutory body set up

More information

Detroit Public Schools Office of the Auditor General

Detroit Public Schools Office of the Auditor General Detroit Public Schools Office of the Auditor General OF School Year 2008-09 REPORT NO: 09-174 REPORT DATE: June 30, 2009 Fisher Building 3011 West Grand Boulevard Suite 601A Detroit, Michigan 48202 Office:

More information

FINANCIAL AND ACCOUNTING INSTRUCTIONS

FINANCIAL AND ACCOUNTING INSTRUCTIONS FINANCIAL AND ACCOUNTING INSTRUCTIONS TREASURY OF THE REPUBLIC ACCOUNTING AND FINANCIAL SERVICES DIRECTORATE CONTENTS Instruction No. DEFINITIONS 1 RESPONSIBILITIES OF ACCOUNTANT GENERAL, HEADS OF DEPARTMENTS

More information

2. Is the mail log prepared by someone who does not participate in any other aspects of the revenue receipts process?

2. Is the mail log prepared by someone who does not participate in any other aspects of the revenue receipts process? CASH AND CHECK HANDLING SELF ASSESSMENT Because of the relatively high risk associated with transactions involving cash, universities need to have a cash management program to safeguard cash and ensure

More information

REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE

REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE Background of Public Sector Accounting System in Pakistan Pakistan inherited an accounting system devised by the British. This system had been basically

More information

WEST LOTHIAN COLLEGE

WEST LOTHIAN COLLEGE WEST LOTHIAN COLLEGE ANNUAL REPORT TO THE BOARD OF GOVERNORS AND THE AUDITOR GENERAL FOR SCOTLAND ON THE EXTERNAL AUDIT FOR THE YEAR ENDED 31 JULY 2006 DECEMBER 2006 Wylie & Bisset Date of commencement

More information

Standards for the Professional Practice of Internal Auditing

Standards for the Professional Practice of Internal Auditing Standards for the Professional Practice of Internal Auditing THE INSTITUTE OF INTERNAL AUDITORS 247 Maitland Avenue Altamonte Springs, Florida 32701-4201 Copyright c 2001 by The Institute of Internal Auditors,

More information

DORSET & WILTSHIRE FIRE AND RESCUE AUTHORITY Performance, Risk and Business Continuity Management Policy

DORSET & WILTSHIRE FIRE AND RESCUE AUTHORITY Performance, Risk and Business Continuity Management Policy Not Protectively Marked Item 6 Appendix B DORSET & WILTSHIRE FIRE AND RESCUE AUTHORITY Management Policy The Dorset & Wiltshire Fire and Rescue Authority () is the combined fire and rescue authority for

More information

Helping over-indebted consumers

Helping over-indebted consumers REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 292 SESSION 2009 2010 4 FEBRUARY 2010 Business, Innovation and Skills Helping over-indebted consumers 4 Summary Helping over-indebted consumers Summary

More information

POSITION DESCRIPTION

POSITION DESCRIPTION POSITION DESCRIPTION Job Title: Responsible To: Position Purpose: FINANCIAL ACCOUNTANT Finance and Corporate Services Manger This job exists to: 1) To provide high quality, accurate and timely financial

More information

POLICY MANUAL. Credit Card Policy (July 2015)

POLICY MANUAL. Credit Card Policy (July 2015) 1. POLICY This policy is to ensure effective controls, policies and procedures are in place with respect to the use of corporate credit cards. 2. PRINCIPLES Ensure transparency in Council s operations

More information

Revenue from Gambling Duties

Revenue from Gambling Duties Report by the Comptroller and Auditor General HM Customs and Excise Revenue from Gambling Duties Ordered by the House of Commons to be printed 27 March 2000 LONDON: The Stationery Office 0.00 HC 352 Session

More information

TREASURER S RECORDS. Post. 20 month. 20 month TREASURER S RECORDS 1

TREASURER S RECORDS. Post. 20 month. 20 month TREASURER S RECORDS 1 TREASURER S RECORDS Post 20 month to 20 month TREASURER S RECORDS 1 TO THE POST TREASURER You hold the moneybag for your post. As elected treasurer, you are responsible for keeping accurate records of

More information

DISTRICT AND NETWORK RETURN AUDIT PROGRAM. 1 Presentation Title

DISTRICT AND NETWORK RETURN AUDIT PROGRAM. 1 Presentation Title DISTRICT AND NETWORK RETURN AUDIT PROGRAM 1 Presentation Title BACKGROUND The DNR is used for.. Uploading to the ABM Portal and related applications NSW State Price development Service Group Statement

More information

Financial reporting in schools and academies: Background information

Financial reporting in schools and academies: Background information Financial reporting in schools and academies: Background information 1/9 Introduction The management of the finances of a school or academy is not the responsibility of the headteacher or principal. This

More information

Financial Instructions

Financial Instructions Financial Instructions Contents 1. Definitions & Abbreviations 2. Constitutional Provisions 3. Ministerial Financial Instructions Background 4. Ministerial Financial Instructions M5 1 Observation of Financial

More information

SAMPLE FINANCIAL PROCEDURES MANUAL

SAMPLE FINANCIAL PROCEDURES MANUAL SAMPLE FINANCIAL PROCEDURES MANUAL Approved by (organization s) Board of Directors on (date) I. GENERAL 1. The Board of Directors formulates financial policies, delegates administration of the financial

More information

DRAFT DISTRICT MINERAL FOUNDATION TRUST DEED THIS DEED OF TRUST EXECUTED AT ------------ONTHIS THE ------DAY OF IN THE YEAR TWO THOUSAND FIFTEEN.

DRAFT DISTRICT MINERAL FOUNDATION TRUST DEED THIS DEED OF TRUST EXECUTED AT ------------ONTHIS THE ------DAY OF IN THE YEAR TWO THOUSAND FIFTEEN. DRAFT DISTRICT MINERAL FOUNDATION TRUST DEED THIS DEED OF TRUST EXECUTED AT ------------ONTHIS THE ------DAY OF IN THE YEAR TWO THOUSAND FIFTEEN. BY THE STATE GOVERNMENT OF -------------, represented by

More information

Internal Audit Charter. Version 1 (7 November 2013)

Internal Audit Charter. Version 1 (7 November 2013) Version 1 (7 November 2013) CONTENTS Details Page EXECUTIVE SUMMARY... 2 1. BACKGROUND... 3 10. PSIAS REQUIREMENTS... 3 12. DEFINITION OF THE CHIEF AUDIT EXECUTIVE (CAE)... 4 14. DEFINITION OF THE BOARD...

More information

REPORT PSO Workshop. Beneficiaries Accountability in Humanitarian Assistance The Hague, 10 December 2009. Henk Tukker

REPORT PSO Workshop. Beneficiaries Accountability in Humanitarian Assistance The Hague, 10 December 2009. Henk Tukker REPORT PSO Workshop Beneficiaries Accountability in Humanitarian Assistance The Hague, 10 December 2009 Henk Tukker 1 1. INTRODUCTION This report reflects the proceedings of the PSO workshop on Beneficiaries

More information

NORTH ATLANTIC TREATY ORGANIZATION STRATEGIC PLAN

NORTH ATLANTIC TREATY ORGANIZATION STRATEGIC PLAN NORTH ATLANTIC TREATY ORGANIZATION STRATEGIC PLAN 27 March 2015 INTERNATIONAL BOARD OF AUDITORS FOR NATO (IBAN) STRATEGIC PLAN 2015-2019 1 TABLE OF CONTENTS Page No. 1. IBAN AT A GLANCE 3 2. OVERVIEW 3

More information

FUND MANAGER CODE OF CONDUCT

FUND MANAGER CODE OF CONDUCT FUND MANAGER CODE OF CONDUCT First Edition pursuant to the Securities and Futures Ordinance (Cap. 571) April 2003 Securities and Futures Commission Hong Kong TABLE OF CONTENTS Page INTRODUCTION 1 I. ORGANISATION

More information

Examiner s report F8 Audit & Assurance September 2015

Examiner s report F8 Audit & Assurance September 2015 Examiner s report F8 Audit & Assurance September 2015 General Comments There were two sections to the examination paper and all the questions were compulsory. Section A consisted of 12 multiple-choice

More information