financial management, budget monitoring and control presented by anta jallow and ibrahima kebe at...
TRANSCRIPT
Financial Management, Budget monitoring and control
Presented by Anta Jallow and Ibrahima Kebe
at the ANCEFA CSEF Mid-term Review and Training Workshop
Nairobi 5th-10th April 2010
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AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
Reflective questionsPROPER FINANCIAL
MANAGEMENT…
WHAT IS IT? (ACCOUNTANTS ONLY)
AND
WHY IS IT IMPORTANT? (COORDINATORS ONLY)
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AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
Pervading themes
PROPER AUTHORIZATION AT ALL LEVELS
SEGREGATION OF DUTIES
TIMELY RECORDING AND CLASSIFICATION OF ALL TRANSACTIONS
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AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
KEY AREAS CASH AND BANK MANAGEMENT TRANSACTION RECORDING ASSET MANAGEMENT FILES AND DOCUMENTATION MANAGEMENT REPORTING
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AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
CASH MANAGEMENT
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BANK MANAGEMENT Check handling
No blank checks 2 Signatories per transaction (checks & transfers) Security around custody of Checks Proper disposal of voided checks
Authorization levels CSEF Specific
Checking (current) account CASHBOOK KEEPING
AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
CASH MANAGEMENT (Cont’d)PETTY CASH & IMPRESS MANAGEMENT
Keep in secured area One person responsibility Written internal Procedure in place Minimum level of cash Minimize transactions Appropriate supporting documents Appropriate & timely retirement of impress Petty Cashbook Keeping, Cash Count tool
OTHER IMPORTANT CONSIDERATIONS Reconciliation of Cashbooks and bank statements
Monthly Daily recording of transactions Ensure attaching supporting documents
AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
TRANSACTION RECORDING
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AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
RECORD ALL TRANSACTIONS DOCUMENTED AUTHORIZATION LEVELS ENSURE PROPER AUTHORIZATION AT ALL
LEVELS ENSURE SEGREGATION OF DUTIES ATTACH APPROPRIATE DOCUMENTATION
SUPPORT TOOLS – PURCHASE ORDER BOOKS, CASH
BOOK TEMPLATE, BANK BOOK TEMPLATE, BANK REC TEMPLATE
ASSETS
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Proper approvals of additions and disposals Detailed registering of all assets Appropriate tagging of all assets Documented Verification twice a year TOOL – FIXED ASSET REGISTER
AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
FILING AND DOCUMENTATION
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Physical filing of ALL DOCUMENTS Electronic filing of KEY DOCUMENTS Proper storage of CONFIDENTIAL
DOCUMENTS Finance documents filed separately
AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
MANAGEMENT REPORTING
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Coordinator to review Finance bi-Weekly Coordinator to review and sign off monthly
statements Coordinator to justify all variances
AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS
OPEN FOR DISCUSSIONS…..