Further to developing different reports as part of the financial management, below are details on internal control measures and management information report:
Internal Control Measures
In addition to setting up adequate internal control measures, Management shall from time to time perform these checks to safeguard assets:
Management Information Report
The Finance/Accounts Officer prepares and consolidates the Reports and submit it to the Relevant Persons as the case may be, with a copy to the Finance Manager before 10th of every month.
This report is under 6 heads and is explained below:
Bank & Cash Balances: This will reflect the utilization of funds received and also will furnish broad indication of how much has been spent on Grants and on office/admin expenses. The opening and closing balances should be in agreement with the Bank Book.
Analysis of Expenses against Budget: This is the variance report on Management of Expenses budget and reflects whether the trend of expenses have to be reviewed in order to avoid any negative variation and take corrective action as necessary. Every positive and negative variance has to be commented upon citing reasons for variance and corrective action proposed.
Grant Utilization Status: It is necessary to review on a monthly basis the utilization status of grant budget in order to ensure that the actual spending is as per the planned budget and the phasing of utilization .
Statutory Compliance: The implications of non- compliance of statutory provisions are very serious and it is therefore necessary that the management is kept informed about the compliance or otherwise of these provisions, this report becomes useful for managers to monitor adherence to the requirements and due dates.
Fixed/Consumable Assets: The Assets Register needs to be maintained as per the format authorization of the same need to be done on a regular basis.