How to promote Accountability, Transparency and Control in organizations.

Sharing company financial report

Accountability

  • All bodies, whether elected or appointed shall be accountable to the members of the organization and in certain cases to their stakeholders.
  • In particular the executive body shall be accountable to the General Assembly of the organization.
  • Management shall be accountable to the executive body.
  • All employees shall be accountable to management.

Process and mechanisms

  • Adequate standards and processes for accountability should be in place and available to all organizations and consistently applied and monitored.
  • Clear and measurable objectives and targets must be set for the organization, its boards, management and staff, including also appropriate tools for assessment.

Transparency and communication

  • Financial information should be disclosed gradually and in appropriate form to members, stakeholders and the public.
  • Disclosure of financial information should be done on an annual basis.
  • The financial statements of organizations should be presented in a consistent way in order to be easily understood.

Financial matters-applicable laws, procedures and standards.

  • Accounts should be established in accordance with the applicable laws and True and fair view principle.
  • The application of internationally recognised standards should be strongly encouraged in all organizations.
  • For all organizations, annual financial statements are to be audited by independent qualified auditors.
  • Accountability and financial reports should be produced on a regular basis.
  • Information about renumeration and financial arrangements of the governing bodies’ members should be part of the annual accounts.
  • Clear rules regarding renumeration of the members of governing body and managers should be enforced.
  • Renumeration procedures should be transparent and predictable.

Internal control system

  • Internal control of the financial processes and operations should be established within the organization.
  • The adoption of a compliance system, document retention system and information security system should be encouraged.
  • The structure of the internal control system should depend on the size and importance of the organization.
  • Audit committees should be appointed for large organizations.

Education and training

  • There should be an induction program for all new members of staff, volunteer officers and all board members.
  • Ongoing education and training of executives,volunteers and employees should be integral to operations.
  • The promotion of self education and regular training within the organization should be encouraged.

Processing…
Success! You're on the list.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s