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.