- 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.
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