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> Internal Financial Controls
Internal Financial Controls
1. Governance and Oversight
Establish a financial oversight committee.
Define roles and responsibilities for financial management.
Ensure regular reporting to the board or management.
2. Risk Assessment
Identify potential financial risks.
Evaluate the impact and likelihood of identified risks.
Develop strategies to mitigate identified risks.
3. Control Activities
Implement segregation of duties in financial processes.
Establish approval processes for expenditures.
Ensure regular reconciliations of accounts.
4. Information and Communication
Maintain accurate and timely financial records.
Ensure financial policies and procedures are documented.
Communicate financial policies to all relevant staff.
5. Monitoring
Conduct regular internal audits of financial processes.
Review financial reports and variances regularly.
Address any identified deficiencies promptly.
6. Training and Awareness
Provide training on financial controls to staff.
Regularly update staff on changes in policies/procedures.
Foster a culture of accountability in financial management.
7. Documentation
Ensure all financial transactions are properly documented.
Maintain a secure and organized filing system.
Regularly review and update documentation practices.
8. Compliance
Stay updated on relevant laws and regulations.
Conduct periodic compliance assessments.
Ensure adherence to ethical standards in financial reporting.
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