Objectives:
1. To assess the effectiveness and efficiency of financial systems and controls in place, including those related to payment processing, budgeting, and record keeping.
2. To assess the effectiveness and efficiency of the program management including program planning, risk management, policies and procedures and human resource management.
Financial
TOR: Generic Management Audit
Objectives:
1. Review the effectiveness and efficiency of internal controls utilized to manage the financial and accounting function over the incurrence and recording of the expenditures;
2. Review the efficiency and effectiveness of management systems including governance, HR, organizational structure and strategic planning; and
3. Assess the adequacy of the performance management framework including data collection, analysis, and reporting.
Financial Reporting
Audit standards (best practices) for the Financial Reporting line of inquiry
Monthly Funding Request Audit
Terms of reference for a financial systems audit of the practices and policies related to monthly funding. The two objectives in the ToR are
1. Conduct a detailed reconciliation of the inflows and outflows related to the monthly/quarterly funding requests; and
2. Review the efficiency and effectiveness of the financial systems and controls implemented to manage the funding requests including reporting, record keeping, segregation of duties, etc.
Accounting Software
Audit standards (best practices) for the Accounting Software line of inquiry
Inventory Management
Audit standards (best practices) for the Inventory Management line of inquiry
Insurance (Financial)
Audit standards (best practices) for the Insurance (Financial) line of inquiry
Fixed Assets
Audit standards (best practices) for the Fixed Assets line of inquiry
Financial Records
Audit standards (best practices) for the Financial Records line of inquiry
Credit & Debt Management
Audit standards (best practices) for the Credit and Debt Management line of inquiry
Capital Requisitions
Audit standards (best practices) for the Capital Requisitions line of inquiry
Bank Reconciliations
Audit standards (best practices) for the Bank Reconciliations line of inquiry