1. Financial Management, Budget monitoring and control Presented by Anta Jallow and Ibrahima Kebe at the ANCEFA CSEF Mid-term Review and Training Workshop Nairobi 5 th -10 th April 2010 1 AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

2. Reflective questions PROPER FINANCIAL MANAGEMENT… WHAT IS IT? (ACCOUNTANTS ONLY) AND WHY IS IT IMPORTANT? (COORDINATORS ONLY) 2 AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

3. Pervading themes PROPER AUTHORIZATION AT ALL LEVELS SEGREGATION OF DUTIES TIMELY RECORDING AND CLASSIFICATION OF ALL TRANSACTIONS 3 AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

4. KEY AREAS CASH AND BANK MANAGEMENT TRANSACTION RECORDING ASSET MANAGEMENT FILES AND DOCUMENTATION MANAGEMENT REPORTING 4 AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

5. CASH MANAGEMENT 5 BANK MANAGEMENT Check handling No blank checks 2 Signatories per transaction (checks & transfers) Security around custody of Checks Proper disposal of voided checks Authorization levels CSEF Specific Checking (current) account CASHBOOK KEEPING AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

6. CASH MANAGEMENT (Cont’d) PETTY CASH & IMPRESS MANAGEMENT Keep in secured area One person responsibility Written internal Procedure in place Minimum level of cash Minimize transactions Appropriate supporting documents Appropriate & timely retirement of impress Petty Cashbook Keeping, Cash Count tool OTHER IMPORTANT CONSIDERATIONS Reconciliation of Cashbooks and bank statements Monthly Daily recording of transactions Ensure attaching supporting documents AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

7. TRANSACTION RECORDING 7 AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS RECORD ALL TRANSACTIONS DOCUMENTED AUTHORIZATION LEVELS ENSURE PROPER AUTHORIZATION AT ALL LEVELS ENSURE SEGREGATION OF DUTIES ATTACH APPROPRIATE DOCUMENTATION SUPPORT TOOLS – PURCHASE ORDER BOOKS, CASH BOOK TEMPLATE, BANK BOOK TEMPLATE, BANK REC TEMPLATE

8. ASSETS 8 Proper approvals of additions and disposals Detailed registering of all assets Appropriate tagging of all assets Documented Verification twice a year TOOL – FIXED ASSET REGISTER AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

9. FILING AND DOCUMENTATION 9 Physical filing of ALL DOCUMENTS Electronic filing of KEY DOCUMENTS Proper storage of CONFIDENTIAL DOCUMENTS Finance documents filed separately AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

10. MANAGEMENT REPORTING 10 Coordinator to review Finance bi-Weekly Coordinator to review and sign off monthly statements Coordinator to justify all variances AUTHORIZATION……………. SEGREGATION ……………. TRANSACTIONS

11. OPEN FOR DISCUSSIONS…..