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5. Reporting and Auditing

5. Reporting and Auditing

Reports are key in financial control and help capture the position of the company, in resource levels, progress reports on items, verified documentation of transactions, successes and failures of plans.

Reports should be created regularly. This regularity can also be dependent on the amount of financial activity that is occurring within the unit. The higher the activity, the smaller the timelines should be to produce reports. This is due to the cumbersome nature that may follow the report compilation as a result of supporting and verifiable documentation that may be needed to track all transactions.

Auditing can either be executed by internal or external financial operators and controllers. The job of auditors is simple. They assess all the financial actions and transactions that have taken place within the organisation to ensure that they do not fall short of the prescribed laws, regulations, policies, procedures and objectives.

Auditing focuses on certain key areas:

  • Financial Audit: This delves into the financial records and all ensuing transactions. The funds that have been expended have to be documented that they have been utilised according to laid down rules and procedures. Every transaction has to be validated as being authentic, and records should be accurate.

  • Compliance  Audit: This is merely an analysis of practices and procedures that have guided the transactions to ensure that they are aligned with the unit’s goals and objectives and are also legally correct.

  • Operational Audit: This is an analysis of the efficiency of operational protocols and routines that guide a unit’s activities.

  • Program/Activity Audit: This is an analysis of the activities of a unit to see if they were in line with the unit’s goals and objectives. An audit should be carried out by an independent unit or firm to ensure the accuracy and impartiality of results.

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