Verifying Expenditure

– Examine the supporting documents for the reported expenditure, including evidence of receipt of goods and services;

-Confirm that expenditure are in line with approved budget /work plan; and

-Review to ensure expenditure have been authorized by responsible officials.

Budgetary system

Reviewing the approved budget for the period and projections

Reasonability of costs

-Verify reasonability of costs by comparing the cost with the acceptable benchmark and other collaborative evidence.

-Quantifying the costs in relation to budget lines and approved expenditures

-Reviewing the cashbooks and bank reconciliation statements

-Reviewing and verifying the posting procedures in respective ledger

Compliance with the laws and regulations (i.e. Income Tax Act, NSSF/PPF Act, VAT Act) and applicable procurement rules and regulation stipulated in the funding agreement.

-Verify whether statutory deductions (i.e. PAYE tax, NSSF/PPF contribution) have been calculated in accordance with the requirements of Income tax Act and have been timely remitted to the respective authorities;

-Verify that the organization has complied with the respective provisions of Income Tax Act applicable to Non-Governmental Organizations; and

-Crosscheck the accounting entries for statutory deduction including accrued payments in the books of accounts

Completeness and Accuracy of reported Fund balance at period end

-Obtain direct confirmation from banks and verify cash on hand; and

-Review monthly bank reconciliation statements and check for approval by responsible official.

Financial Reporting

-Reviewing the preparation of the trial balance during the period

-Checking the balances in respective ledgers at the end of the period

-Producing the draft financial statements in accordance to the generally accepted accounting principles

-Completion of the accounting reports ready for presentation to auditors