By Pastor J. A. Adeyokunnu
THE FINANCIAL POLICY MAKERS
The financial policies and guidelines must be formulated and approved by the General Overseer with input from:
a. Finance/Accounts Department
b. Salary Review Committee
c. Others
IMPLEMENTATION
Policy and guidelines once formulated, must be implemented at all levels by all responsible officers of the church.
MONITORING OF POLICIES AND GUIDELINES
The policies and guidelines are being monitored at various levels by the following:
a. The Audit department
b. Budgets department
c. Finance department
d. Monitoring Team
e. Secretaries
f. Elders
g. Others
AUDITING AND MONITORING
Annual auditing is carried out by auditors from the National Headquarters and also from the provinces to ascertain compliance with the mission’s financial policies and procedures and guidelines for expenditures.
The monitoring teams are the National Secretaries who are authorized to visit parishes and verify their attendance and financial records. They report directly to the General Overseer.
THE AIMS OF AUDIT EXERCISE
To ensure compliance to Missions’ Accounting standard and policies, and to detect the following:
1. AREA OF CONTRAVENING NATIONAL POLICY:
A. Unapproved payment/expenditures carried out.
B. Unapproved Remittances.
C. None payment of rebate (Retained income).
D. None availability of functional internal audit team.
E. The use of non-qualified personnel.
2. NON-COMPLIANCE TO CHURCH ACCOUNTING POLICY AND STANDARD SUCH AS:
A. Bank Reconciliation statement NOT PREPARED.
B. Bank statements not available.
C. Non-labelling of assets and non-preparation of asset register.
D. Non-preparation of annual and monthly financial statements.
E. Improper cash handling.
F. Violation of account policy and financial guidelines.
G. Violation of church condition of services.
3. COMPUTATION OF REMITTANCE SHORTFALL:
A. From the provinces to the national level.
B. From the parishes to the province.
4. PARISHES WITH PECULIAR PROBLEM:
A. On personnel matters.
B. On financial matters.
C. On doctrinal matters.
5. PERSONALITIES INDICTED BY AUDIT REPORT
Persons needed to be specifically mentioned in the audit report as a result of the roles they played in various malpractices.
REASONS WHY PEOPLE FALL INTO PROBLEMS WITH AUDITORS
i. Lack of knowledge of the church financial policies and guidelines.
ii. Failure to consult relevant authorities’ bodies and friends.
iii. Lack of good financial records.
iv. Poverty and greed.
v. Failure to attend various training programs.
WAYS TO PREVENT THE PROBLEMS ABOVE
i. Obedience – 1 Samuel 15:22-23
ii. Faithfulness – 1 Corinthians 4:2
iii. Diligence – Proverbs 22:29
iv. Fear of God – 2 Chronicles 19:7
v. Adequate records keeping and proper handing-over note.
vi. Proper consultations.
vii. Quest for knowledge.
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