By Pastor J. A. Adeyokunnu
BANKING
- All takings must be banked intact and promptly.
- Parish/Area should open a current account.
- There should be at least three (3) signatories to every church account.
- Separate accounts should be opened for building project.
- Bank statement should be collected monthly.
- Bank reconciliation statement should be prepared monthly and promptly.
- Filing of bank statements and reconciliation statements should be done promptly.
- All abnormal debit and credit entries in the bank statement should be promptly investigated and corrected where necessary.
- C.O.T’s should be negotiated where necessary.
OTHER THINGS TO NOTE
- Misappropriation of funds.
- Remittance not meant for allowance.
- Do not unduly help God.
- Never enter into debts you cannot pay.
- Ensure that all church assets are properly labelled.
- Weekend Offerings.
- Do not appoint related people into financial positions e.g., wife as head usher and husband as the treasurer.
- Remittance of thanksgiving.
INTERNAL CONTROL SYSTEM
All the necessary control should be put in place to ensure adequate security of cash, bank, stock, assets, books and records in the province. The controls can include:
- Adequate security
- Segregation of duties
- Internal audit
- Inter checks
- Internal monitoring
- Adequate storage facilities
OTHER RECOMMENDATIONS
- Cash at hand should be limited to imprest only.
- All forex should be kept at bank either for safe keeping or in the domiciliary accounts.
- As much as possible, all major payments should pass through the banks
REMARKS
It is our opinion that if all the weaknesses mentioned above are properly attended to and corrected and our recommendations are carefully implemented, the financial records and reporting of the province will improve tremendously.
PROVINCE INTERNAL AUDIT TEAM
Each province of the Church shall establish an Internal Audit Team.
- The team should consist of a minimum of two members.
- The two shall work together at any audit outing.
- The team should always go out for the audit exercise in pairs.
- The team, which shall be only one, can have more than one group of two members each that can go out for the audit exercise at the same time.
APPOINTMENT OF PROVINCE INTERNAL AUDIT TEAM
The Province Internal Audit Team can be appointed by the Provincial Pastor or his representative either by:
- Appointing all the members of the internal audit team and name one as team leader OR
ii. Appointing the team leader who then appoints his teammates.
PERSONS TO BE APPOINTED
Any of the following persons can be appointed as Head of Province Internal Audit Team
i. The Province Accountant.
ii. The Provincial Treasurer (who must be an accountant).
iii. An ordained Minister (who must be an accountant).
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