JDO Financial Accountability
JDO’s Board of Management have ensured the adoption of accountable and open financial systems that is backed by adequate budgeting and controls to ensure appropriate management of the organizations funds and resources. The same extends to the management of its human resources that ensures effective contribution to the respective mandated roles, ensuring sustained quality output, rewarding achievement while keeping a check on negligence. The whole of the accountability system therefore aims at ensuring that the respective project’s beneficiaries and donor get value for the resources directed and sourced from them respectively.
Financial reporting is another key element in enhancing financial transparency. Basically, JDO-Somalia has adopted three forms of financial reports: internal reports, donor reports and audits. As far as internal reports are concerned, at the conclusion of the posting and filing process, a complete set of financial statements, a trail balance, and a transaction listing is printed. Copies of the financial statements will be made and circulated to the various programme project managers and then discussed in the Management meetings, which will be held once a month. A copy of all project reports will be transmitted to the primary project partner as needed. All monthly financial recordings will be completed by the last day of the month, and the statements presented to the above parties before the seventh (7th day) of the following month. At donors specified periods, reports will be presented to them in the appropriate format (narrative and financial), ensuring that they are timely and accurate. The organization has clear financial and procurement policies signed and agreed by all board members and the executive body.
As far as audit is concerned, the organization plans to have two types of audits; external and internal. External audits to our books will be performed annually by recognized audit firms while from time to time the JDO-Somalia Board of Directors under the Board mandated Treasurer will conduct unscheduled audits of specific responsibilities to ensure compliance with these policies. A memorandum detailing the steps taken and problems identified, if any, are documented to show the performance of these audits and the conclusions reached. This memorandum is then discussed and an appropriate action is taken at the Management Committee meetings.