Financial Management and Internal Controls
The Lodge maintains a system of internal controls that is reviewed annually. Written policies and control procedures are in place for revenue and receipts, procurement and payments, financial management, payroll, fixed assets and inventories.
These written policies and control procedures are reviewed and updated by the Treasurer, CEO and Finance & Compliance department on a periodic basis. These updates or changes to the policies and control procedures are then subject to the further review by the Audit-sub committee and approved by the Board. Periodically, the Head of Finance & Compliance is responsible for carrying out test checks of the controls in operation to ensure proper compliance.
The Lodge maintains a system of approvals for purchases whereby different requirements for approval, review and waiver are in place depending on the payment amount. This includes, but is not limited to, the need to source for multiple quotations (minimum 3) for non-recurring purchases above $2,000 per single item and obtain approval by CEO; as well as the need to prepare an ‘Invitation to Tender’, a ‘List of Vendors’, and obtain MC’s approval for purchases above $100,000.
The Lodge has in place documented procedures for financial matters in key areas including procurement procedures and controls, receipting, payment procedures and controls and system for the delegation of authority and limits of approval.