This checklist ensures that all financial activities adhere to internal policies and external regulations, promoting accuracy and integrity in financial reporting and operations.
Ensure all team members understand and have access to the latest financial policies and procedures to maintain compliance.
Evaluate the effectiveness of internal controls in place to mitigate risks of errors and fraud.
Check that all financial transactions are supported by appropriate documentation (invoices, receipts, contracts).
Confirm that no single individual has control over all aspects of any financial transaction to reduce risk.
Provide training sessions to staff regarding financial compliance requirements and updates in legislation.
Stay updated with local and international financial regulations that impact the organization.
Schedule and execute regular audits to ensure adherence to financial processes and identify areas for improvement.
Keep accurate records of compliance checks and audits performed, along with results and follow-up actions.
Create a clear process for resolving any compliance issues that arise during assessments or audits.
Ensure the checklist is reviewed and updated annually to reflect any changes in financial compliance requirements.