Finance

Annual Financial Statements

• Annual financial statements are prepared on the ongoing concern basis and as required by the Companies Act. Our financial year-end is therefore 31 March each year.
• It is the responsibility of the Board of Directors, as the Accounting Authority, to ensure that the Institute maintains a system of internal control designed to provide reasonable assurance that the Institute’s assets are safeguarded against material loss or unauthorized use and that transactions are properly authorized and recorded. The control system includes written accounting and control policies and procedures as well as clearly drawn lines of accountability and delegation of authority.
• The Chief Financial Officer’s responsibility is to assist the Chief Executive Officer in discharging the duties of effective financial management in the Institute including the exercise of sound budgeting and budgetary control practices, the operation of internal controls and the timely production of financial reports as prescribed by the PFMA no.1 of 1999 read together with the Treasury Regulations.