Financial Rules for the ASOSAI
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1 Financial Rules for the ASOSAI (Final Draft) February 2014 ASOSAI Secretariat
2 Table of Contents CHAPTER I ASOSAI Financial Management System 1 Objectives (Rules 1.~3.) 1 Components (Rule 4.) 1 Planning and Programming (Rule 5.) 1 Budgeting (Rules 6.~7.) 2 Budget Execution and Accounting (Rule 8.) 2 Audit (Rule 9.) 2 Internal Controls (Rule 10.) 2 CHAPTER II Member Contributions 3 Basis for Contributions (Rules 11.~14.) 3 Billing Procedures (Rules 15.~16.) 3 Payment and Receipt of Annual Contributions (Rules 17.~20.) 4 Late Contributions or Non-payment of Contributions (Rule 21.) 4 Payment and Receipt of Voluntary Contributions (Rule 22.) 4 CHAPTER III Budgeting 5 Budget (Rules 23.~26.) 5 Budget Process (Rules 27.~30.) 5 Contents of the Budget Document (Rules 31.~32.) 6 Budgeting for Revenues (Rules 33.~35.) 6 Budgeting for Expenses (Rules 36.~43.) 7 i
3 CHAPTER IV Accounting 8 Accounting System (Rules 44.~45.) 8 Internal Controls (Rules 46.~48.) 8 Financial Statements (Rules 49.~50.) 9 CHAPTER V Audit (Rules 51.~62.) 10 CHAPTER VI Financial Report (Rules 63.~64.) 12 CHAPTER VII Amendments (Rule 65.) 12 Addendum 12 ii
4 CHAPTER I. ASOSAI Financial Management System Objectives Rule 1. The primary objective of the financial management system of the ASOSAI is to ensure that, to the maximum practical extent, resources acquired are used efficiently and effectively; are properly accounted for; and, are used for the purpose intended. Rule 2. The system shall ensure the production of reliable and useful financial information to assist the organs of the ASOSAI in their decision taking. Rule 3. The Financial Rules for the ASOSAI presents the policies and procedures to be used by the ASOSAI in implementing the financial management policies established in the Charter for the ASOSAI. Components Rule 4. The components of the financial management system of the ASOSAI shall generally correspond to the four phases of the management process, as shown in the following exhibit: (a) Planing and Programming (b) Budgeting (c) Budget Execution and Accounting (d) Audit Planning and Programming Rule 5. The Secretariat is primarily responsible for drafting a program plan to implement the goals and objectives established by the Governing Board and by the Assembly
5 Budgeting Rule 6. The Secretariat shall determine the level of resources needed to reach those objectives through the budget. Rule 7. The budget shall be presented to the Governing Board and to the Assembly for approval. Budget Execution and Accounting Rule 8. The Secretariat shall allocate funds to implement the plans and programs in accordance with the approved budget. The Secretariat shall maintain the related accounting records and prepare the financial report. Audit Rule 9. The audit shall be conducted to confirm the accuracy and reliability of financial information and to provide management information about the efficiency and effectiveness of operations. Reliable and timely financial information is the key ingredient to this process. Internal Controls Rule 10. The financial management system shall also include efficient and effective internal controls as an integral part of each component. The Secretariat's internal control system shall consist of a plan of organization and the methods and procedures adopted to ensure that resources are used in a manner consistent with the goals and objectives of the ASOSAI and with the Charter for the ASOSAI
6 CHAPTER II. Member Contributions Basis for Contributions Rule 11. The expenses of the ASOSAI shall be financed through annual membership contributions paid to the ASOSAI by its members in accordance with Section 3-b, Article 8 of the Charter for the ASOSAI. The annual membership contribution shall be equal to the member SAIs' annual contribution to the INTOSAI which in no case shall be less than USD 500. Rule 12. The currency of the ASOSAI contributions is the US Dollar. In order to determine the ASOSAI annual contribution in accordance with Rule 11, the INTOSAI membership contributions shall be converted into US Dollars by the 'Representative Exchange Rate for Selected Currencies' posted by the IMF, because the currency of the INTOSAI is the EURO. Rule 13. In accordance with Rule 12, the ASOSAI annual contribution is determined in the year of the INTOSAI Congress by applying the 'Representative Exchange Rate for Selected Currencies' reported by the IMF on December 31 of that year. The rate shall be maintained for three years until the year of the next INTOSAI Congress when the INTOSAI annual contribution is re-estimated. Unless the annual contribution of the INTOSAI is changed, the ASOSAI annual contribution remains unchanged. Rule 14. In addition to contributions approved and called for by the Assembly, any member SAI may make voluntary contributions designated for specific activities of the Organization or designated as unrestricted as to use. Billing Procedures Rule 15. Using a letter invoice in January of each year, the Secretariat shall notify member SAIs of their obligation to send the annual membership contribution payment. The Secretariat shall also request member SAIs to submit their three-year voluntary contribution pledge as a basis for budget estimation
7 Rule 16. For those members in arrears, the Secretariat shall note the amount overdue in the same letter and shall add the amount overdue to the current year's contribution. Payment and Receipt of Annual Contributions Rule 17. The annual membership contributions shall be remitted to the Secretariat by the member SAIs at the start of each financial year. Rule 18. The member SAI may choose the form of payment (cheque, cash, or postal remittance/bank transfer) with consideration of the most economical and efficient terms of payment. All payments shall be made in US Dollars. Bank charges must be paid by the member SAIs which are paying the contributions. Rule 19. The Secretariat shall deposit intact all payments received in bank accounts established for this purpose within the next banking day. Rule 20. The Secretariat shall acknowledge the receipt of payment of the contribution. Late Contributions or Non-payment of Contributions Rule 21. The Secretariat shall send follow-up letters to members who have not paid their annual membership contributions by June 30. Payment and Receipt of Voluntary Contributions Rule 22. Rules17. to 20. shall be applied mutatis mutandis to receipt and payment of voluntary contributions
8 CHAPTER III. Budgeting Budget Rule 23. The expenses of the ASOSAI shall be funded from: (a) the admission fee of US 500 dollars from the member institution; (b) the annual membership contributions and voluntary contributions; (c) assistance, grants, donations or contributions from international organizations who share the goals of external government audit with the ASOSAI; (d) the income from the publications of the ASOSAI. (e) any other incomes other than the aforementioned, including interest income. Rule 24. The budget shall present an estimate of revenues and expenses and shall determine the level of resources needed to reach the operational objectives of the ASOSAI. Rule 25. Three-year budgets shall be prepared to coincide with the triennial Assemblies of the ASOSAI, with annual adjustments to be made as needed with the approval by the Governing Board. Rule 26. For budgeting purposes, the financial period shall cover the three years beginning on January 1 of the year following an Assembly and ending on December 31 of the year of the next Assembly. Budget Process Rule 27. The Secretariat shall prepare and submit a three-year rolling budget plan to the Governing Board annually no later than one month before the Governing Board meeting
9 Rule 28. The triennial budget adopted by the Governing Board shall be approved by the Assembly. Rule 29. In between Assemblies, the Secretariat shall submit annually to the Governing Board for approval an updated three-year rolling budget plan with respect to important activities which the Secretariat had not foreseen at the time the initial budget proposals were prepared. Rule 30. The Secretary General shall exercise full financial powers within the budget approved by the Governing Board and the Assembly. Contents of the Budget Document Rule 31. The proposed budget shall contain program narratives in conformity with the purpose of the ASOSAI as stated in the Charter and decisions by the Assembly or the Governing Board. Rule 32. The budget document shall include a brief statement on the main changes compared with the previous financial period and shall include such further annexes or statements as the Secretary General may deem necessary and useful. Budgeting for Revenues Rule 33. The revenue of the ASOSAI from annual membership contributions shall be estimated based on the total number of ASOSAI members and based on the amount of each member's annual contribution. Rule 34. Voluntary contributions shall be included in the budget estimate on the basis of the pledges and the past records of the actual payments of member SAIs
10 Rule 35. Interest revenue shall be estimated considering the expected average balance of deposits and the interest rates of bank accounts during the budget period. Budgeting for Expenses Rule 36. The estimated expenses shall include, among others, the following chapters: Training activities Publications Postage and banking fees Rule 37. The Training Administrator, the publisher of the ASOSAI Journal, or other SAIs which carry out ASOSAI-sponsored activities shall submit their three-year project plans along with the associated budget estimates to the Secretariat no later than three months before the Governing Board meeting is held. Rule 38. In accordance with Rule 24 of the Rules and Regulations of the ASOSAI, the Supreme Audit Institution of the seat country of the Secretariat shall provide administrative personnel and the site for the operation of the Secretariat. Expenses relating to the operation of the Secretariat shall be borne by the member Institution of which the Secretary General of ASOSAI is the head. These expenses shall not be included in the budget. Rule 39. The costs incurred for organizing the regular or special session of the Assembly or meeting of the Governing Board shall be borne by the member institution hosting the meeting. These costs shall not be included in the budget. Rule 40. Travel and all other expenses of the Chairman, members of the Governing Board, the Secretary General, and members of the Audit Committee shall be met by their respective Supreme Audit Institutions. These expenses shall not be included in the budget
11 Rule 41. The budget proposed by the Secretariat shall present a detailed statement of the estimated expenses of all individual budget lines in each chapter. Rule 42. The actual revenues and expenses of each year shall be compared with the budget figures to determine variances and to evaluate if the budgeting process can be improved upon the following year. Any major deviations from the budget shall be noted and justified or used to amend operations where warranted. Rule 43. The level of cash held in the demand deposit account shall be sufficient for the Secretariat to fund the operations of the organization for one quarter. Funds that are not immediately needed shall be invested following prudent investment practices. CHAPTER IV. Accounting Accounting System Rule 44. The Secretariat shall maintain appropriate accounting records and related supporting documents in accordance with consistently maintained sound accounting practices. The Secretariat shall prepare annual financial statements in accordance with the Accounting Policies for the ASOSAI which are based on the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS), the Charter for the ASOSAI, and the decisions of the Assembly and the Governing Board. Rule 45. Further details on the principles, methods and other necessary matters for accounting that are not stipulated in the Accounting Policies shall be based on the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). Internal Controls - 8 -
12 Rule 46. The Secretariat should implement and maintain an adequate system of internal controls to safeguard assets, to ensure the accuracy and reliability of accounting data and financial reporting, to promote operational efficiency, and to comply with the Charter for the ASOSAI. Rule 47. All of the accounting transactions of the ASOSAI shall be recorded in the accounting system of the ASOSAI. This accounting system shall maintain the following accounting records: Cash Receipts and Payments; General Journal; General Ledger; Trial Balance; and Subsidiary Ledgers, including Receivables/Payables Rule 48. The internal control system is based on the following six principles: (a) All accounting transactions and entries must be checked by the supervisor of the person preparing the entry and must be approved by the supervisor of the person checking the entry. (b) The accounting manager shall regularly, at least monthly, perform review of accounting records to compare with actual transactions. (c) The receipts and payments of funds must be made under appropriate authorization. (d) All checkings and approvals must be clearly evidenced. All supporting records and documents shall be filed in chronological order. These records and documents, as well as the books of accounts, shall be retained and preserved for nine years. (e) A clear segregation of duties must exist so that no one can perform initiation, recording and approval of transactions. When some of these transactions cannot be separated, a detailed supervisory review of related activities should be required as a compensating control activity. (f) Only authorized persons can access the accounting system and the documents
13 Financial Statements Rule 49. The ASOSAI financial statements shall primarily provide information about the financial position of the ASOSAI, its cash flow, and the results of its operations. All revenues and expenses, whatever the sources of funds, shall be reported. Financial statements shall include a comparison of budgeted and actual revenues and expenses. Rule 50. Further details on the basis, content, and method for the preparation of financial statements shall be provided in the Accounting Policies for ASOSAI to be adopted by the Governing Board. CHAPTER V. Audit Internal Audit Rule 51. Not later than three months after the closing of each financial year, the Secretariat shall prepare and submit financial statements to an internal auditor selected by the Secretary General from the officials of the Supreme Audit Institution serving as the Secretariat. Audit Committee Rule 52. The Audit Committee shall audit the accounts of the ASOSAI every three years. The Audit Committee examines the financial statements of ASOSAI in accordance with the internationally accepted audit standards in order to obtain reasonable assurance about whether the financial statements are free of material misstatement and to report the result to the Assembly. Rule
14 As stipulated in Section 2-d, Article 5 of the Charter for the ASOSAI, the Assembly shall elect two member SAIs to serve on the Audit Committee for a term of three years among those members who are not on the Governing Board. The Heads of the elected member institutions may nominate their representatives, if they are unable to do their business personally. Rule 54. When electing SAIs as the Audit Committee members, the Assembly shall consider the capacity of the SAIs to undertake the audits in compliance with these Financial Rules, and with the Charter for the ASOSAI. Rule 55. The Audit Committee members may nominate officials of their respective SAIs to conduct the audits on their behalf. When nominating such officials, the Audit Committee members shall take into account the following criteria: IT audit and statistical sampling capability; knowledge of international accounting standards; language capability; ability to complete the work according to time lines determined in the Charter and the Financial Rules for the ASOSAI Rule 56. The Audit Committee will commence functioning on receipt of the notice of readiness of the accounts for the period of three years to be audited, such notice shall be served by the Secretary General not later than three months after the close of the period. Rule 57. The Audit Committee shall carry out an on-site audit of the accounting documentation and related records maintained by the Secretariat. Rule 58. The Audit Committee shall render to the Assembly an audit report for each of the years of the triennium, not later than six months after the close of the three-year period. In addition to an audit opinion, the audit report may include any other matter resulting from the audit of the financial statements which the Audit Committee consider material. Rule 59. The Secretariat shall make the necessary arrangements to enable the Audit Committee to carry out their duties and responsibilities
15 Rule 60. In no case shall the Audit Committee include criticism in their report without first affording the Secretary General an adequate opportunity of explaining the matter. Rule 61. The Audit Committee members shall pay for the travel costs for their audit activities. They shall not receive any fees for their audit activities. Rule 62. The Audit Committee will determine its own procedures of business. CHAPTER VI. Financial Report Rule 63. No later than one month before the Governing Board meeting, the Secretariat shall prepare and submit to the Governing Board an annual financial report containing the financial statements audited by an internal auditor, an audit opinion, and management discussion and analysis. The financial statements for the preceding two years shall be included in the annual financial report for comparison. Rule 64. In the year when the Assembly is to be held, no later than one month before the Governing Board meeting, the Secretariat shall submit an annual financial report to the Governing Board and to the Assembly containing the financial statements audited by the Audit Committee, an audit opinion, and management discussion and analysis. The financial statements for the preceding two years shall be included in the annual financial report for comparison. CHAPTER VII. Amendments Rule 65. Amendments to these Financial Rules shall be made only upon approval by the Assembly
16 ADDENDUM Rule 1. These Rules shall enter into force on January 1,
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