Standard

FIDUCIARY RISK MANAGEMENT STANDARDS TO BE MET BY IMPLEMENTING ENTITIES


The potential NIE is required to provide a written inventory of the current practices, policies, procedures and guidelines that exist within the organizational environment that will allow it to meet the required standards as agreed by the Adaptation fund Board. The potential NIE will also have to provide documentation that supports its written statements.

The Adaptation fund Board and the accreditation panel have provided some guidance to potential NIEs to help them with each of the standards required. Supporting documents are to be either attached with the application. A link to the document on the internet is also acceptable. A reference to the document, without it being attached or linked, is not acceptable and will potentially delay or affect the accreditation process, as will an incomplete package.

Required Competency: Financial Management and Integrity

Specific Capability Required:
Accurately and regularly record transactions and balances in a manner that adheres to broadly accepted good practices, and are audited periodically by an independent firm or organization

Illustrative means of verification:
  1. Production of reliable financial statements prepared in accordance with internationally recognized accounting standards.
    Supporting document to be attached: Audited Financial Statements
  2. Annual external audited accounts that are consistent with recognized international auditing standards.
    Supporting document to be attached:
    i) Audit Committee's Terms of Reference and
    ii) External Auditor Reports (if possible)
  3. Production of detailed departmental accounts
    Supporting document to be attached:Sample of departmental account
  4. Use of accounting packages that are recognised and familiar to accounting procedure in developing countries
    Supporting document to be attached: Description of accounting package used
  5. Demonstrate capability for functionally independent internal auditing in accordance with internationally recognized standards.
    Supporting document to be attached: Policy or other published document that outlines the entity’s internal auditing function