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:
- Production of reliable
financial statements prepared in accordance with internationally recognized
accounting standards.
Supporting document to be attached: Audited Financial
Statements
- 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)
- Production of detailed departmental accounts
Supporting document to
be attached:Sample of departmental account
- 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
-
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