Thursday, July 2, 2015

14 recommendations made by KC Sinanan –Auditor II


 *The implementation of a system of internal controls, accounting  and Human Resource.



*The detailing of an employee establishment identifying their remunerations.



*Staffing for the TTBC should be advertised requesting basic minimum qualification.



*Proper documentation of employee contractual agreements.



*The maintenance of a system of accounting that lends itself to audit scrutiny



*Being VAT registered



*Mandatory statutory deductions in keeping with statute i.e income tax , health surcharge, national insurance etc



*Subsidiary records of all deductions and remittances must be maintained



*Implementation of a proper filing system for maintenance of records



*Reimbursement claims must be promptly submitted and accompanied by legitimate documentations and explanations



*A full review of internal controls must be routinely conducted by respective managers



*Frequents audits must be programmed and conducted on the T&T boxing board



*Follow up by the Ministry of Sport to ensure that controls have been put in place to prevent abuse of subventions



*Requests for additional funding must be accompanied by a statement for audit scrutiny of how funds have been expended to date, and by justification for additional funding required.