Wednesday, January 17, 2018

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.