NCSS :: VWO Corner - Shared Services - Governance cum Internal Audit Services

The highest honours in the social work profession, the Outstanding Social Worker Award and the Promising Social Worker Award, are presented by
President Tony Tan
to outstanding social workers for their dedication shown to the profession and for improving services to the community.

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Governance cum Internal Audit Services

With the introduction of the Code of Governance for Charities and Institutions of a Public Character (IPCs), many VWOs have made efforts to review and enhance their compliance with the guidelines set in the Code. The Governance cum Internal Audit Services are designed to further assist VWOs in this effort.

The Governance cum Internal Audit Services provide reviews and recommendations on VWOs’ policies, processes and controls in the following areas:

Code of Governance Guidelines for Charities and IPCs

Compliance with the Code of Corporate Governance for Charities and IPCs

Revenue/Receipts

	Grants and Donations
	Development and communication of policies and procedures; controls over collections and recording of donations, and grants/sponsorships; compliance with procedures for issuing official/tax exempt receipts for donations

	Fund-Raising
	Approval process for fund-raising projects and expenses

	Fees or other income
	Development and communication of policies and procedures, invoice processing; revenue recognition; review of agreements; credit control; timely collection of accounts receivables and cash receipts; segregation of duties and accounts

Procurement and Payment

Development and communication of policies and procedures, purchase requisition, purchase orders, review vendor selection and evaluation processes, vendor management, vendor master file maintenance, payments procedures, receipt of goods and services, invoice processing, accounting, reconciliations, adjustments – rebates, discounts & return, segregation of duties, review of agreements

Operating Expenditure

Development and communication of policies and procedures, approval process for operating expenditure (non-payroll) including travelling expenses, benefits, vendor selection and evaluation, supporting documents for payments, review of payment process

Human Resource and Payroll

Compliance with local regulatory/statutory requirements, review of human resource policies and procedures, maintenance of payroll records and employee files including employment contracts and staff appraisals, processing of payroll and leave in accordance with employment contracts

Capital Expenditure

CAPEX budgeting process, acquisition of fixed assets, fixed asset master/fixed asset register, capitalisation, depreciation, sale/disposal of assets, movement of assets, physical verification and utilisations