Audit & Reports
Accounting Convention: The accounts are prepared under the historical cost convention.
Internal Audit:
The system of Internal Audit exists to ensure that:
- Accounting controls are functioning properly, and the procedures & policies of the organization are being strictly adhered to.
- Transaction authorizations are issued by the persons acting within the scope of their authority, and transactions conform to the terms of the authorizations.
- Transactions are recorded at the amounts and in the accounting periods these were executed. The transactions have been recorded in the proper head of accounts.
- This Internal Audit/Control helps in smooth running of the system, establishing financial discipline and saves the Organization from various financial discrepancies to be pointed.
External Audit:
In terms of Rule No.9 made under Voluntary Social Welfare Agencies (Registration & Control) Ordinance, 1961, the Accounts of the NGO are got audited from a firm of Chartered Accountants.
Name of External Auditors:
M/s. Nasir Javaid Maqsood Imran, Chartered Accountants, Lahore.
Monitoring & Evaluation:
The efficiency of each service institution is monitored through the mechanism of monthly activity reports prepared by the Secretary concerned, which are discussed in detail in the monthly meeting of the Executive Council. Further action is accordingly initiated by the Administration for making it result oriented organization for delivery of standardized services to its clientele.
Annual Report:
The Annual Report at the close of each financial year is regularly published by the NGO containing inter alias the following details:
- General Management of the NGO.
- Detail of the nature and extent of services rendered during the year and number of beneficiaries.
- Programs for the next year.
- Audited Accounts.
Custody of Funds
Withdrawals:
Withdrawals are made from the Banks through cheques under the joint signatures of the Secretary of Finance, the Secretary-General, and the President.
Surprise checking is carried out at regular intervals to count the cash in hand at the sport with the Cashier, and action is initiated based on the result of such checking.
Name of Bankers:
- Meezan Bank Shalimar Link Road, Lahore.
- MCB Bank Mughalpura, Lahore.
- Bank Al Habib Ltd. Mughalpura, Lahore.
- Faysal Bank, Mughalpura,Lahore.
- Soneri Bank Mughalpura, Lahore.
- UBL Bank Mughalpura, Lahore.
- JS Bank Mughalpura, Lahore.
- Allied Bank Mughalpura, Lahore.
- Emaan Islamic Bank, The Mall Lahore.
Deposits:
All money the NGO realizes are deposited in scheduled Banks approved by the Executive Council.
