Audit Notification Report (Jan 19, 2022)
AUDIT NOTIFICATION REPORT (JAN 19, 2022)
TO/ FOR : ALL CONCERNED
FROM : The Management
SUBJECT : Audit Notification Report
DATE : 19 January 2022
FINANCIAL CONTROLS - Financial controls are the procedures, policies, and means by which an organization. monitors and controls the direction, allocation, and usage of its financial resources. Financial controls are at the very core of resource management and operational efficiency in any organization.
Audit Notification Report - The ANR or Audit Notification Report will be the documented warning for the employees that are not following / non-compliance to financial controls implemented by the Finance & Accounting Department. This document will be forwarded to respective Immediate Head for endorsement to VP of Support group and return to F&A for signature of employee. The Financial Controls that will be implemented as part of company policies are stated on the following pages.
Accounts Receivable Controls
1. Daily remittance of collections (No Cash shortage)
2. Only collectors are allowed to collect / remit the cash
3. Daily submission of deposit slip / proof of payment to GC
4. Monitoring of collections thru weekly submission of reports.
5. For weekly monitoring, for 3rd week of collections if still no update after follows up need to escalate to Salesman – documented.
6. For collectors who fail to remit the cash within the day, Cash should be surrender to Ms. Eloi / Jess.
7. Collectors who fail to surrender / deposit on the next day (Sunday not included) of actual collected date will be subject for ANR
8. For provincial collections, (special instructions) Tech may collect but need to remit/deposit the cash on the next day of duty to office or collector need to collect the cash from the Tech personnel.
9. For any noncompliance to policy will be subject to issuance of ANR
Accounts Payable Controls
1. Checking of documents (SI / OR / DR). Complete details, No alteration or correction on the amount.
2. SI/ DR/ OR should have stamp received with date and signature from Supply Chain, for advance payment, Liquidation should have stamp received also w/ date and signature.
3. Failure to liquidate the advances 1 week after the actual expenses will be subject for ANR
4. For Monthly request advances, 1 week after the end of the month the liquidation should be submitted to F&A.
5. Reimbursement beyond 1 week allowance policy will be subject to ANR and special approval.
6. Unliquidated advances should be remit / deposit (1 week after actual expenses w/ liquidation report) (for Tech 2 weeks to revolve the fund after 2 weeks no field duty need to deposit the unliquidated amount)
7. 2 weeks advance request are not allowed
8. For a month with no liquidation / deposit of unliquidated, advances will be deducted to salary (based on signed ANR)
9. Required docs/ attachments will be based on guidelines on reimbursement/liquidations.
Guidelines on Reimbursement / Liquidation of expenses and Payment Cash request
- Reimbursement will be valid only 1 week after the actual date of expenses
- Liquidation of previous request is required (For monthly request)
- Submit the approved request form and liquidation form together with required attachments a day before the fund needed.
- Receipts should be named to Nelsoft Systems Inc
- Date and Amount must be cleared on the receipts
- Alterations / Corrections on the receipts should be countersign by the issuer.
- For reimbursement charged to client, Transportation and Accommodation Charges are required to be signed by the client.
- Submission of Liquidation form and receipts should be arranged per request to avoid duplication of attachments. (Example: Liquidation form next page will be the required attachments)
- The following list are the required attachments for every req
Guest:
For Food Allowance – no receipts (with max amount only)
For Representation - Sales Invoice / Official Receipts / Receiving copy with signature
For Repairs and Maintenance Services / Supplies – Service Invoice / Sales Invoice / Official Receipts (DR or Delivery Receipt is only allowed if the name and signature of supplier is indicated in the receipts)
For Gas/ Diesel allowance – clear copy of official receipts/ Sales Invoice from Gas station
For Transportation allowance – Will be based on PUV regular fare
Bus – Required bus ticket
LRT / MRT – Receipts
Jeep – No receipts needed (will be based on actual fare)
UV Express – No receipts needed (will be based on actual fare)
Inventory Audit
1. Monthly inventory Audit
2. Inventory variance without valid reason will subject for ANR
3. Failure to record inbound/outbound items for issuance of ANR
4. Discrepancy on amount in recording of inbound/outbound items for issuance of ANR
Other Internal Controls
1. Any fraudulent act (Intentional erasure to finance documents w/o countersign, Alteration of amount and etc) for issuance of ANR
2. Negligence result to loss/ breakage in the company’s asset will subject for ANR
3. Connivance of employees with Supplier/ Client and co – employee that result to loss/breakage in company will subject for ANR
4. Four (4) issued ANR within the month, Ten (10) ANR within the year will be subject to HR policy.
5. For non-compliance / disregarding ANR will be subject to HR policy.
DISCIPLINARY ACTIONS (PREVENTIVE/ CORRECTIVE SANCTION-PENALTY)
1. Four (4) issued ANR within the month
GRADATION OF OFFENSE DISCIPLINARY ACTION
1st Suspension for 5 – 6 days/
2nd Termination/ Dismissal
2. Ten (10) ANR within the year
GRADATION OF OFFENSE DISCIPLINARY ACTION
1st Suspension for 5 – 6 days/
2nd Termination/ Dismissal