ANOC Finance and Audit Commission hosts virtual meeting
The ANOC Finance and Audit Commission met by videoconference on 29 July to discuss and review a number of key topics.
ANOC Finance and Audit Commission Chair Dagmawit Berhane provided an update of what was discussed during the meeting and what work lies ahead for the Commission.
How did today’s meeting of the ANOC Finance and Audit Commission go? What were the main topics that were discussed?
ANOC Finance and Audit Commission held its 10th meeting virtually. Due to the unprecedented global crisis, it is unfortunate that the commission members did not meet in Lausanne at the ANOC headquarters as per tradition. Nevertheless with the help of the ANOC administration and all members of the commission it was possible to conduct our meeting virtually with all members present. Regardless of the time differences and the technology challenges, the meeting went flawless with no interruption for three hours. The main topics covered during the meeting were, approval of the minutes of the 9th ANOC Finance and Audit Commission; approval of the report by the ANOC External Auditor, PWC, to be presented to the ANCO EC on the audit of the financial statements of 2019; approval of the first draft of the ANOC Financial and Internal control system; and a review of the management accounts of the first five months of 2020.
What are the Commission’s priorities for the rest of the year?
The Finance and Audit commission priorities for the year 2020 are (a) Finalizing the new Financial manual and internal control system and its implementation by the end of the year. The commission has also recommended to ANOC to share the template of this document to Continental Associations and/or NOCs together with some funding to help them adopt it should they wish to use it. (b) As the year 2020 is the end of the quadrennial, the commission will focus on completing the finance report with the information on the overall cost and breakdown of the quadrennial and AWBG in preparation for the next ANOC EC meeting. (c) Prepare for the next quadrennial
What is the purpose of the Financial Manual and Internal Control System?
The purpose is to provide guidelines to ANOC Governing Bodies for the conduct of ANOC’s affairs, the control of its risks, and the preparation of its financial statements and other financial reports; to clarify and illustrate the accounting principles of ANOC under International Financial Reporting Standards for Small and Medium-size Entities (IFRS for SMEs); To provide ANOC Governing Bodies with effective and accurate financial (management) information.