Internship Report on Financial Management System of Ngo.

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|CONTENTS PAGE NO | |Acknowledgement ---------------------------------------------------------------------------- |1 | |Introduction ------------------------------------------------------------------------------------ |2 | |Objective of The Study----------------------------------------------------------------------- |3 | |Profile of The Organization ----------------------------------------------------------------- |4 | |Description of The Study -------------------------------------------------------------------- |5 | |Finding of The study -------------------------------------------------------------------------- |22 | |Recommendation ----------------------------------------------------------------------------- |27 | |Conclusion -------------------------------------------------------------------------------------- |44 | |Annexure: | | | | |

INTRODUCTION

The Non-Government Organizations (NGOs) have been playing very important role in supplementing overall development activities of Bangladesh thus the financial management has very significant role in ensuring productive delivery of this sector.

In current days, the NGOs require to compete bidding process to acquire fund from external sources including Government. This process needs to prove its capacity and quality by qualifying itself in the current market approach of contractual bidding. The sound and professional financial management system of an organization helps to move forward to award those contracts.

An effective internal control system and proper accounting system in order to ensure compliance issues are necessary in achieving sound financial management practice in an organization. Compliance to the agreemental bindings including reporting requirements is a significant strength of an organization.

An organization’s internal control system is defined as whole network of systems established in the organization to provide reasonable assurance that organization’s objectives will be achieved, with particular reference to:

▪ The effectiveness of operations.

▪ The economical and efficient use of resources.

▪ Compliance with applicable policies, procedures, laws and regulations.

▪ The safeguarding of assets and interests from losses of all kinds, including those arising from fraud, irregularity and corruption.

▪ The integrity and reliability of information, accounts and data.

The accounting system consists of the methods and records established to identify, assemble, analyze, classify, record and report an organization’s transaction and to maintain accountability for the related assets and liabilities. An effective accounting system gives appropriate consideration to establishing methods and records that will –

a. Identify and record all valid transactions;

b. Accurately record transactions in the proper time/period;

c. Properly classify transactions in accounts;

d. Properly present financial statements and related disclosure; and

e. Form traceable audit trail.

OBJECTIVE OF THE STUDY

The objectives of the study on Financial Management are:

▪ To have a uniform book-keeping, accounting and financial system, rules and procedures.

▪ To assess utilization of fund for the stipulated purpose and to establish discipline and accountability of fund users.

▪ To assist the management with necessary financial information required to ensure efficient monitoring and implementation of...
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