Partner Finance Monitoring Checklist
Partner Finance Monitoring Checklist
Partner Name:.……………………………………………………………………………………………………….…
Project Code/Title: ………………………………………………………………….Budget Total:………………..
Completed by:……………………………………….………………….. Date:…………………….………………..
Please refer to assessment list, queries on previously submitted reports and previous monitoring points on issues to follow-up.
Guide Questions / Yes / No / Remarks1. Conduct a cash count and bank reconciliation in custody with the cashier.
1.1. Is there a cash count conduct regularly, at least once a month?
1.2. Who do the cash count and who do the verifying?
1.3. Does the total cash balance reconcile with the cash count?
1.4. Where is the cash kept, is it in a secure place allowing access only to the cashier?
1.5. Is total cash holding appropriate to the Partner’s operation?
1.6. Are chequebooks properly locked in the safe?
1.7. Is the Partner’s bank account in the organisation name? If not, what is the control in place.
2. Check whether collection is deposited timely. Review file of deposit slips. Trace amount deposited as against what is recorded in the cashier’s Cash Book.
If partner has a check account:
2.1. How often do they deposit collection to bank?
2.2. Compare the deposit slip with cashbook records to see that it is updated timely with correct amount.
If partner has only cash on hand:
2.3. Check that receipts are recorded to cashbook timely.
Guide Questions / Yes / No / Remarks
3. Process map the system of handling and recording cash receipts. Establish what are the books/records maintained by the cashier and the finance officer.
3.1 Is an official receipt issued for all collections?
3.2 Are there persons other than the cashier who are allowed to issue an official receipt?
3.3 Does the cashier maintain a cashbook where receipts and disbursements are recorded?
4. Review file of official receipts issued. Check numerical sequence, missing official receipts etc.
4.1 Are the official receipts printed? And pre-numbered? If no, what is the control in place?
4.2 Are receipts issued in a sequential manner?
4.3 Are there missing official receipts?
4.4 Are cancelled, spoiled official receipts stamped ‘Voided’ and filed?
5. Obtain the existing policy on delegation of authority.
5.1 Is there any policy on limits of payments by petty cash, cash, and check? Obtain document.
5.2 Is there any delegation of authority document stating authorisation level for purchase and payment transactions?
6. Conduct a test of disbursement transactions. On a random basis, select from at least 3-months transactions and vouchers to check documentations and approval on payment.
6.1 Is a voucher system for payment being implemented?
6.2 Is there any delegation of authority document stating authorisation level for purchase and payment transactions?
6.3 Are ‘Petty’ expenditures paid through the Petty Cash Fund?
6.4 Are petty cash vouchers prepared to cover petty expenses?
6.5 Does the paid petty cash voucher exceed the limit for payment?
6.6 Are all cash/check vouchers properly approved by the authority as stated in the delegation of authority document?
6.7 Are the cash/check vouchers pre-numbered?
6.8 Are cash/check vouchers supported with appropriate supporting documents? (Approval requisition, quotations, supplier’s delivery or invoice, receipt)
6.9 Do the cash/check vouchers bear the required approval?
6.10 Are checks ‘crossed’ or made payable to the ‘Payee’ only?
6.11 Are there supplier’s official receipt to attach every payment vouchers? Has the invoice or receipt been tampered with or amended?
6.12 Are paid vouchers and supporting documents stamped ‘PAID’?
6.13 Have we witnessed what has been declared as being built or purchased? If possible, take a look at the goods and make judgment on validity of the amount.
6.14 Have we met with beneficiaries, who have attended the workshop to confirm the duration and reimbursement cost?
6.15 During our monitoring visits try to meet with all partner’s staff to verify that they matched with reported expenses.
7. Test check balances of cash and bankbook, and trace posting to the General Ledger.
7.1 Are ledger entries properly referenced to the supporting vouchers?
7.2 Are the balance of the cash and bankbook accurate?
7.3 Are the account balances posted in the General Ledger correctly?
8. Review financial report: Budget vs. Actual
8.1 Are the balance from General Ledger posted correctly to financial report?
8.2 Is the report prepared in accordance with donor’s format and the budget format?
8.3 Is the Partner funded by more than one donor, if yes, are the requirements of the other donors consistent with XYZ’s? What are the constraints?
8.4 Is the financial report prepared on a monthly basis and timely?
8.5 Does the Partner review, analyse variances and take corrective action on the result of the monthly financial report?
8.6 Are recommendations and feedback from XYZ being implemented or taken into account?
9. Reporting to XYZ
9.1 Does the Partner meet the deadlines indicated in the contract?
9.2 Are reports received before the next transfers are made?
10. Check the handling of stock and fixed assets?
10.1 Are assets required to run the project? Do we already have an asset that can adequately perform the desired function?
10.2 Are there proper identification tags on all the assets? (Check sample or total)
10.3 Are the assets properly utilized and solely for the project?
10.4 Are fixed assets e.g. vehicles properly kept in a secured place?
10.5 Are all assets entered in the fixed assets register with complete information (Acquisition date, identification no., model, serial no., amount, location etc.?
10.6 Are budget purchased in conformity with budget?
10.7 Is there a proper chain of accountability for use of assets?
10.8 Are assets utilized for the sole purpose of the project?
10.9 Is fuel consumption in line with budget/ expectations? Are frequencies of vehicle breakdowns monitored or vehicles independently checked?
10.10 Is there an appropriate insurance policy for each vehicle funded by XYZ?
10.11 Are assets disposal in conformity with the procedure stipulated in the project?
10.12 Are stocks maintained?
10.13 Are stocks recorded regularly updated and signed off by a responsible officer?
11. Float and Loan Registers
11.1 Are the registers up to date?
11.2 Are there any large, outstanding floats or loans? If yes, why?
11.3 Are liquidations being made promptly?
12. Salary Advance Register
12.1 Are the registers up to date?
12.2 Have all advances been deducted from the monthly salaries?
12.3 Has any member of staff consistently been receiving salary advances?
13. Existence of competent personnel
13.1 Is there a finance team of at least one person?
13.2 Does the finance team have adequate accounting skills?
14. Proper filing of accounting documents
14.1 Are accounting/ supporting documents properly filed?
14.2 Is the filing system consistent?
14.3 Document easy to retrieve and crosscheck?
14.4 Are document kept in archives for the time duration specified in the country legislation or contract?
15. Proper utilisation of fund – Programme Visits (Beneficiaries)
15.1 Is there a calendar of visits (scheduled or impromptu)?
15.2 Are field visits being carried out in line with the calendar?
15.3 Are resources reaching the beneficiaries in line with the project proposal?
15.4 Purchases made for beneficiaries, are the assets in good condition and with beneficiaries?
16. Proper utilization of fund – Control of activities and utilization of assets against approved budget.
16.1 Is there a signed contract with approved budget annexed?
16.2 Does the financial report match the activity report? If not, why not – can any variances be explained?
16.3 Is there any overspend for activitiy against budget? If yes, and expenditure continues at the current rate, will there be enough money to complete the project?
16.4 Are amendments to budget lines preceded by formal demand duly authorised?
17. Training and support
17.1 Have the areas of weakness been identified?
17.2 Have the training and support plan been established and planned?
17.3 Have the training and support been conducted?
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