Financial Management System of WADA

Financial Management of WADA is based on the following basic principles

  1. Transparency
  2. Accountability
  3. Access to information by all stakeholders
  4. Inconformity with the Generally Accepted Accounting Principles
  5. Close and regular monitoring
  6. Internal and external audits
  7. Incompliance with the law of the financial management

Technology is followed

  • All transaction of the organization is maintained through bank account, which operated, by joint signature of Executive Director and a Member nominated by the Executive Committee Government approved accounting system is followed to operate the financial management.
  • Double entry system is followed regarding maintenance of books of accounts.
  • Accounts of each year is dully be audited by a certified Chartered Accountant and is placed to the General Committee of the organization for its approval.
  • There is a provision to open separate bank account for each project as per suggestion of the donor.
  • Monthly financial statement is prepared on regular basis with its relevant bank reconciliation.
  • Immediate steps are being taken if any dispute occurs at the branch level.
  • Internal Audit teams are frequently visits the branch office.