I see - you are unclear as to what financial controls the LLC has in place. To summarise, there are the following elements to our financial control framework: 1. The board approves a budget on an annual basis, which is the base control for what can be spent on what. 2. The board maintains a documented set of delegations to the Executive Director - how much I can spend on what, within the constraints of the budget, and any special controls around that. 3. The board approves a financial policy that is made up of multiple process and controls. Most notably, it is the financial policy that specifies the separation of duties, which are the operational checks and balances necessary to prevent fraud. 4. The board receives a monthly financial report prepared directly by the accountants independently of the Executive Director. 5. Every year the accounts are audited by an independent firm of auditors who carry out a range of tests to detect fraud or unintentional financial problems. That report is then presented directly to the board and the auditors meet with the board without the ED present. The delegations referenced in 2 and the policy referenced in 3 will be published at some point, hopefully soon. This is waiting on the completion of a review of the financial policy triggered by our switch in accountancy firms and delayed by the pandemic. Please feel free to ask for such information directly rather by allusion, as that is easier for me to pick up on. Jay
-- Jay Daley |
