S1 - Preamble
S2 - Partnerships
S3 - Governance
S4 - Organizational Integrity
S5 - Finances
S6 - Fundrainsing & Communications to the Public
S7 - Management Practices & Human Ressources
S8 - Acheiving Compliance
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Summary
Finances
S 5.3
Raison d'être
Indicators of Compliance
Ethical Questions to ask
Examples of good ethical practice
Examples of poor practice
  1. The Organization shall have annual audited financial statements and shall make them easily accessible to the public.

Why
Why

Public accountability is ensured by having audited financial statements undertaken by independent, qualified accountants. “Independent” means that the auditor has no vested interest in the outcome of the audit. This standard makes explicit the requirement that all CCIC members have annual audits, whether or not required by law.

 

If the Organization’s international development program is part of a larger entity, its international development program needs to be audited in such a way that its financial accountability can be separately assessed. 

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Indicators of Compliance
Indicators of Compliance
  • The Organization’s audited financial statements are in accordance with generally accepted accounting principles and requirements of the Canadian Institute of Chartered Accountants.
  • Said statements are provided in full to any inquirer within a reasonable time.
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Ethical Questions to ask
Ethical Questions to ask
  • Are we being transparent, to the public, about any limitations or areas of concern flagged by the auditors in their report?
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Examples of good ethical practice
Examples of good ethical practice
  • Contracting auditors whose professional reputation has been well established.
  • Making audited statements readily accessible on the Organization’s website within 30 days of their approval.
  • Providing an opportunity for the governing body to speak with the auditor prior to or following the annual audit.
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Examples of poor practice
Examples of poor practice
  • Having a member of the Organization’s governing body perform the audit, even if the person is a qualified accountant.
  • Providing to the public only excerpts from the audited statement.