Bangladesh Mahila Parishad - Norad

58control over cash management. Since it may benecessary to withdraw large amounts of cash fromtime to time for program purposes, we recommendthat “Program Cash” should be segregated from“Petty Cash” by a separate account code. We furtherrecommend that BMP may consider to procure aCash in Safe insurance to safeguard the cash kept inthe office.4 We recommend that the budget should be realistic asmuch as possible and budget variance should bewithin the range of 5%-10%.5 Payment should be made with proper recipientacknowledgement.6 The management should review and if necessary,revise the minimum threshold for quotation collection.Afterwards, they should ensure compliance with theapplicable policy with regards to purchase requisitionand collection of quotations.7 We recommend that the asset items should betagged with project phase-wise identificationnumbers, and the change in their locations, if any,should be updated in the fixed assets register.Management hastaken action inthis regard.Management hastaken action inthis regard.Management hastaken action inthis regard.Management hastaken action inthis regard.Sl. Recommendation - Audit 2011 Status1 The management should request necessary approvalfrom NGO Affairs Bureau.2 We recommend maintaining the daily cash balancewithin the prescribed limit, and segregation of dutiesof accountant and cashier, to ensure sound internalcontrol over cash management. Since it may benecessary to withdraw large amounts of cash fromtime to time for program purposes we recommendthat “Program Cash” should be segregated from“Petty Cash” by a separate account code. We furtherrecommend that BMP may consider to procure aCash in Safe insurance to safeguard the cash kept inthe office.3 BMP management should take initiative formonitoring the advance adjustment.4 The management should ensure compliance with theapplicable policy with regards to issuing work order.Steps taken toresolve the issueManagement hasnot taken actionin this regard.Not ImplementedImplemented