We audited processes for 5 national sports centres to ensure financial statements were relevant, accurate, complete, and fairly presented.
Using our holistic approach we thoroughly examined internal controls in areas such as budget reporting, contractor reporting, procurement, transaction authorisation, account reconciliations and segregation of duties including IT General Controls. Some of the recommendations included:
Our consultant, Peter Butterfield devised and implemented new automated budget reporting systems that produced accurate information allowing quicker decisions to be made.
Working with contractors we enhanced performance reports by introducing standard templates that led to improved financial monitoring by local on site managers and the Head of the National Centres.
In conjunction with the National Centres, Peter also devised an auditing system aimed at monitoring contractors' financial programmes. These audits identified risks that could be shared across all interested parties.
Our IT auditors were able to suggest new hardware and software systems to improve efficiency across the financial reporting section of the business. These suggestions included using up to date software and improving back-up systems to reduce data loss.
Our recommendations helped to improve the quality and efficiency of financial controls and financial reporting, resulting in lean and effective systems.
Consultant Responsible: Peter Butterfield