Account and Audit Responsibilities

Account and Audit Responsibilities

The Account team is responsible for maintaining complete, accurate, and timely financial records that reflect the true financial position of the organization. This responsibility includes recording all financial transactions, managing general ledger entries, handling accounts payable and receivable, reconciling bank and cash accounts, and ensuring proper documentation is maintained for every transaction. The team also prepares monthly, quarterly, and annual financial statements, supports budgeting activities, and ensures compliance with applicable accounting standards, internal policies, and regulatory requirements to support effective financial management and decision-making.

Audit responsibilities involve the independent examination and evaluation of financial records, internal controls, and operational processes to ensure accuracy, integrity, and compliance. Auditors assess financial risks, test transactions, and review control mechanisms to identify weaknesses or irregularities. They ensure that accounting practices align with legal requirements, industry standards, and organizational policies. Through systematic audit planning, execution, and reporting, the audit function provides objective assurance to management and stakeholders regarding the reliability of financial information and the effectiveness of governance and risk management frameworks.

Account and Audit functions work together to strengthen transparency, accountability, and financial discipline within the organization while maintaining appropriate independence. Regular communication between both functions helps identify potential issues early, implement corrective actions, and improve internal controls. Findings from audits are used to enhance accounting processes, reduce risk, and promote continuous improvement. By collaborating responsibly and respecting defined roles, both functions contribute to sound financial governance, regulatory compliance, and the long-term sustainability and credibility of the organization.