FAR/AIDAR regulations for non-profits on grants, cooperative agreements, and contracts. CARE has established planning, monitoring, reporting, and auditing systems to ensure that the restrictions placed on the use of resources provided by its various donors and contributors are identified and addressed. CARE’s financial records and operations undergo rigorous audits by CARE’s Internal Audit Department and by external auditors, Ernst & Young. CARE’s financial policies take the following into account: i) international accounting standards; ii) the legal regulations and procedures in place in the countries of intervention; iii) the policies and procedures of donor entities; and iv) internal control policies. CARE’s internal control policies are guided by policies in the areas of financial management; procurement; subgrant management; and human resources. These are also complemented by internal audits in each country as well as donor audits which further contribute in strengthening its systems. Other donors that CARE Ecuador works with are European Union, DIPECHO and CARE in Ecuador also maintains ongoing coordination with the Ministry of Economy and Finance, the Internal Revenue Service and the Technical Secretariat of International Cooperation. This has helped CARE to recover the Value Added Tax (VAT) it pays on a timely basis, and to avoid difficulties with the country’s financial control system. In addition, CARE has designated a delegate who is in constant contact with the Financial Control Unit of Ecuador. While financial management and compliance are of critical importance to CARE, our A-133 audit reports has identified deficiencies in our internal control environment. In the past four years, CARE has taken far-reaching measures at all levels in the organization and invested significant amounts of resources to upgrade its internal control environment. As of June 2011, CARE has continued to deliver significant
FAR/AIDAR regulations for non-profits on grants, cooperative agreements, and contracts. CARE has established planning, monitoring, reporting, and auditing systems to ensure that the restrictions placed on the use of resources provided by its various donors and contributors are identified and addressed. CARE’s financial records and operations undergo rigorous audits by CARE’s Internal Audit Department and by external auditors, Ernst & Young. CARE’s financial policies take the following into account: i) international accounting standards; ii) the legal regulations and procedures in place in the countries of intervention; iii) the policies and procedures of donor entities; and iv) internal control policies. CARE’s internal control policies are guided by policies in the areas of financial management; procurement; subgrant management; and human resources. These are also complemented by internal audits in each country as well as donor audits which further contribute in strengthening its systems. Other donors that CARE Ecuador works with are European Union, DIPECHO and CARE in Ecuador also maintains ongoing coordination with the Ministry of Economy and Finance, the Internal Revenue Service and the Technical Secretariat of International Cooperation. This has helped CARE to recover the Value Added Tax (VAT) it pays on a timely basis, and to avoid difficulties with the country’s financial control system. In addition, CARE has designated a delegate who is in constant contact with the Financial Control Unit of Ecuador. While financial management and compliance are of critical importance to CARE, our A-133 audit reports has identified deficiencies in our internal control environment. In the past four years, CARE has taken far-reaching measures at all levels in the organization and invested significant amounts of resources to upgrade its internal control environment. As of June 2011, CARE has continued to deliver significant
CARE_DOL_POLICY-SGA12-10_technical_final.docx