Auditors recommend strengthening of NFMU accounting process

Jun 03, 2016 News

Forensic auditors are recommending that the National Frequency Management Unit (NFMU) take several measures to strengthen its accounting systems.
The auditors attached to Ram and McRae, Chartered Accountants, noted in a detailed report that the NFMU uses QuickBooks software for its accounting systems and Microsoft Excel for the preparation of payrolls.
The auditors noted that QuickBooks is an accounting software package geared mainly toward small and medium-sized businesses and offers on-premise accounting applications as well as cloud-based features.
They said that the software is universally used to monitor expenses, create invoices and reports, track change orders and job status, and manage inventory, customers, vendors and employees.
Based on the nature and volume of the entity’s transactions, the forensic auditors said that the QuickBooks Accounting software is adequate to effectively manage the Unit’s financial system. They recommended, however, that the payroll functions be moved to software that is capable of generating the relevant reports for submission to the Guyana Revenue Authority (GRA) and that provides an interface with the accounting system.