organization apply Bothoor Alkhaer origination for relief and development a financial system based on an integrated set of financial regulations and policies in accordance with the best local and international standards, and according to the best Practices applied in non-profit, non-governmental organizations using the latest electronic systems and accounting software
First: The financial system: Bothoor Alkhaer origination for relief and development applies a financial system based on an integrated set of regulations and policies Finance is in accordance with the best local and international standards, and in accordance with the best practices applied in non-profit, non-governmental organizations, And using the latest electronic systems and accounting software, in order to achieve the vision and strategy of Seeds of Good for Relief and Development achieving its objectives and performing its mission according to a set of values and a set of principles. This system has been established based on the policies that It is approved and decided by the association’s board of directors, and in line with the legislative regulations of charitable societies, and the generally accepted accounting principles. And international standards for preparing .IFRS reports. Bothoor Alkhaer origination for relief and development is also keen on the continuous development of its financial system In order to achieve transparency, disclosure and accuracy and lead to the control of financial performance, and to ensure its efficiency and effectiveness. Accounting policy There are many The applied accounting policies are Bothoor Alkhaer, which are based on international accounting standards and generally accepted accounting principles. We summarize the most important These policies are as follows:
- General accounting policies: Applying the accrual basis, which achieves the principle of independence of financial periods. Applying the principle of historical cost when preparing the financial statements. Accounting policies related to real estate and endowments. Accounting policies related to property and equipment and machines. Revenue recognition accounting policies. Accounting policies related to provisions. Related accounting policies employee benefits. Accounting policies related to financial risk management. Accounting policies relating to transactions in foreign currencies. Accounting Policies Related to Financial Instruments
- Accounting policies relating to revenue: Donations of cash are recognized when received. Non-cash donations are recognized on a regular basis during its productive life. Subscriptions and deposits are recognized when cash is received. Rents are recognized on an accrual basis. Revenue from the sale of investments, property and equipment is recognized when title is transferred to the buyer.
- Accounting policies relating to expenditures Expenses for projects and activities are recognized when incurred. Expenses are recognized Transferred to offices and representations outside the Bothoor Alkhaer when the amounts are actually paid abroad and not when transferring from the main center in Good seed. The disbursement must be in accordance with the approved budgets. The disbursement must be in accordance with the financial policies, regulations and procedures approved by the Board of Directors. Transparency must be achieved at all stages of the disbursement process. Applying internal control and control procedures to all exchange operations. Application of quality standards in exchange operations
- Financial risks The risk-based approach is an essential part of all Bothoor Alkhaer origination policies and within the framework of the keenness of the Managing the Bothoor Alkhaer to reduce the risks that the organization may be exposed to, especially the financial risks and the risks of money laundering and terrorist financing., The Board of Directors has formed the Internal Audit Committee, which is responsible for developing and evaluating risk management policies and internal audit activities organization, and submit periodic reports to the Board of Directors on its activities. An organization's risk management policy has also been developed to identify and analyze the risks involved faced by the organization, and put in place appropriate controls to treat the risks and reduce them to acceptable limits. Also, a risk register has been created And identifying all the risks that the organization faces, both internally and externally, and the organization has begun training its employees to identify risks and deal with them. with her
- Anti-Money Laundering and Terrorist Financing, Bothoor Alkhaer for Relief and Development is committed to the highest standards of combating financial crime and comes at the forefront Anti-money laundering and terrorist financing, anti-bribery and corruption, anti-fraud, and other financial crimes. The risk-based approach is an essential part of the Bothoor Alkhaer policy to combat money laundering and terrorist financing.
Bothoor Alkhaer always aims to promote compliance in general with all local and international laws, regulations, conventions and standards In the field of charitable and humanitarian work, Bothoor Alkhaer also emphasizes compliance in particular with the requirements of combating money laundering operations and terrorist financing and assessing its risks and potential impact on its financial capacity, as it periodically, regularly and whenever necessary reviews And update its policy and procedures in this regard, in order to ensure compliance with the international standards issued by the working group and the best International practices in addition to relevant legislation and laws
The Bothoor Alkhaer has adopted modern methods and methods of governance, by setting up a system that includes a set of rules, principles, policies and procedures And the administrative structure that organizes the organization’s work and tasks, and it has established the three basic principles of governance and put them into practice, namely: Transparency, participation and accountability. The principles of governance increase the community’s confidence in the Bothoor Alkhaer help it achieve its charitable goals humanitarian, developmental and social more broadly
Internal Control and Internal Audit
Bothoor Alkhaer has implemented a set of internal control and auditing systems in accordance with international standards issued by international bodies and organizations To keep pace with the best systems, in order to achieve its objectives and control the risks it faces and to ensure its efficient and effective management of funds. It carried out a set of important measures to achieve an effective control environment, and the role of internal audit was activated as an important control tool for auditing Bothoor Alkhaer origination for relief and development Activities