Transfer Reassign organizational accountability responsibility and authority to

Transfer reassign organizational accountability

This preview shows page 54 - 57 out of 67 pages.

• Transfer: Reassign organizational accountability, responsibility, and authority to another stakeholder willing to accept the risk. • Watch/Monitor: Monitor the environment for changes that affect the nature and/or the impact of the risk. Further progress will be watched in next audit. Ongoing.
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WO/PBC/22/3 page 51 WIPO-Report of the External Auditor Financial Year 2013 C&AG of India Page 46 Financial Audit The Management should review the integration of various modules of the AIMS system and carry out necessary reclassification of assets in line with the declared accounting policies. The Management attributed the discrepancies to various reasons such as additions in 2011 and 2012 non-reversal of the adjustment for the increase in fair value in the GL which was to be added to the asset in the AM module, a series of cost adjustments made and technical problems in AIMS, and maintained that these would not have any impact on the financial statements. Ongoing. Progress is to be made in this area. Financial Audit The Management should improve the internal controls for review of dormant FIT accounts and take appropriate action in time. Further, the internal controls for periodic review of fund accounts for their completeness and correctness should be improved. The Management stated that Finance has reviewed the procedures which were currently in place with regard to dormant FIT accounts. In the future, where a FIT has been dormant for more than three years (no new contributions received and no activities undertaken), whenever possible and after clearance with the Program Manager, Finance would take the initiative to contact the donor directly, requesting details of the bank account to which WIPO can transfer the balance of the FIT. This communication will indicate that if no answer is forthcoming from the donor within six months, WIPO will issue a bank cheque to the donor and will close the FIT. As much as possible, WIPO requests that FITs be established and operated in Swiss francs only, in order to avoid exchange differences. Finance has examined the current situation of those FITs which are held in currencies other than the Swiss franc in order to determine what Progress is being made by the WIPO. The recommendation may be considered as ‘implemented’.
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WO/PBC/22/3 page 52 WIPO-Report of the External Auditor Financial Year 2013 C&AG of India Page 47 corrective action can be taken. Finance has also contacted sister agencies in the UN system in order to establish how they are handling voluntary contributions received in currencies other than their functional currency. This work has assisted with the review of FITs currently underway (see below). For all the FITs maintained in other currencies which were closed in the past and which showed and exchange difference, the difference has now been written off in 2013.
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  • Summer '17
  • External auditor, Auditor's report, World intellectual Property organization

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