Specialist Committee: Audit, Finance & Zakat

Scope/terms of responsibilities

1. Disbursement of all funds (Zakath/Lillah) including, setting terms of disbursements and implementation of systems and process of application, approval and disbursement of the funds
2. Monitoring the disbursement of all funds (Zakath/Lillah) including calling for periodic review from the beneficiaries, onsite inspections, 3^rd party review (on need basis) etc and if necessary with holding future funding/black listing for serious violation of breach of terms of disbursement
3. Follow up with Regional Chapter on their Annual Zakath Commitment as agreed with the Office Bearers and review to ensure correct recording of the funding received
4. Review and Approve on behalf of the Executive Committee the Annual Budget of the WMO (Central Body) and thereafter authorize and monitor the disbursement of the funds
5. Review Audited Accounts of All Chapters before sign off and make recommendations to the Treasurer/Executive Committee on any shortcomings and future improvements needed in the Global Accounting
6. Design and Implement Policies, Systems and Processes for all Major Activities of WMO including obtaining the services of External Experts if necessary
7. Set delegation of Financial Authority for Executive/Non Executive Officials at Central and Regional Levels
8. Implementation of a Global Accounting and Financial Platform for WMO after obtaining necessary approvals of the Management Committee
9. Consider and review, with Regional Management Committee and the auditors, the adequacy of the organization’s risk management methodology and internal controls and recommend improvements to mitigate the Risks