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| First | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | Last |
Annual Plan of Operation ISG is presently classified as an independent project within the MRDP system. As such the ISG Annual Plan of Operation (APO) for the coming year is included within the MRDP APO framework which is submitted to, and approved by, MARD and Sida. Fund request and transfer MRDP requests funds from Sida, (Swedish contribution) and from the Vietnamese Government (Vietnamese contribution). Funds are transferred on quarterly basis to MRDP Programme Board Office’s (PBOs) bank accounts (one VND account for Vietnamese contributions, one foreign currency account for donor contributions). ISG local expenditures ISG secretariat receives cash advance from PBO. The ISG secretariat handles all local expenditures. Financial routines follow the Vietnamese Accounting System regulation (VAS). Sida cost norms are applied and MRDP financial reporting routines are used when accounting for expenditures. Before receiving a new advance the outstanding advance is liquidated. ISG expenditures for international consultancy The ISG international consultant submits invoice to the MRDP international consultant. The MRDP consultant sends on monthly basis invoice to Sida, detailing MRDP as well as ISG consultant’s costs. When payment is received, the ISG consultant gets payment from the MRDP consultant. MRDP compile financial expenditure statements on quarterly basis. The ISG expenditures are reported as a separate project, detailing expenditures per account group, per activity and per fund contribution utilised. The MRDP financial accounts and bookkeeping, including the ISG accounts, are at present audited by two separate and independent audits -one international auditor focusing on the utilisation of Swedish contribution and one Vietnamese auditor scrutinising the accounts appliance with the VAS system. 5.3 Outline of alternative ISG financial management systems System qualities In drafting possible alternatives for the ISG financial system, consideration is given to the condition that several donors will have the opportunity to contribute with financial funds. The transfer system from the donors to ISG should be as direct and effective as possible. Additional qualities for an efficient financial management system are: The funds should be easily accessible and controlled by Project management. Effective and simple payment procedures. Transparent and reliable accounting routines. Timely, clear and accurate reporting. Clear and well established cost-norms should be applied. ISG as an independent Trust Fund To satisfy these criteria the alternative to organise ISG as a trust fund administered and managed by MARD-ICD is proposed. Approval from MARD is required authorising the Trust Fund to receive donor contributions and to control and utilise the funds. An approved Cost Norm, which entitle the Trust Fund to cover expenditures for international consultants, is also required. For the financial management and reporting ISG gets approval to open two bank accounts, one for VND assets and one for foreign currency. The later is used as the receiver account for foreign contributions. One accounting system has to be set up for the trust fund according to management’s and donors’ demands, e.g. reporting formats, transparency etc. ISG has to be authorised to pay costs for international consultancy etc. This requires a revised and approved Cost Norm. |
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