Ruhaama Development COOPERATIVE SAVINGS AND CREDIT SOCIETY LIMITED

Jun 2nd, 2015
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Louisiana State University - Shreveport
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Accounting by Ruhaama Development SACCO serves many internal and external purposes. Comprehensive and accurate financial information is essential so that The SACCO can make sound decisions concerning the operation of the SACCO. Management must also account for its actions to members, creditors, the Government in its supervisory capacity, and others having valid financial interests.

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Ruhaama Development COOPERATIVE SAVINGS AND CREDIT SOCIETY LIMITEDACCOUNTING POLICIES AND PROCEDURES1.0 PURPOSE AND SCOPEAccounting by Ruhaama Development SACCO serves many internal and external purposes. Comprehensive and accurate financial information is essential so that The SACCO can make sound decisions concerning the operation of the SACCO. Management must also account for its actions to members, creditors, the Government in its supervisory capacity, and others having valid financial interests.The principles and standards of the SACCO have been designed to follow practices in use by other financial and financial institutions and are based on generally accepted accounting principles as developed by the accounting profession. Use of these principles by the SACCO for its accounting and financial reporting; will provide for full and fair disclosure of financial information.2.0 INTERNAL CONTROLThe SACCO has adopted appropriate measures of internal control to improve the dependability of its accounting records. These measures include:An organization plan to provide, to the extent feasible, segregation of duties so that different employees will handle the operational, custodial and accounting functions.A system of authorization and recording procedures adequate to provide reasonable accounting control over assets, liabilities, income and expenses. Employment of personnel capable of performing duties and responsibilities.Effective and timely a

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