Financial Accountability

We work according to the principles of good governance. Our administration and management are open and transparent and are based on mutual accountability and trust.

We work actively to minimise corruption.

We do not accept conditions on funding from back-donors that would compromise our ability to speak and act independently.

Our work is governed by a set of business policies and practices designed to:

• Provide a foundation for a system of internal controls
• Protect the assets of the organisation
• Ensure the maintenance of accurate records of the organisation’s financial activities
• Provide a framework for the organisation’s financial decision making
• Establish operating standards and behavioural expectations
• Serve as a training resource for staff
• Ensure compliance with legal and reporting requirements

Among these policies are:

• Financial Management policy bringing together planning, budgeting, accounting, financial reporting, internal control, auditing, procurement, disbursement and the physical performance of the projects with the aim of managing project resources properly and achieving the project’s objectives. This policy is more than an administrative and control process. Sound financial management is a critical ingredient of project success. Timely and relevant financial information provides a basis for better decisions, thus speeding the physical progress of the project and the availability of funds and reducing delays and bottlenecks. Sound project financial management provides: essential information needed by those who manage, implement and supervise projects, including government oversight agencies and financing institutions; the comfort needed by the donor community that funds have been used efficiently and for the purposes intended; and a deterrent to fraud and corruption, since it provides internal controls and the ability to quickly identify unusual occurrences and deviations.
• Fraud and corruption prevention policy outlining SAT-7 E&D’s approach to the prevention of fraud and corruption, including the investigation procedures that will be followed if there are suspicions of fraudulent or corrupt practices. If fraud or corruption is proven, appropriate disciplinary measures and legal action will be taken.
• Anti-money laundry policy aiming to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities by complying with all applicable requirements.
• Conflicts of interest policy aiming to protect the integrity of SAT-7 E&D’s decision-making process, to enable stakeholders to have confidence in the organisation’s integrity and reputation of volunteers, staff and Directors.
• Risk management: SAT-7 conducts an annual Risk Assessment exercise with each office in MENA. This is to identify potential risks facing SAT-7 E&D and to assess the likelihood and potential impact of each one. Example risk categories we consider include: Compliance, Financial Management, Reputational Risk, Corporate Governance, Staffing Risks, Project Risks, Security of SAT-7 E&D Assets &Staff and political changes in the region.