Finance & Audit Cluster

• Ensure effective control and security, and efficient utilization of resources.
• Provide reports to the Convention, the BOT, NEC and other stakeholders in accordance with agreed content, format, and reporting period, noting that the financial year for OLAMIOSA is 1st January to 31st December.
• Comply with statutory and regulatory requirements.
• Ensure the preparation of effective implementation budgets that support the objectives of OLAMIOSA.
• Ensure consistency through compliance with the approved rules and regulations of OLAMIOSA.

Article 7 of the Constitution: Sources Of Income

The sources of income for the Association shall include; but not be limited to the following:

• Each chapter shall be at liberty to levy an annual, quarterly or monthly due on each member. 15% of the total sum collected as membership dues shall be paid into the National bank account as specified by the National body.
• Levies for special projects; as approved.
• Income generating activities as approved.
• Voluntary donations and gifts.
• Miscellaneous sources which may include donations from government parastatals, friends and families of Association members, among others.

Provided that all monies paid to the Association at National or Chapter level in whatever form shall not be refundable.

Article 11 of the Constitution: Financial Year

The Financial Year of the Association shall be from the 1st day of January to the 31st day of December every year; Provided that the Financial Year of the first year shall begin from the date on which this Constitution is approved by the members of the Association to the 31st of December of that year.

Article 7.4.4

• The Internal Auditor shall:
• Objectively review the association’s business processes.
• Ensure the compliance of the Association to relevant laws, regulations and statutes.
  protect against fraud and theft of the Association’s assets.
• Obtain, analyze and evaluate accounting documentations, reports and flow charts.
  determine Internal Audit Scope and develop annual plans.
• Maintain open communications with the BOT, NEC and Audit committee (if any).
  identify loopholes and recommend risk aversion measures and cost savings.
• Working with the Secretary General, conduct quarterly performance assessment for all the Clusters, except for the National Secretariat Cluster, which shall be undertaken by the Internal Auditor only.