For IMG, effective project management represents a fundamental responsibility, vital in all stages of the project cycle. In order to ensure accomplishment of objectives in the most efficient and economical manner, IMG has set up guidelines and procedures that provide a high quality approach to the project management. To this end, IMG has developed a "Guide to Project Management", a tool that aids the Organization and the Project Managers in the consistent management and delivery of IMG projects.
IMG has also established an internal control system that constitutes an integral part of the operating procedures. It is designed to ensure accountability of operations and facilitate achievement of goals and objectives on each individual project, such as timely completion, cost-effectiveness, and alignment with the expectations of the clients and donors alike. The internal control processes are in particular based on the internal audit and budget control activities. The system comprises a number of operations, amongst others an “early warning / corrective measures” process that ensures quick response and mitigation of any emerging risks.
IMG conducts its work diligently and observing the best professional practices, consistent with the highest ethical and legal standards. All IMG employees are required to uphold those standards of business conduct and ethical principles, and have the obligation to carry out their responsibilities with integrity, loyalty, impartiality and independence from any third party.
To ensure compliance, IMG has a clearly defined Conflict of Interest Policy and Fraud Control and Corruption policy.
IMG General Procedures govern the entire administration of our International Organisation. IMG has a whole set of internal documents that encompass all rules and procedures which are developed by the Organisation to ensure that projects and operations are carried out effectively, efficiently and economically and are complemented by specific procedures for the principal departments of the Organisation Finance, Human Resources, IT and Operations (project management and procurement).
This set of procedures consists of the main following documents: IMG General Procedures, Staff Rules, Protection of Personal Data, Financial Procedures, Procurement Procedures, Guide to Project Management, Internal Audit Framework, IT Procedures, Guidelines and Principles in conducting investigations.
The rules and procedures of IMG in the areas of accounting, internal control, audit and procurement are compliant with internationally accepted standards.
Internal control within IMG includes a whole set of mechanisms, systems, procedures and standards, which guarantee the efficient and economical management of an organisation, the achievement of its goals, and the maintenance of assets, all this with the engagement and participation of all employees and persons with whom the organisation is in contact, such as suppliers and clients.
IMG internal control is made up of all processes designed to provide a reasonable assurance regarding the achievement of objectives in the following categories:
a) Effectiveness and efficiency of operations;
b) Reliability of financial reporting; and
c) Compliance with laws and regulations.
Everyone in IMG participates to the internal control system to some extent. Virtually all IMG staff produces information used in the internal control system or take actions needed to effect control. Also, all IMG staff are responsible for communicating upward problems in operations, potential non compliance with the code of conduct, or other policy violations and illegal actions.
Besides internal control, the main purpose of IMG internal audit is to formulate recommendations that auditees should take into account in eliminating system deficiencies.
IMG has established its internal audit to strengthen IMG staff accountability, improve risk management and assurance processes. IMG Internal Audit environment is defined by Internal Audit Framework and on Internal Audit Charter approved by the General Manager.
The Internal Audit function helps the Organization achieve its objectives by bringing a systematic approach to evaluate and enhance the effectiveness of risk management, control and governance processes.
In order to guarantee and improve transparency to IMG members and other Donors, the General Manager had nominated an external auditor, after approval of the Standing Committee.
IMG external auditor conducts its audits in accordance with International Standards on Auditing. The Standing Committee may also require IMG auditor to perform additional and specific examinations and to issue separate reports on the results of these examinations.
The mandate of the Audit Committee comprises two separate functions:
(1) Within the framework of its statutory function, it examines the annual accounts and results of IMG, corresponding annual report of the external auditor as well as annual synthesis of the conclusions of all internal and external audits made on IMG activities as prepared by IMG internal auditor under the authority of IMG General Manager. It establishes an annual report that is presented by the President of the Committee to the Standing Committee of IMG.
(2) Within the framework of its advisory function to IMG Management, the Audit Committee as such, or its individual members, might be entrusted, by the IMG General Manager with specific financial expertise missions.
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