Cluster Finance Service - Phuntsholing

MANDATES

The mandates of Cluster Finance Services, Phuntsholing are as follow:

Provide reliable and timely accounting services to the agencies for judicious expenditure management;
Ensure the right amount of budgetary and non-budgetary funds are made available to the agencies at the right time to implement the planned activities;
Facilitate the budget preparation, finalization, and implementation;
Collect and timely deposit of government revenue;
Arrange & facilitate the audit of the financial affairs and operations of the organizations;
Introduce and impose an internal control system to enable sound and efficient financial management system in the agencies;
Monitor the financial & physical progress of programs, projects, and activities in alignment with the approved plans;
Provide reliable and timely financial information and reports to the agencies and relevant authorities.

Core Values:

I live by the value "I-CARE" ~ Integrity, Collaboration, Accountability, Respect & Excellence

RISK MANAGEMENT COMMITTEE

Members:

RK Chhetri (Chairman)
Pema Wangchen (Vice-Chairman)
Thinley Penjor (Member)
Yashoda Phuyel (Member)

Functions & Responsibilities:

Assess and report the financial management related risks (budgetary, expenditure management, revenue collections, fixed asset management, public procurement, etc.) or any other appropriate subject matters in agencies under Cluster Finance Services, Phuntsholing;
Review and analyze the internal control system of the agencies and present the reasonable recommendation for implementation;
Review the audit issues of agencies arising from internal, external, revenue, performance or compliance audits and present the recommendation for improvement;
Conduct input, output and outcome level risk assessment for the agencies.

Meetings & Procedures:

The Committee shall meet as frequently as necessary to fulfill its duties & responsibilities, but not less frequently than quarterly. The committee shall document and maintain records of its proceedings. The minutes of its meeting approved by the committee and the risk assessment reports shall be reported to the Head of Cluster Finance Services within the given deadline for further review and communication with the agencies for recommending changes or implementation.

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