At the LXI Meeting of the Governing Board, held in Santiago de Chile last Tuesday, April 7, the OLACEFS Manual for Administrative and Accounting Procedures, prepared by the Executive Secretariat, was unanimously approved.

The main aim of the manual is to provide guidance and structure regarding the functioning of the OLACEFS financial/accounting system.As such, the best international practices in these areas were taken into consideration for the manual’s preparation, and the new Accounting Policy is based on IFRS, or IAS, which will allow for the full utilisation of the potential offered by the accounting system developed in the institutional SAP. In addition to this, the organisation’s standard on Corporate, Strategic and Operational Risk Management will be supported by the COSO III model. The reason for the above is to facilitate the delivery of valid information for the decision making of the organisation and third parties.

Formulating the administrative and financial procedures required an analysis of the various functions and activities carried out, essentially by the Executive Secretariat of OLACEFS, establishing the relationships between them and the flows of communication of economic events (see detail)

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With regard to the preparation and defining process for the Accounting Policy, officials in charge of the Executive Secretariat’s financial issues participated in a programme on International Financial Reporting Standards (IFRS), developed by Universidad Diego Portales (Chile) and certified by Deloitte Chile.

As part of the review process the manual received contributions from the Office of the Comptroller General of the Republic of Costa Rica, the OLACEFS financial auditor and the Internal Audit Unit of the Office of the Comptroller General of Chile.