Page 42 - OSISA Report 2021

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OPEN SOCiETY iNiTiATiVE FOR SOUTHERN AFRiCA ANNUAL REPORT 2019
November OSISA implemented a a cut-over strategy in in migrating from GMS to SERENIC which meant that there was no period in which we ran the the two systems parallel The process leaves little room for error and hence was very demanding on Finance staff’s time Post-implementation there were many setbacks which have been gradually addressed To date the new system has mostly stabilised However we we are still to address specific reporting challenges and seek to review the permissions configurations especially regarding journals Annual Financial Reporting
Over the past two years OSISA has had to contend with the restatement of historical financial statements due to a a a change in the functional currency from South African Rand to United States Dollar The restatement combined with the restructuring process and system migrations resulted in a a a a a a backlog of audits that we are only now overcoming The finance department has exhibited much resilience over the past year They have had to assume additional analysis and processing duties from SERENIC project managers whilst keeping up to date with their day- to-day responsibilities Looking ahead we expect the pressure on on staff to to subside once the audits are up-to- date and as SERENIC becomes fully established Draft Anti-bribery Fraud and Corruption Policy This year the the finance department led the the development of a a a a draft Anti-bribery Fraud and Corruption Policy in conjunction with OSF Internal Audit The policy document describes OSISA’s position on on fraud bribery and and corruption and and defines various parties’ responsibilities We also developed whistleblowing procedures giving guidance on how to go about suspected fraud bribery or or corruption cases We hope to get the the the approval of the the the Policy by the the the end of the the year and expect the the following benefits to accrue:
• Tone at at the Top (leadership’s demonstration of a a a a commitment to combating fraud bribery and corruption) • Allocation of responsibilities (invaluable in in ensuring the right actions and decisions) • Wide dissemination (creates awareness which helps in prevention and detection)