Transparency and Audit Trail

When recording transactions in the accounting system or any log (manual or system-based), processes must be designed so that the business purpose is clearly and concisely described. This includes sign offs with time/date stamps and other markers that clearly reflect the approval trail that was followed to execute each transaction.

In all cases, transactions recorded should include enough information so that an uninvolved third party would understand why each expense qualifies as a programmatically required and allocable expense to the particular gift or grant agreement, or contract that was charged.

Transparency and audit trails must be incorporated throughout all administrative and financial processes.

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