Abstract

At ISGlobal, where projects often involve multiple stakeholders, diverse funding sources, and international
collaborations, maintaining robust financial audit practices is essential. These audits help to identify potential risks,
uncover inefficiencies, and ensure the integrity of financial reporting, all of which are crucial for sustaining donor
confidence and securing future funding.
By standardizing audit procedures across all projects, ISGlobal can ensure consistency and accuracy in financial
reporting. We have therefore created guidelines and checklists to ensure that an audit can be carried out correctly.
This standardization also facilitates the comparison of financial performance across different projects, making it easier
to identify best practices and areas for improvement. It also helps in the early detection of irregularities, thereby
mitigating risks before they escalate into significant issues.
One of the primary tools we have adopted is the use of intermediate audits. These audits serve as a proactive
measure, allowing us to identify and address potential issues well in advance of the final audit. By conducting these
periodic reviews, we can rectify any discrepancies and ensure that the financial records are consistently in line with
funding requirements.
Additionally, we have created a relationship of trust with our auditors, where their input is very valuable in improving
project management, reducing ineligible costs and improving our policies and processes. Their expertise provides
valuable guidance in meeting the standards set by various funders, helping us compile comprehensive and compliant
documentation. This preparatory work leads to smoother final audit processes, as much of the necessary groundwork
has already been completed and refined
Other tools include the development of a comprehensive checklist tailored to each project’s specific audit
requirements. This checklist ensures that all critical elements are addressed before the audit begins, minimizing
last-minute issues. Furthermore, our working group conducts regular reviews of the audit calendar to ensure deadlines
are met and allows time for necessary adjustments.
We also emphasize continuous improvement by analyzing previous audits to identify recurring errors and
implementing strategies to prevent them in future audits. This reflective approach, combined with better planning and
coordination, has contributed to a more streamlined audit process and reduced the risk of non-compliance.
Efficient audits contribute to better financial management by providing timely and accurate information that can be
used for decision-making. This proactive approach to financial management supports ISGlobal's strategic goals and
enhances its ability to respond to emerging global health challenges.
In conclusion, the adoption of best practices in project financial audits is indispensable for ISGlobal. It not only
improves procedural efficiency and organizational effectiveness but also enhances the credibility and sustainability of
the organization's operations. As ISGlobal continues to expand its impact on global health, robust financial audit
practices will be pivotal in ensuring that its projects are executed with the highest standards of financial integrity and
accountability. The commitment to continuous improvement in audit practices will enable ISGlobal to achieve its
mission more effectively and maintain the trust of its funders, including donors, partners, and the communities it
serves.