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Financial Management System (FMS)
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BACKGROUND :
 
            The Authority (OSDMA) came in to existence in the aftermath of Super Cyclone-1999 and registered under the Society Act 1860 as a financially autonomous, non-profitable & charitable organization at the behest of World Bank and so far incurred an amount of Rs.725.00 crore for repair & restoration work of public/social infrastructure, L.I points, construction of Schools, Health Institutions, Multi Purpose Cyclone Shelters, Flood Shelters, establishment of Agro Service Centers, creation of ODRAF units, procurement of emergency life saving search & rescue equipments and conducting training, awareness & capacity building programmes through out the State out of the grant received from  Govt & donor agencies.
 
OPERATION MANUAL:
 
            The Authority has introduced an Operation Manual containing administrative and financial powers delegated to the Managing Director and Chairman with various rules & procedures for smooth functioning of financial activities. This manual has been approved by World Bank on the concurrence of Finance Department and Accountant General of India.
 
ACCOUNTING METHODOLOGY:
 
            All the financial transactions of Externally Aided Project Works (EAP) funded by World Bank and other funding agencies are computerized in “Tally” accounting software with effect from 1st April of 2003 on the principle of double entry system of book keeping and aligned the chart of accounts as per the requirement of the Bank and other funding agencies with on line cheque printing facility. We are the first & foremost organization to implement such procedure in the State. The finance members of the World Bank visiting team having seen the computerized accounting system were very impressed and highly appreciated in their mission report of March-04 with the observation :
            “OSDMA has made excellent progress in implementation of the computerized accounting software ‘Tally’, and aligned the chart of accounts with the financial reporting requirements. The efforts made by the OSDMA finance staff in this regard are appreciated.”
 
AUDIT MECHANISM:
           
           At regular intervals a firm of Chartered Accountants is appointed to carry out internal cum concurrent audit of all financial transactions. The scope of work entrusted to the internal auditor includes checking of daily cash, bank & journal transactions and to ensure that such transactions are recorded in principles of commercial accounting and are booked to proper accounting heads adhering to World Bank guide lines and financial procedures appended to the Operation Manual. The Internal Auditor also prepares a monthly report and submits to the Managing Director within 25th of the succeeding month.
            The accounts of each financial year are also been audited by the Auditor General of India and the report is submitted to the Managing Director for his kind appraisal. Apart from this a firm of Chartered Accountants is appointed every year or for shorter duration to conduct statutory audit of its accounts out of the empanel list of firms maintained by A.G. They are required to check all financial transactions with reference to delegation of power and adherence to the operation manual. At the time of approval of statutory audit report for the financial year 2005-06 in the 21st G.B. meeting, M/s. Anil Mihir & Associates, Chartered Accountants have displayed a Power-Point Presentation and highly praised the efforts of finance wing for adoption computerized system of accounting doing away with manual accounting.
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