Loss Reports
- Officers
responsible for managing assets, revenue collection or cash shall prepare
a loss report whenever a loss is incurred.
- The
loss report shall outline the nature of the loss, circumstances leading to
it and recovery measures taken.
- Any
loss arising from theft or fraud shall be reported immediately to the
Police. A copy of the report should also be provided to the Public Service
Commission, Ministry of Finance & National Planning & Auditor
General.
- The Office
Manager shall initiate an internal investigation when any loss over
the value of $50 occurs or if fraud or theft is suspected. An officer not
connected with the area in which the loss occurred shall conduct the
investigation.
Recording Losses in a Loss Register
- A
copy of the loss report must be submitted to the losses officer who
shall record details of each loss in the Losses Register.
- Where
any loss recorded in the register is recovered or written-off, the losses
officer shall update the register accordingly. The losses officer shall
regularly follow up losses and recovery action with the relevant officers
who shall supply copies of relevant documents.
Annual Losses Report
- An
annual losses statement shall be prepared by the losses officer for
inclusion in the agency’s annual financial statements as and when required
by Finance Instruction 66
- The
losses statement shall provide information on losses written-off during
the financial year and the status of recoveries of losses.
(Proforma Finance Manual)