Apart from efficiency, our customers expect to have robust finance/accounting operations which have minimum error and risk exposure, and high level of accuracy and timeliness. iServe has a comprehensive Quality Assurance framework to meet these expectations, while striving to achieve a reasonable balance between the rigor and cost of governance.

Transactional Processing

In terms of our transactional services, the following checks and control measures will be deployed:

Segregation Of Duties / 2-Key Checks

Critical functions are kept separate and performed by different staff.  For example, a staff cannot create a vendor record and process payment to the same vendor without a separate approval.  Additionally, in processing high risk/high value transactions, iServe will put in place a rigorous 2-key check and approval procedure.  These help to ensure compliance and data accuracy, and minimise possible fraud.

System Checks / Sampling Checks

Wherever possible, system checks are built into the processing system to ensure policies and rules can be verified consistently and effectively.  System checks will eliminate human errors and oversight. For transactions which are of lower risks and value, system checks complemented by sampling checks are used to manage the cost of compliance and error/fraud prevention. 

Check Lists / Standard Operating Procedures (SOPs)

Checklists and SOPs are established so that all verification works and account entries are performed in a systematic and efficient manner, and in compliance with the Financial Reporting Standards.  This helps to minimise human errors and oversight.

Standard And Quality Of Financial Statements

Compliance With Charity Council’s Code Of Governance, RAP 6 And Statutory Regulations

Accurate financial information and data are essential for making informed decisions on resource utilisation and financial planning, as well as for external reporting purpose. iServe adopts the relevant accounting polices and standardised practices as recommended by RAP 6 and in compliance with the Charity Council’s Code of Governance. All our reports to the customers will be reviewed at the Executive level before releasing.  This aims to ensure the reports are accurate and meet the purposes of our customers.

Chart Of Accounts / Accrual Basis Of Accounting

Consistent practice of posting against the appropriate general ledger accounts and accrual basis of matching income and expenses to the periods in which they occur, will provide our customers with accurate financial information that is meaningful and informative, reflecting an accurate state of affairs for better decision making.

Tangible Benefits And Continuous Improvements

Relief Of “Pain”

Our customers will be relieved of much of the financial and reporting “pain”. iServe will take over the tedious and onerous tasks of processing transactional work as well as generating financial reports. Our customers will be able to meet their reporting obligations timely, while focusing their time and resources on their core mission activities.

E-Enabled Processes With The Use Of Accounting Software Application

iServe operates a scalable accounting application for the delivery of the shared services. This scalability is essential to the introduction of other e-enabled processes as add-ons to cater for future requirements.  This will bring further benefits to our customers.

Continuous Improvement Of Processes For Efficiency And Effectiveness

iServe shall define clearly the roles, responsibilities and interaction points with our customers. This will reduce ambiguity and possible conflicts/disagreement.  iServe will also review the processes for continuous improvement to meet the needs of our customers, and/or changes to the accounting policies/regulations. Our customers are assured of the most current practices meeting the finance accounting and regulatory requirements.

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