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Trading operations

在文檔中 School Administration Guide (頁 158-166)

For trading operations carried out by schools on the school premises, proceeds derived therefrom should be properly reflected in the school account, usually Subscriptions (Tong Fai) Account, General Funds Account or Capital Reserve Fund Account.

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ntteerrnnaall ccon

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Guuiiddiinngg pprriinncciippllees

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1. Internal control procedures are considered vital to the operation of an effective accounting system which will minimise fraud and negligence and ensure the proper use of government subventions. It is the responsibility of the SMC to determine the extent of the accounting and internal control system appropriate to its circumstances and to ensure that the school is managed and run in accordance with the Education Ordinance, the Education Regulations, the COA and the circulars issued by EDB. Schools are also required to follow the internal control procedures recommended by PSEd or their auditors.

2. In setting up the school’s internal control system, the SMC needs to consider the following aspects:

a. organization, defining the terms of reference, responsibilities and extent of authority at each level of responsibility within the organizational structure

b. code of ethics for staff involved c. authorization and supervision

d. documentation, including the accounting system, operating procedures and record keeping of major financial decisions in the minutes of meetings

e. review mechanism f. segregation of duties

g. arranging job rotation where possible

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Allllooccaattiioonn ooff aaccccou

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unnttiinngg dduuttiieess

1. The following principles shall be observed in the allocation of accounting duties to ensure the propriety of the accounting transactions :

a. The duties of calculating, checking and recording sums due to or from the school shall be separated as completely as possible from the duties of collecting or disbursing those sums. Segregation of duties reduces the risk of intentional manipulation or error.

b. The checking and reconciliation of any bank account and cash balances relating to all funds shall be carried out by employees who are not themselves involved in the day to day administration of those accounts.

c. Every transfer of moneys from one employee to another shall be evidenced in an appropriate record by the signature of the receiving employee and retained for a period similar to that of cash records.

d. All transactions should require authorisation or approval by an appropriate responsible person.

e. There should be procedures to ensure that personnel have capabilities commensurate with their responsibilities. Schools should have a plan of their organization, defining and allocating responsibilities and identifying lines of reporting for all aspects of the school’s operation.

2. As well as the propriety of spending, school heads should also consider the relevance of best value principles to the expenditure of funds under their control.

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Haannddlliinngg ooff sscchhooooll iinnccoommee

In the interests of the school as well as the Government, all income received by the school from the Government or other sources should be kept in a manner that involves the minimum risk. School income derived from all sources must be kept intact and utilised for approved educational purposes and facilities of the school. The following guidelines are recommended:

1. Surplus funds which are not immediately required for use may be placed in time deposits or savings accounts with licensed banks. Schools should reduce risk by spreading the deposits with several licensed banks. Interest earned should be retained in the account concerned and utilized in accordance with the intended purpose of the grant. For details, please refer to EDBC014/2015 “The Choice of Bank Counterparties in Investment”.

2. Keeping large sums of cash in schools should be avoided. SMCs should consider their actual operational requirements and security arrangements in deciding on their levels of cash holding, within the allowable limit specified in the circular currently in force. However, this should not be taken to mean that schools must indiscriminately maintain their cash holding at these levels.

3. No post-dated cheques should be accepted. Uncrossed cheques received should be immediately crossed and made payable to “A/C Payee Only”.

4. Spoiled cheques should be immediately marked off as “Cancelled” and attached to the cheque stub to prevent from re-use. They should not be destroyed before the retention period.

5. In accordance with R63 of the Education Regulations, a school without IMC shall issue official receipts with counterfoils or duplicate copies for every sum of money received. Aided IMC schools should refer to Section 6.2(iv) of the “Guide to Financial Management for Aided Schools Operated by Incorporated Management Committees”. The receipts should be in prescribed form, serially numbered, issued in sequence, dated and stamped with the school chop. They should also bear the name of the payee and the amount collected. The Supervisor as well as the Principal must ensure that the internal control system of the school is sound and effective to prevent fraud/ misappropriation of funds and in particular all collections are promptly banked in and all collections are properly accounted for.

In view of administrative difficulties which may be encountered by some aided schools, school may refer to the relaxed requirements for the issue of official

receipts for the types of collection stated at Appendix 12. However, separate receipts to students should be issued upon request.

6. Spoiled/ obsolete official receipts should be immediately marked “Cancelled”.

Destruction of them at the end of the retention period should be verified and witnessed by the school head.

7. An official receipt register should be maintained to control the stock and issue of the official receipt books. Unused or partly used official receipt books should be kept under lock.

8. All school income, including fees or government grants or income received from other sources such as hire charges and donations, shall be paid into the appropriate bank accounts maintained in the name of the school. Money received should be banked promptly. A Daily Collection Summary should be prepared to record the date of receipt, serial numbers of official receipts issued, the nature of the income, the amount collected and the date of banking.

9. To minimise the risk of cash losses during transit, collections and payments should be made as far as possible through bank accounts. For example, collection of fees through the autopay system is strongly recommended. Schools should liaise with their banks for appropriate arrangements. For details, please refer to EDBC015/2014 “Use of Autopay Services for Payments”.

10. SMCs are strongly advised to review their existing system of internal control and security measures for the safe custody of cash and to strengthen these aspects to guard against loss.

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Maakkiinngg ppaayymmeennttss

1. All expenses must be properly authorised before payments are made. All payments must be supported by payment vouchers. Original invoices with full details of stores and services provided should be attached to payment vouchers.

2. The preparation and authorisation of payment vouchers should not be conducted by the same person.

3. The person responsible for approving payments should assess the reasonableness of the payment amounts having regard to the nature of the expenses and invite quotations for reference as appropriate. He/she should be alert to any falsified payment claims and report to the police immediately should he/she note any suspected malpractices in the payment claims.

4. The staff member responsible for checking should ensure that stores or services have been received or are due for advance payment, quality of stores or services up to school’s satisfaction has been certified, approval for payments has been obtained and there is no previous payment on the same invoices. Advance payment should be avoided as far as possible.

5. All paid vouchers and invoices must be stamped with the word “PAID” and dated by the paying staff to prevent duplicate payment.

6. Payment should be made by crossed cheque as far as possible.

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Saaffee kkeeeeppiinngg sscchhooooll as

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ssseets

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s aanndd ootthheer

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vvaalluuaabblleess

Capital assets which are of value to the school in the provision of services for a period of time longer than one year should be recorded as fixed assets. Examples are photocopiers, computers, furniture and equipment, etc. Schools are advised to keep a Fixed Assets Register to record the existing items of fixed assets under their control.

A proforma Fixed Assets Register is at Appendix 8. Schools are also responsible for making proper arrangements for the safe custody of buildings, cash and other valuables under their control in accordance with the following guidelines:

1. Schools shall nominate a member of staff to be responsible for the preparation and control of the Fixed Assets Register.

2. Physical checking of assets should be conducted at least once a year. The results and records of the checking should be retained. Any discrepancies found should be investigated and reported to the SMC.

3. All cash and other valuables and important documents must be kept under lock.

Surprise cash counts should be conducted by the school head to detect and deter loss/ misappropriation of cash. The surprise check should be carried out by a staff member at irregular intervals in a year, say at least three times a year. The staff member should sign, date and record the result of the checking in a log book.

Any discrepancies found should be reported to the SMC.

4. Any write-off or adjustment to the register of capital assets and other valuables may only be done with the approval of the school head. A report on the write-off or adjustment should be passed to the SMC for information. Aided schools with IMC should observe the procedures stipulated in paragraphs 3.5.6.5, 6.75 and 6.76 of the “Manual for Change-over Arrangements”.

5. Schools may consider taking out insurance to protect schools against damage or loss of above-standard or non-standard items caused by theft and burglary and loss of cash (non-government funds) in transit. Please refer to Section 8.7 for insurance and settlement of claims for loss of standard items.

6. Schools should maintain a Loan Register when equipment is on loan to staff/

students. A Loan Register proforma is at Appendix 13.

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Oppeerraattiinngg bbaannkk aaccccou

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unnttss aanndd ssiiggnniinngg cchheeqquueess

School Supervisors are responsible for the control and operation of bank accounts.

They should ensure that the following principles are followed:

1. Bank accounts should be in the name of the school and one shall be kept solely in respect of moneys received from the Government.

2. Bank accounts (include Fixed/ Time Deposits and cheques) should be signed jointly by the School Supervisor and one registered manager. If internet banking is used for managing and operating bank accounts, the procedures for approving payments through internet banking as well as personnel authorizing modification of access control and transaction limits should remain the same as the arrangements for cheque payments, i.e. should be jointly approved by the School Supervisor and one registered manager. Aided IMC schools should refer to Section 5.2.4 of the “Guide to Financial Management for Aided Schools Operated by Incorporated Management Committees”.

3. If collections of fees for examinations, activities or services arranged for students are required, the school head may seek approval from the SMC to open a separate bank account in the name of the school to be jointly operated by the school head and the deputy school head or such other school personnel as authorised by the SMC.

4. Only a reasonable cash balance shall be kept from time to time to meet small payments.

5. Cheques should not be pre-signed. They should only be signed upon presentation of properly authorised documents. All cheques should be crossed and marked

“A/C Payee Only”. Use of cash cheques should be avoided except for the purpose of replenishing the petty cash float.

6. Cheque books received should be recorded in a register and their issue must be controlled by recording the recipient’s name, signature and date.

7. Unused cheque books should be kept under lock by the School Supervisor or school head.

8. The School Supervisor or school head should handle the inward mail from the bank personally, e.g. bank statements received from the bank should be opened by the School Supervisor or school head. The bank statements should then be examined and initialled before being passed to the staff who is responsible for preparing bank reconciliation statements.

9. The school head should review the cash books and bank reconciliation statement prepared monthly by the school clerk. The school head should also investigate any unusual items and cheques which have been outstanding for over one month.

The school head should initial and date the cash books and bank reconciliation statement after checking.

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nnnuuaall aauuddiitteedd aaccccoouunnttss

1. Unless approval has been given by PSEd, audited accounts should be prepared on a school year basis (or financial year basis where PSEd’s approval is obtained) and submitted to EDB at such times and in such manner as required. If a school fails to submit annual audited accounts without acceptable reasons, PSEd may temporarily withhold payment of grants to the school. In appointing auditors, schools are advised to observe the guidelines on the appointment of auditors and audit engagement letter as set out in EDBC005/2014 “Appointment of Auditors and Audit Engagement Letter”.

2. The accounts must be audited by certified public accountants (practising) registered under the Professional Accountants Ordinance. The audit fee is chargeable to the School and Class Grant.

3. In addition, schools should make the accounts available for inspection by inspectors of schools, pursuant to R64 of the Education Regulations.

4. If anomalies in accounting operations and/ or procurement activities are found during the financial audit inspections conducted by EDB, the schools concerned should step up their efforts to rectify the situation. In the audit inspection letter issued to the school’s supervisor, EDB may, where necessary, request a school to :-

a. table the letter for deliberation and discussion of possible improvement measures at a meeting of its SMC;

b. send a copy of the letter to the auditors who are appointed to audit the annual accounts of the school for information and copy the covering letter to EDB; and c. seek the endorsement of its SMC on the responses to the letter.

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etteennttiioonn ooff aaccccoouunnttiinngg rrec

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coorrddss

1. Records of a permanent nature, e.g. fixed asset register, annual accounts, inventories, records of capital expenditure and Government non-recurrent subsidies, records in connection with school building funds/ donations etc., shall not be destroyed without the prior approval of PSEd. However, the following records may be destroyed after a certain period of retention, as specified below - a. Minimum period of retention - 7 years

 Books of accounts, i.e. cash books, Ledgers, etc.

 All types of vouchers, bank statements b. Minimum period of retention - 2 years

 Quarterly returns (duplicates), Paysheets (duplicates)

 Fees receipts/ school attendance registers

 Register of hire of school accommodation

2. Schools should ensure that there are adequate and appropriate controls governing the retention, storage and destruction of accounting records. Within the retention period, the records should be systematically stored in order to facilitate efficient retrieval of documents as and when required.

在文檔中 School Administration Guide (頁 158-166)