Financial Reconciliation and Debit Cards Policy
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Questions and Answers

What is the procedure for opening Mobile Money Accounts for supported sites according to the text?

  • PIHL will share the names of account preparers and approvers with the mobile money service providers. (correct)
  • Serenic will set the access rights for the mobile money accounts.
  • The site directors will be responsible for opening the accounts with the mobile money service providers.
  • The Finance Director will facilitate the opening of the accounts directly with the mobile money service providers.

    • What is a key internal control measure mentioned for mobile money accounts in the text?

  • Different individuals should handle payment creation and payment approval roles. (correct)
  • The single beneficiary payment limit is LSL1,000.
  • Sites' Mobile Money payments are approved by the same person creating the payments.
  • The Finance Director creates and approves payments in the same mobile money account.

    • Who is responsible for setting access rights to mobile money platforms according to the text?

  • Account Preparers
  • Finance Director (correct)
  • Serenic
  • Site Directors

    • What is the maximum limit for all Mobile Money payments to a single beneficiary as per the text?

    <p>LSL1,500</p> Signup and view all the answers

    Who should approve a Mobile Money payment if it exceeds the single beneficiary payment limit?

    <p>Finance Director</p> Signup and view all the answers

    Why is it important to segregate roles of creating and approving payments in mobile money accounts?

    <p>To prevent fraud and errors</p> Signup and view all the answers

    What is the maximum number of debit cards that can be maintained at any given point in time?

    <p>Three</p> Signup and view all the answers

    Who is responsible for filling out the Debit Card Request Form?

    <p>Procurement Manager</p> Signup and view all the answers

    What is required for the bank to provide a debit card after approval?

    <p>A signed letter of instruction</p> Signup and view all the answers

    When should cardholders sign the 'Debit Card Receipt Acknowledgement' form?

    <p>After receiving the debit card</p> Signup and view all the answers

    Under what criterion should debit cards be used according to the text?

    <p>Emergency Expenditures</p> Signup and view all the answers

    Who should utilize the debit cards according to Section 9?

    <p>Procurement Unit</p> Signup and view all the answers

    Who should not be responsible for reconciling mobile money account statements?

    <p>Accounting Officer</p> Signup and view all the answers

    Which individual should not be involved in both making bank deposits and reconciling bank statements?

    <p>Accountant</p> Signup and view all the answers

    Who should not be responsible for approving vendor payments and setting up new vendor accounts?

    <p>Finance Analyst</p> Signup and view all the answers

    Which individual should not calculate, disburse, or make changes to payroll, according to the text?

    <p>Finance Director</p> Signup and view all the answers

    Who should not be involved in processing vendor payments and approving those payments?

    <p>Payroll Coordinator</p> Signup and view all the answers

    Which individual should not be responsible for adding new vendors and approving vendor payments?

    <p>Coordinator</p> Signup and view all the answers

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