Kids Wish Network is a non-profit based charitable organization that concerns itself with the task of ensuring kids with chronic illnesses get to realize a wish they make through the organization. As a result, the network ensures that the kids will realize their wishes by collaborating with different professional organizations and personal or corporate donations.
The presence of fraud is widespread in different circles of the charitable world. As a result of this fact and as a benchmark against such activities the organization has setup a system of internal controls that helps avoid instances of fraud since this would mean the dreams of thousands of children would be shattered since there would be no more donations either from individual or corporate donations.
The stringent internal control measures adopted by the organization meant to improve efficiency and effectiveness of the organizations operations, reliable financial reporting standards, as well as compliance with laid down laws and regulations. In addition to these internal control processes, the organization has adopted other externally based programs to reinforce accountability. Among these, include the use of external auditors to audit the firm's accounts. In addition, the organization makes it possible for donors to review or authenticate how money donated plays a role in the achievement of the organizations goals and objectives.
To improve on these internal controls it would be necessary for the organization to set up an audit department that will ensure that money donated for special purposes in the right way. In addition, the organization should invest in a good marketing strategy that will ensure that the public is well-informed concerning the organization's operations. Secondly, this strategy will also ensure that the organization will be able to attract more donors since more people will have a clear understanding of the organizations goals and objectives with respect to child with life-threatening conditions.
Related Accounting essays