Financial audit and governance
IVCC is a not for profit company limited by guarantee with charitable status in both the UK and the US. The annual statutory accounts of IVCC are audited by Grant Thornton UK LLP and are produced using the Statement of Recommended Practice: Accounting for Charities (SORP) issued in March 2005. This ensures compliance under both the Companies Act 2006 and amended Charities Act 2006.
IVCC benefits from shared accounting and audit arrangements with its host institution the Liverpool School of Tropical Medicine (LSTM). A finance and investment committee made up of senior employees and trustees external to the organization give governance oversight on all financial operations of IVCC and meet 4 times a year. A specialist taxation service is provided externally. The team has extensive knowledge of all major funders within the sector and the expertise to comply with all external funder audit requirements.
All internal audit work is carried by an independent external organization whose remit is to provide independent and objective assurance to add value and improve the organisation’s operations. This is carried out through the evaluation and improvement to risk management, governance and control processes. An audit committee exists to oversee all recommendations made.
Following last year’s significant investment in upgrading the financial reporting system, a major investment to improve and expand the capabilities of the research database reporting tool was implemented. Progress and information on research grants and contracts can now be tracked in real time from application to award in one centralized online repository. Electronic authorization is possible at all stages of the life-cycle of the grant, speeding up the administrative process whilst allowing a complete audit trail.