Transparency and Accountability

The KF follows the international transparency and financial accountability standards. The KF has two governing bodies, the General Assembly and the Board of Directors and one advisory body: the leadership council.

 

The General Assembly consists of founding members, partner organizations and former beneficiaries (graduated students). The Board of Directors consists of local and international professionals that have access and provide oversight to all financial accounts, financial reports and budgets, on a yearly basis. The leadership council is comprised of members that devote a significant amount of their time, on a volunteer basis to contribute to the development and sustainability of the KF and its activities. Most of the members have themselves contributed financially to fund the KF.

 

The members of those three bodies can request at any time and have full access to any financial reports, accounting reports, and budget documents, and can report at any time any irregularities that occur intentionally or unintentionally.

 

An internal policy is applied to ensure that the diversity of profile and background of each member of the 3 bodies to ensure that there is no collusion or conflict of interests.

 

Traceability

Each financial donation, whatever amount, is recorded, along with the donor’s name. The donation can be allocated for a specific purpose if the donor wishes to, and the use of the funds can be traced and communicated to the donor.

 

The KF uses the financial and banking services of ANZ Royal, an international Australian Bank which is a regional leader in its sector. ANZ complies with very high international banking and financial management standards (www.anzroyal.com/en/About-Us/Our-Company/ANZ-Cambodia)

 

Planned Audit

Independent auditors/professionals are being engaged and have been conducting audits and spot check missions to verify that all the KF operations are complying to the standard management rules and regulations, and to possibly detect management irregularities.

 

We aim to maintain this practice on a yearly basis, and to engage into a CSR agreement with an international audit firm that could provide auditing services to the KF on a pro bono basis.

 

The KF takes very seriously any misbehavior, intentional mistakes or fraud from any of its staffs. Since its creation, the KF has never been involved in any misuses of funds, and is actively preventing any conflict of interests to take place.

The Board of Director’s members can mandate on demand specific audit missions that are being conducted by independent professionals from the development organizations or the private sector.