ASSESSMENT OF CASH CONTROL SYSTEM OF THE ETHIOPIAN ORTHODOX CHURCH DEVELOPMENT AND INTERCHURCH AID COMMISSION

Abstract

Cash control is the most vital need for all organizations in everywhere to utilize their limited resources in their working environment. EOC-DICAC is one of charity organization which has been supported its major portion of financial requirements from the external funding sources through the process which requires competing with other similar organizations demanding for funds from donors. However, there is a gap between the existing cash control practice and required by the accounting standards. Therefore, the main objective of this study was to assess the cash control system of the EOC-DICAC). To address the research objective the researcher used descriptive approach where 56 respondents were selected by census method (33 staff from EOC DICAC, 9 staff from external audit firm and 14 staff from funding partners) and the findings were generated. The results revealed that the overall responses moderately agreed with the soundness of cash control. However, since a number of respondents rated disagreed and undecided responses to the 11 questions among the total questions asked, it is necessary to provide a serious consideration regarding the responses given to these specific questions. Therefore, EOC-DICAC management needs to maintain a strong and well-designed controlling mechanism to achieve a sound internal