|
1. Introduction
The Finance Department
deals with the monetary aspects. The earning, saving, borrowing,
spending and investing of funds are the parts of financial
management, which are essential for the smooth operation of an
Organization. Maintenance of Proper record is also the
responsibility of this department which is to be submitted to
the Auditor General of Pakistan to determine legality and
correctness ad to ensure that all financial programs are in
conformity with the requirements of Auditor General of Pakistan.
Director Finance is Head of
the Division who is assisted by the Deputy Director Finance,
Accounts Officers and other supporting staff.
2.
Functions
The functions of finance
division is not restricted to the recording of historical data,
financial administration, cost control, budgeting and budgeting
control, development planning, resource management, pricing of
products and also extended to participate in strategic decision
making. In addition to that the Finance Division is also
performed following functions.
 |
Recording financial facts accurately in accordance
with the provision of National Institute of Health Ordinance
1980 and procedure prescribed by the management of the Institute
for maintaining an efficient and progressive Management and
Financial Information System. |
|
|
Reporting the financial impacts of the business
operations by analyzing the effects of historical data and
forecasting the financial implication of the contemplated
action. The division is also responsible for informing the top
management about the financial decisions on timely basis. Any
proposal for additional expenditure of any kind must merit
careful consideration of this division before the management
accords approval. |
|
|
Preparation of Annual Revenue, Capital
and Development budget in coordination with other
division/Departments for approval of Board of Governors,
Ministry of Health. |
|
|
Maintenance of accounting and statistical record
of Income, expenditure, assets and liabilities of the Institute.
|
|
|
Processing of all receipts and payments in
accordance with prescribed rules, regulations, policies and
procedures. |
|
|
The
division establishes and maintain Internal Control System to
protect the assets of the Institute and ensure compliance of
financial procedure and policies applicable to total operations
of the Institute. |
|
|
Cost
and financial controls are two important functions of this
division, Finance Division has to guide and assist the top
management in the development of Capital and Revenue expenditure
Program. |
|
|
The Finance Division is also responsible for tax
planning and compliance with the statuary requirements of the
Income Tax Ordinance 2001. |
|
|
Compilation of Performa Accounts in respect of
Biological Production. |
|
|
Financial
control on Institute’s purchases of goods and services in order
to ensure economy, compliance with Public Procurement Rules,
2004 and that excessive store are not accumulated blocking
Institute’s funds. |
|
|
Review
and analyze periodic operating and financial reports such as
Government auditors report and obtain explanations or clarifications
of responsible officials with regard to audit objections raised
by auditors and recommend appropriate actions to be taken by the
Executive Director/Board of Governors. |
|
|
To incur expenses in terms of the limit of
financial power delegated to him and ensures prompt
reconciliation of all bank accounts and settlement of
outstanding items on priority bases. |
|
|
Examination of tender documents, contracts and
agreements from the financial angle to safeguard the interest of
the Institute. |
|
