Panama Financial Services
The finance unit in PAC, Panama Financial Services (PFS) has two support units: Regional Accounting Support (RAS) and financial support for projects and the administrative center.
Regional Accounting Support (RAS)
The RAS team performs independent review and support functions with regards to field offices accounts on behalf of the accounting division in order to ensure the integrity and completeness of IOM accounts, compliance with IOM financial rules and International Public Sector Accounting Standards (IPSAS) requirements as well. Within this, RAS conducts mission accounts validation, accounts reviews, monitoring and clearing of suspense accounts, review of bank reconciliations, review and endorsement of donor financial reports, assists with project closure co-ordination and provides mission accounting advice and audit support as needed. The information flow during such periodic reviews is considered by the external auditors as key internal control tool, which allows IOM to monitor and facilitate compliance of its decentralized operations.
Finance Support for Panama projects and the administrative center
The financial support unit performs all financial transactions for treasury and accounting, including accounting, budget, treasury, enterprise roles and authorizations, and financial management support to IOM Panama. Periodic reviews and monthly accounting closures are perform to meet IOM financial standards and procedures, ensuring internal controls for IOM Panama office and PAC. The team is also supporting with project creation, project financial monitoring and management, project closure and financial reports for donors.