Panama Financial Services (PFS)
The Panama Financial Services has two main areas under its responsibility: to offer global services, with special attention to America´s region:
Regional Accounting Support - RAS
The RAS team performs advisory, review and support functions for country offices, administrative center in Manila, Headquarter´s projects and emergencies at L3 level. It is responsible for the validation of the accounts from the country offices, review and reconciliation of accounts, monitoring and payment of outstanding accounts, bank reconciliations, as well as the revision of some payroll transactions. It also assists in the coordination of project financial information, opening and closing of projects. In addition, it offers advices and support to the offices for audit recommendations in financial and accounting matters.
Some of the reviews that are carried out in RAS include:
- Monitoring and review of accounts for monthly closure.
- Review of the accounts of the field offices.
- Review and endorsement of donor financial reports.
- Monitoring and review of projects information and balances.
The main objective of the reviews is to guarantee the integrity and transparency of IOM's financial statements, ensuring compliance with the financial rules and regulations.
The unit also conducts face-to-face and virtual trainings for financial staff on various accounting topics in English and Spanish.
Central Support Unit to PRISM - PCST
The unit manages and maintains data in the PRISM accounting system: general ledger, donors and vendors information, bank accounts, project codes, general project information, among others. It works in close coordination with the PCST unit in Manila. It also guarantees the consistency and accuracy of centralized data, in order to facilitate the presentation of financial reports.