Jan-Jun 2008 audit report (oh will the excitement ever end *g*)

We’ve grown hugely, pretty much doubling in the past year. As part of our growth, we hired a part-time accountant and put in regular auditing.

This is the first report, which will subsequently be done quarterly by Fontamillas Donasco & Co, certified public accountants in Phnom Penh. They also handle our payroll and fixed costs, now outsourced to them.

Riverkids Jan-Jun 08 Audit report (12 pages, 786kb, PDF) says that our basic accounting system is fine (much thanks to Peter Ray and Teena Ingram who helped set up and train staff) but we need more oversight such as signature approvals and so on.Since the draft of the report two months ago, almost all the changes have been put in place.

The only significant error was US$670 which couldn’t be accounted for. This was in our favour, and was most likely cash that I bought up from Singapore and didn’t account for in the Cambodia-side paperwork.

We’re still comparing costs between a full-time accountant or an external accountancy firm to do our books full-time. Then all the recommended changes will have been implemented!