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Welfare Association (WA) Management Letter Year Ended December 31, 2013

Welfare Association (WA) Management Letter Year Ended December 31, 2013. Contents. 1. Executive Summary 1.1 Introduction & Background 1.2 Summary of Observations 1.3 Prior Year Findings 2. Detailed Observations 2.1 Concentration of Grants Received

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Welfare Association (WA) Management Letter Year Ended December 31, 2013

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  1. Welfare Association (WA)Management LetterYear Ended December 31, 2013

  2. Contents • 1. Executive Summary • 1.1 Introduction & Background • 1.2 Summary of Observations • 1.3 Prior Year Findings • 2. Detailed Observations • 2.1 Concentration of Grants Received • 2.2 Cash on Hand and at Banks • 2.3 Fixed Assets Register • 2.4 Monitoring and Reporting • 3. Prior Year Observations

  3. 1. Executive Summary1.1 Introduction & Background We have completed our audit of Welfare Association for the year ended December 31, 2013. As part of our examination we studied and evaluated the Welfare Association system of Internal accounting controls to the extent we considered necessary in order to meet the requirements of International Standards on Auditing. These standards require a study and evaluation of internal accounting control only for the purpose of determining the nature, timing and extent of auditing procedures necessary for expressing an opinion on the Welfare Association’s financial statements. Our study and evaluation was, therefore, more limited than would be necessary to express an opinion on the system of internal accounting Control taken as a whole and would not necessarily disclose all material weaknesses in the system of the Welfare Association’s internal accounting control. Our work to date indicates that the internal controls and accounting systems are effective to meet the requirements to effectively manage the Welfare Association. Our work, however, Indicates certain areas where the Welfare Association’s internal control systems and accounting procedures may be enhanced. This report covers those areas of significance identified to date, which require your kind attention. This report has been prepared solely for the use of the Senior Management of Welfare Association and is not appropriate for use by third parties. 1.

  4. 1.2 Summary of Observations We have listed below a summary of our observations. The detailed observations and recommendations are in Section 2 of this report. 2.

  5. 1.3 Prior Year Findings • We have completed a follow up on the findings for the Management Letter issued in prior years and as a result we noted the following: • Out of the 5 audit findings identified in the Audit review conducted in 2012: • 2 findings were completed. • 2 findings are still outstanding . • And 1 is still ongoing . • Please refer to Section 3 of this report for details. 3.

  6. 2. Detailed Observations 4.

  7. 2. Detailed Observations 4.

  8. 2. Detailed Observations 5.

  9. 2. Detailed Observations 5.

  10. 3. Prior Year Observations 8.

  11. DTTL and new DTME About About Deloitte: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte's approximately 182,000 professionals are committed to becoming the standard of excellence. Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities. About Deloitte & Touche (M.E.): Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years. Deloitte is among the region’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,500 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010, 2011 and 2012 Rankings) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards. In 2011, the firm received the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).

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