Initial audits carried out by the Confederation of African Football (CAF) on behalf of FIFA have revealed that, the use of FIFA's funds have either been insufficiently documented in the bookkeeping records, or the funds have been misapplied.
These inevitably caused delays in the release of the auditing of FIFA accounts in the last quarter of 2000 by KPMG Fides Peat.
FIFA has therefore warned the GFA and the other associations involved, to comply with the new administrative directives regarding bookkeeping procedures from FIFA.
According to the new directives, all national associations will be obliged to operate separate accounts, titled "Financial Assistance from Fifa" as part of their bookkeeping records.
In addition, all financial assistance must be recorded chronologically in order of the request number on the credit side and expense items actually incurred on the debit side, in compliance with the request for funds approved by FIFA.
Another procedure put in place by FIFA is that, an authenticated abstract from the balance sheet closed as at the end of the calendar year, be sent to FIFA. Again, any subsequent changes planned in the use of the funds must be submitted to FIFA immediately for approval.
