This Governance Code for Sport (the Code) is a voluntary code of practice for good governance of sport organisations in Ireland. Sport Ireland requires all National Sports Governing bodies to have the governance code adopted / in place in their organisation by 31st December 2021.
Now is the time to act to get all the five principles in place to enable the organisation to adopt the Code by 31st December 2021 deadline and be compliant.
The code is based on five principles:
- Leading our organisation
- Exercising control over our organisation
- Being transparent and accountable
- Working effectively
- Behaving with integrity
The process involves three steps:
On the journey form-showing that your organisation is committed to starting the process as set out for its organisation type and is now on the Adoption Journey to become compliant Public statement of compliance form
Public Statement of Compliance Form showing that your organisation has completed the process and now complies with the principles of the Governance Code for Sport for a three-year period
Comply or Explain Form The Governance Code for Sport then identifies a series of recommended Board practices to support organisations to comply with the Code. This form must be completed to show that the recommendations have been implemented and embedded by your organisation
How can OSK help?
OSK can assist your organisation in completing ‘Principle Two Exercising control over our organisation’ as this principle deals with financial aspects of the Code:
- Identifying and complying with relevant legal and regulatory requirements.
- Making sure there are appropriate internal financial and management controls.
- Identifying major risks for our organisation and deciding ways of managing the risks.
So what does your organisation need to do to comply with ‘Principle 2 – Exercising control over our organisation’. The organisation must show that the following are in place:
- Financial procedures manual
- Internal controls
- Audit Committee
- Financial policies and financial reporting
- Regulatory compliance
- Risk assessment
- Financial management
The team in OSK have developed a package to assist your organisation to put in place the policies and procedures to enable your organisation to comply with Principle 2 of the Code.
If you need assistance on this aspect of the Code please contact, Deirdre McDermott firstname.lastname@example.org audit and advisor director and she will outline what services OSK Accountants can provide in relation to Principle 2 of the code and provide a quote for these services.
OSK is the official Audit and Accounting partner of the Federation of Irish Sport (FIS) and the preferred supplier of these services to the Federation’s members.