Amendments to Current Regulations to Address Non Governmental Organizations

This document provides the amendments suggested to the current regulations to address the needs of non-government organizations in Tanzania.The document provides the amendments suggested to:

• Tanzania financial accounting standards;
• Public finance regulations 2001:
  • Modification in paragraph (d) of section (1) to read "establish and maintain, taking into account the guidelines contained in Tanzanian Auditing Standards established by the National Board of Accountants and Auditors, an effective system of internal control over the financial and related operations for which he is responsible and wherever applicable establish and maintain an effective internal audit organization which shall be responsible."
• Independent auditors' regulations 2000:
  • "Conflict of interest" to mean a situation or circumstance whereby a party who is in a position where privileged information obtained in line of his duty could be used to further personal or other business interests.