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BRAC received
the prestigious CGAP Financial Transparency Award 2005, once again proving
to be a shining exception in a pool of 175 applicants from 57 countries.
CGAP, the Consultative Group to Assist the Poor, comprising 31 public
and private development agencies working together to expand access to
financial services for the poor in developing countries, was founded
by aid agencies and industry leaders to help create permanent financial
services for the poor on a large scale. The financial statements of
each applicant were and scored by reviewers across Latin America, Africa,
the Middle East, Europe and North America.
BRAC owes this award to the willingness
of the policymakers to achieve financial transparency, steps undertaken
to ensure a supportive organization, namely: Cultivation of Culture
of Honesty, Written Procedures and Guidelines for Transparency, Accounting
Manuals, A Strong Internal Control System, Regular Review and Incorporation
of modern technology. The Top Award Winners had to obtain the “5-diamond”
rating that recognizes the full compliance with international disclosure
guidelines.
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