WAVES financial management system is quite strong and it is further strengthened by a Financial procedures manual which articulates our financial policies, defines our financial year and guides our procurement procedures. Moreover, separate accounts are maintained for each project thereby making it easy to conduct specific project audits. Both project specific audits is conducted periodically and annual statutory audit in each year. However, as the organization is evolving and its project portfolio increasing the system now requires an accounting software package which has the capacity to produce a number of financial reports on a monthly, quarterly and annual basis to meet various donor financial reporting requirements. There is also a need to upgrade the Finance/Accounting procedures manual to bring it to speed with the changing realities of WAVES finance Department.