REPORT OF THE AUDITOR GENERAL

Size: px
Start display at page:

Download "REPORT OF THE AUDITOR GENERAL"

Transcription

1 KINGDOM OF LESOTHO REPORT OF THE AUDITOR GENERAL On the Public Accounts of Lesotho FOR THE YEAR ENDED 31 ST MARCH 2007 PRICE : M50.00

2 VISION We aspire to be a leading Supreme Audit Institution that promotes public accountability and transparency. MISSION To promote sustainable public accountability and transparency, by providing professional auditing services to all stakeholders whilst creating a respectful workplace where our diverse workforce can strive for excellence and realize their full career potential. VALUES We focus on the following values when conducting the work and ourselves; Independence and objectivity Serving the public interest Commitment to excellence Respectful workplace Trust and Integrity Disciplined Workforce

3 A/C/REP/ JULY 2009 Honourable Dr. T. Thahane Minister of Finance and Development Planning Ministry of Finance and Development Planning P O Box 395 MASERU 100 Honourable Minister, A REPORT ON THE PUBLIC ACCOUNTS OF LESOTHO FOR THE YEAR ENDED 31 ST MARCH, 2007 As required by Section 117 (4) of the Constitution of Lesotho and Section 6(1) of the Audit Act 1973, I submit my report on the Public Accounts of Lesotho for the year ended 31 st March, Please arrange to lay the report before the National Assembly in terms of the same Section of the Constitution and Section 6(1) of the same Act. Yours faithfully LUCY L. LIPHAFA (MRS) AUDITOR GENERAL

4 TABLE OF CONTENTS Paragraphs Pages AUDIT CERTIFICATE 1 SUMMARY REPORT 2-9 PART 1 Public Accounts 2006/ PART 2 2. INTRODUCTION Audit Report Audit Mandate Submission of Accounts Scope of the Audit Financial Legislation Statements of Responsibilities Parliamentary Control Public Accounts Committee 38 PART 3 3. ASSETS AND LIABILITIES ASSETS LIABILITIES PART 4 4. ABSTRACT ACCOUNTS Resources of the Government of Lesotho Recurrent Account Capital Account PART 5 5. PRE-AUDIT OF TERMINAL BENEFITS PART 6 6. MINISTERIAL PARAGRAPHS Ministry of Agriculture and Food Security Ministry of Health and Social Welfare Ministry of Education and Training Ministry of Finance and Development Planning

5 6.5 Ministry of Trade, Industry, Cooperatives 113 and Marketing 6.6 Ministry of Justice, Human Rights and Rehabilitationary Affairs 6.7 Ministry of Home Affairs and Public Safety Prime Minister s Office Ministry of Communication, Science and Technology 6.10 Ministry of Law and Constitutional Affairs Ministry of Foreign Affairs and International Relations 6.12 Ministry of Public Works and Transport Ministry of Forestry and Land Reclamation Ministry of Natural Resources Ministry of Labour and Employment Ministry of Tourism, Environment and Culture 6.17 His Majesty s Office Ministry of Defence and National Security Ministry of Local Government Ministry of Gender and Youth, Sports and 149 Recreation 6.21 Ministry of Public Service 150 PART 7 7. GENERAL MATTERS

6 AUDIT CERTIFICATE ON THE PUBLIC ACCOUNTS OF LESOTHO FOR THE FINANCIAL YEAR 2006/07 I have examined the Statement of Assets and Liabilities and related statements on the Public Accounts of Lesotho for the financial years ended 31 March The Accountant General is responsible for the preparation of the accounts in accordance with Section 27 of Finance Order It is my responsibility to express an opinion on these statements based on my audit in accordance with Section 117 of the Constitution and Audit Act I have conducted my audit in accordance with Generally Accepted Auditing Standards. Those standards require that I plan and perform the audit to obtain reasonable assurance on whether the financial statements are free from material misstatement. My audit included Examining on a test basis, evidence supporting the amounts and disclosures in the financial statements Assessing the accounting principles used and significant estimates made by management, as well as Evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. Disclaimer of Opinion: Due to material uncertainties within the accounts and limitation of scope regarding the regularity of expenditure, I am unable to express an opinion as to whether the financial statements set out on pages 10 to 34 present fairly the state of affairs of the Government of Lesotho, and in particular the financial position as at 31 March The three key reasons for this disclaimer of opinion are set out in paragraphs 8 to 28 of my Summary Audit Report. L.L. LIPHAFA (MRS) 6 JULY 2009 AUDITOR GENERAL 1

7 Auditor General s Summary Report on the Public Accounts for the Financial Year 2006/07 Introduction 1. The Government of Lesotho accounted for recurrent expenditure of M4.42 billion and capital expenditure of M580 million for the financial year 2006/ The accounts are prepared on a cash basis in accordance with Section 27 of Finance Order The accounts are not yet fully compliant with International Public Sector Accounting Standards (IPSAS) for cash-based accounts as Parastatals accounts are not consolidated into the accounts. It is the intention of the Accountant General to move towards full IPSAS compliance in future. 3. The issue of negative opinion on the Public Accounts of Lesotho still prevails in 2006/07 and it has become a public concern which suggests that it should be seriously addressed by all parties concerned. The Minister of Finance and Development Planning has also expressed his concern, in the previous budget speeches, that public accounts have been produced late, in batches of three years and with heavy qualifications by the Auditor General. He indicated that the Government had already embarked on a Public Financial Management Reform Programme which, among other things, encompasses the clearance of a backlog of accounts for 1996/97 to 2000/01 through the preparation of a Financial Statement of Affairs. 4. The Accountant General in his explanatory notes to the accounts had also indicated that despite the efforts that are being carried out to reconcile these accounts, the issue of a 5 year backlog of accounts will remain an overarching problem as to the reliability of the balances as reflected by the GOLFIS system. His comment already calls for qualification of the accounts. 5. In this summary report I provide an analysis of the underlying causes for the disclaimer to the accounts. 2

8 Statement of Responsibilities 6. It is my responsibility to examine the Statement of Assets and Liabilities and the related statements of the Public Accounts of Lesotho for the year ended 31 March The Accountant General is responsible for the preparation of the accounts in accordance with Section 27 of Finance Order It is my responsibility to express an opinion on these statements based on my audit, in accordance with Section 117 of the Constitution and Audit Act Audit Opinion qualified opinion (disclaimer) due to material uncertainties within the accounts and limitation of scope regarding the regularity of expenditure 7. I have already indicated in paragraph 3 that I am giving a negative opinion on the 2006/07 on the state of affairs of the Government of Lesotho, and in particular the financial position as at 31 March The reasons for qualification are not different from the ones stated in my previous reports. The main reasons I am unable to express an opinion are set out at (a) to (c) below, and the limitation of scope regarding regularity is set out at (d) below. (a) Non-compliance with accounting principles and the Government Accounting Manual 8. The Public Accounts are not presented in accordance with any defined standards such as International Public Sector Accounting Standards (IPSAS) for accounts presented on cash basis. As a result there is lack of clarity in the presentation of the accounts, and in particular the definition and status of items contained within the Statement of Assets and Liabilities are unclear. Some of the supporting notes to the Statement of Assets and Liabilities are made up of a mix of debit and credit balances without explanation as to why this is the case. 3

9 i) Non-reconciliation of Treasury GOLFIS ledger with Ministries records 9. A further related matter is the failure to reconcile outputs from the Government of Lesotho Financial Information System (GOLFIS) to the Ministries records. This is a fundamental reconciliation requirement without which reliance cannot be placed on the figures reported by GOLFIS. 10. The underlying reasons for this lack of compliance are: The pervasive level of error in the accounts that has been brought forward from the past years. The Treasury Department staff preparing the accounts not familiar with the GOLFIS ledger system and the accounting manual, and this causes a large number of errors when postings are made to the ledger. Supervision of the accounting function in the Treasury Department is not strong enough to prevent errors arising and to correct those that happen. Training of accounting staff at the Treasury Department and provision of support materials (such as the Accounting Manual) is not adequate. Staff from the Ministries has not provided adequate information to the Treasury Department to enable reconciliation of GOLFIS to Ministries records. 11. As a result of the above factors, I have not been able to obtain satisfactory explanations for the presentation of assets and liabilities in the accounts and the supporting notes. This casts doubt on the original entries made to the GOLFIS ledger system to the extent that I cannot rely on the output from that system. (b) Disclosure and reconciliation of bank accounts 12. Lesotho Government has a number of bank accounts opened with commercial banks. I was not able to verify the balances with these banks against balances reflected in the Public Accounts, as the bank statements were not made available for my verification. The only statements I was able to verify were those provided by the Central Bank of Lesotho. 4

10 13. The Accountant General has indicated in the explanatory notes that if cash accounts are properly maintained and reconciled, they should reflect a zero balance at the end of the financial year. He further states that due to non-reconciliation of the bank accounts, especially for CBL accounts the GOLFIS ledger reflects unrealistic balances. 14. In support of his statement, I have noted with great concern a difference of M3.96 billion between the public accounts and bank statements. The public accounts show an overdrawn balance of M1.81 billion whereas the Central Bank statements reflect a favourable balance of M2.15 billion. That was basically caused by the non-reconciliation of Treasury and bank records and it should be noted that reconciliation is the fundamental requirement in any accounting environment hence the financial regulations require that monthly bank reconciliation be made. 15. I have already stated that I was not provided with the bank statements from commercial banks. The Accountant General wrote a letter to all banks requesting them to provide my office with confirmation of bank balances as at 31 March 2007 for all Lesotho Government accounts. Unfortunately the commercial banks never responded and as such I could not confirm the accuracy and completeness of figures appearing in the public accounts. This noncompliance causes a serious concern that accounts are not being managed correctly and that there may be other Government bank accounts that have been omitted from the accounts and this could cause material omissions in the reported cash balances of the Government. 16. The commercial banks failed to fulfil the requirements of Finance Order 1988 in respect of Government bank accounts as they failed to provide details of all Government bank accounts maintained by their institutions. This is despite the Accountant General s communication with the banks about the requirements of Finance Order

11 17. The most fundamental concern regarding the management of bank accounts is that most accounts have not been reconciled for the past years. There are a number of reasons why the Treasury Department has been unable to reconcile the bank accounts: Lengthy backlog of un-reconciled accounts and in many cases there is no documentation to facilitate these reconciliations to be completed, and to go back and reconcile this period would be intensive and unlikely to be successful due to lack of supporting documentation. Even without such a significant backlog, there are insufficient numbers of appropriately qualified/ trained staff to complete all the reconciliations on a monthly basis. The oversight of the Accountant General s office is not adequate, and does not ensure that Ministries and Districts submit reconciliations and supporting information on a monthly basis, and failure to submit reconciled accounts carries no sanctions or risks to continued funding. (c) Unsupported balances in GOLFIS: Clearing Accounts, Special Funds, Deposits, Advances and Imprests 18. There are a number of line items in the accounts some of these are below the line accounts i.e. (non-budgeted items) that represent either assets or liabilities of the Government. Advances-Clearing Accounts M4.43 billion 19. These advance accounts represent loans to the corporate bodies. The balance of the advances-clearing accounts on the statement of assets and liabilities was M4.43 billion for financial year 2006/07. A large portion of this balance represents one clearing account called Opening Balances with an amount of M4.47 billion. I have not been provided with the supporting information for this account and it would appear it does not represent genuine asset of the Government. 6

12 Special Funds M377 million 20. Administrators of Special Funds are required to provide financial statements to my office for audit on an annual basis, but in most cases statements have not been provided and if provided they reflected different figures from those presented in the Public Accounts. Some Administrators of Funds have never submitted statements, and some of them are dormant. Due to lack of supporting information for these funds, I cannot form a view on the amount of M 377 million presented in the 2006/07 accounts. Deposit Accounts M1.27 billion 21. The main use of the deposit accounts is to record receipts which are held temporarily to be refunded to the payer or third party. The depositors are required to maintain independent records and to reconcile their records with Treasury records. However the balance of M1.27 billion has not been confirmed by the responsible ministries and departments on the basis of their records and as such the correctness of the figure remains doubtful. 22. In this balance of M1.27 billion, there is an amount of M0.94 billion representing Accountant Sundries. Accountant Sundries serve to hold funds temporarily which cannot be immediately given their correct classification code or funds received for onward transmission to some other destination. In my audit report for the financial year 2001/2002, I had stated that amounts totalling M0.86 billion from Lesotho Highlands Revenue Fund have been transferred to this deposit account instead of the Consolidated Revenue Fund as required by Lesotho Fund for Community Development regulations. No action seems to have been taken to regularise the position hence the huge balance. Advances and Imprests (M 116 million) 23. Advances and Imprests are given for a number of reasons petty cash for districts, ministries and overseas missions, official travel and expenses, or advances to individual Government Officers due to shortfalls that have arisen in the performance of their duties, for which the individual is responsible for making good the loss to the Government. If the Advances or Imprests accounts are properly 7

13 maintained, they should show either a debit or nil balance at the end of the financial year. 24. For the 2006/07, the advances and imprests were showing a credit balance of M116 million which implies that the repayments were more than the actual advances. Due to lack of supporting information for this balance, I cannot form a view on the amounts presented in the accounts. (d) Regularity of expenditure 25. Once again the issue of charging expenditure to different heads without Parliamentary approval has emerged. During the financial year 2006/07, the first supplementary estimates amounting to M75,928,320 and second supplementary estimates totalling M187,839,135 were prepared and not approved by Parliament as there were no Supplementary Appropriation Acts for the year under review. Therefore I consider expenditure incurred based on these estimates illegal. Clearing advances amounting to M91,953,067 from the Contingencies Fund without the relevant Act is also against finance laws. 26. The majority of Government Departments expenditure exceeded their estimates as voted by Parliament on expenditure items. Specific mention should be made on the item Fuel and Lubricants whereby out of 27 voted heads, 19 heads exceeded their budget by M 24 million on this item. Excess expenditure totalling M200 million were incurred on 739 expenditure items during the financial year 2006/07. Viring from one item to another should have been considered as finance laws permit the Principal Secretary for Finance to approve a virement from one subhead with a surplus balance in aid to another subhead with a deficient balance. My opinion on this expenditure is qualified as I consider it to be irregular, having not been approved. 8

14 Other Matters 27. Other matters that I consider should be brought to the attention of Parliament are significant issues arising from Inspection Audits. 28. In accordance with the audit strategy my staff has undertaken several audits of Ministries and Departments. There were a number of findings that were repeated across a number of Ministries and Departments which cause concern regarding non-compliance to government rules, regulations and procedures and the potential for fraud and loss to the Government that arises. Individual cases are rarely material in value, but are indicative of a lack of knowledge or commitment to following the Government s prescribed procedures: Irregular payments of salary due to unauthorised leave being taken or contracts not having been approved. Failure to maintain reliable records for the control of public assets Improper maintenance of accounting records especially vote control books which in most cases cause excess expenditure Failure to properly record and take responsibility for losses that have occurred regarding cash and property of the Government Failure to comply with accounting requirement and financial regulations on the reconciliation of records i.e. ministries, Treasury and bank records 29. Detailed recommendations have been made on these points to the relevant bodies, and follow-up on the progress made in implementing recommendations is done as part of normal audit procedures. 9

15 PART 1 GOVERNMENT OF LESOTHO ANNUAL PUBLIC ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH

16 EXPLANATORY NOTES TO THE BELOW THE LINE (BTL) ACCOUNTS CASH AT BANKS (401) This category of BTL accounts represents actual bank accounts maintained by the Government at the Central Bank of Lesotho (CBL) and at Standard Lesotho Bank for the Sub-Accountancies. If properly maintained and reconciled, there accounts should reflect a zero balance at the end of the financial year. However, due to non reconciliation of the bank accounts, especially for CBL accounts the GOLFIS reflects unrealistic balances. CASH FOREIGN MISSIONS (402) These are actual bank accounts maintained by the Government missions abroad. These accounts should also reflect balances or at least a minimal balance as a result of the impact of exchange rates. The ever increasing balances in these accounts indicate non reconciliation of the remitted funds to the Missions with the posting of the actual expenditure incurred by the Missions. CASH IN TRANSIT (404) This category represents the movement of money/funds from one office to another. These accounts should also reflect zero balances at the end of the financial year since the transactions clear each other e.g when money is transferred from Treasury to Sub-Accountancy the remittance vote is debited and when the Sub-Accountancy receives the money they issue an acknowledgement receipt which is going to be credited to the same vote. CASH WITH PROJECTS (405) These are projects that effect their payments outside GOLFIS and bring returns to the Treasury to be captured. IMPRESTS (411) These are advances made to Ministries/Departments and to individual public officers for specific purposes as covered by chapter 14 of the Financial Regulations. The main problem with these accounts is that imprests are not retired as stipulated by FR as a result huge balances are left over the years. 11

17 ADVANCES (423) These are advances raised mainly for cash shortages whereby an advance voucher will be raised as and when an officer has a shortage of cash and will be cleared by way of a repayment of the advance so raised. The problem here is lack of follow up and reconciliation of advances raised. ADVANCES PUBLIC OFFICERS (424) These accounts are mainly used for making recoveries from public officers of the loans advanced to them by the commercial banks since the Government is no longer offering any advances from the Government purse. The recoveries are subsequently remitted to the commercial banks. CLEARING ACCOUNTS (428) These are repayable loans made to different agencies by the Government with the exception of one vote with a huge balance which is used to transfer all BTL accounts balances to the following year. SUSPENSE CLEARING ACCOUNTS (431) These accounts are used for payment of goods and services supplied by the Exel and Imperial Fleet Services companies. The problem here is the lack of reconciliation of the initial lump sum paid to these companies and the subsequent charging of the relevant ministries and departments votes. This is covered by Section 19 of the Finance Order TRADING ACCOUNTS (432) These accounts are used for trading purposes by the departments that operate them. They supply goods or services to other Government Ministries at a minimal profit. The problem here is the proper maintenance of the books of accounts to reflect the actual financial position of the trading accounts. Reconciliation is also not being carried out as necessary. DEPOSITS (503) These are accounts that are covered by section 21 of the Finance Order The majority of these accounts are used for making third party deductions e.g. Insurance companies and Micro lenders. There are about one hundred and ninety (190) deposit accounts in this year alone and due to the magnitude of these accounts it becomes difficult to reconcile them. Even the ministries that are operating the deposit accounts are not reconciling them with Treasury records. 12

18 DEPOSIT-GENERAL (504) These accounts are mainly used by the districts to deposit monies that belong to third parties, in other words the money is held in trust. The problem here is also lack of reconciliation and proper maintenance of records to reflect the status of funds held in trust. SPECIAL FUNDS (511) Section 18 of the Finance Order 1988 stipulates that only the Principal Secretary has the authority to establish and close a special fund by notice in the gazette. Special funds have rules and regulations that are governing their operation, but in most cases these rules are not being observed, hence why we are having unrealistic balances in these accounts. Reconciliation of the accounts with Treasury records is also not done by the ministries that are operating these accounts. CONCLUSION Despite the efforts that are being carried out to reconcile these accounts, the issue of a 5 year backlog of accounts will remain an overarching problem as to the reliability of the balances as reflected by the GOLFIS system. 13

19 Notes to the Financial Statements Accounting Policies Basis of Preparation The Statement of Revenue and Expenditure has been prepared in accordance with the cash basis of accounting. Transactions and other events are recognized only when cash is received or paid. This policy has been applied consistently throughout the reporting period. The Statement of Assets and Liabilities has been prepared to include balances of financial assets, public debt, deposits and special funds as at 31 st March The Statement does not include non financial assts, accounts receivable, accounts payable, or the Government s liability in respect of civil service pensions. Reporting Entity The financial statements are for the Government of Lesotho and have been prepared in accordance with the Finance Order The financial statements cover the Consolidated Fund and other funds, and special accounts established under Section 18 of the Finance Order The financial statements do not include Government business enterprise under the control of the Government of Lesotho. Reporting Period The reporting period is the twelve months ended 31 March The Government of Lesotho Financial Regulation 1973 define the financial year as the twelve months ending on the 31 st day of March in any year, while the Finance Order 1988 requires public accounts to be prepared in respect of each financial year. Reporting Currency The reporting currency is Maloti. For loans denominated in foreign currency, the amount of principal and interest repayments is converted to Maloti at the exchange rate for the day of the transaction. The amount of the loan outstanding as at 31 st March is converted to Maloti at the exchange rate for 31 st March.

20 Government of Lesotho Consolidated Fund Statement of Revenue and Expenditure For the Year Ended 31 March 2007 REVENUE Notes M 000 M 000 Recurrent Revenue 1 6,298,773 4,359,778 Capital Revenue 2 224, ,731 TOTAL REVENUE 6,523,626 4,495,509 EXPENDITURE Recurrent Expenditure 3 4,228,198 3,585,667 Capital Expenditure 4 580, ,988 Principal Repayments 5 195, ,537 TOTAL EXPENDITURE 5,004,999 4,548,192 Surplus/(Deficit) at the beginning of the year (52,683) 33,135 Surplus/(Deficit) for the year 1,518,627 (52,683) Surplus/(Deficit) at the year end of the year 1,465,944 (19,548) 15

21 GOVERNMENT OF LESOTHO CONSOLIDATED FUND STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 31 MARCH 2007 FINANCIAL ASSETS Notes M 000 M 000 Main Accounts (401) 6 (1,752,365) (3,110,229) Mission Accounts (402) 7 (58,970) (42,136) Cash with Projects (405) 10 (355,663) (372,859) Cash Investments (403 & 426) 8,15 305, ,431 Cash in Transit (404) 9 725, ,518 Clearing Accounts (428 & 431) 17,18 4,429,488 4,750,143 Advances and Loans (411, 423,424, & 425) 11,12, 13,14 (116,776) (216,139) Trading Accounts (432) 19 (4,648) 1,645 Dep-Unspent Grants/Loans (501) 20 (75,150) (75,150) Dep-Other (504) TOTAL FINANCIAL ASSETS 3,097,567 1,303,224 LIABILITIES Surplus/ (Deficit) for the year 1,518,627 (52,683) Dep-Other (504) 2,430 2,068 Deposits (503) 1,198,750 1,144,223 Cash with Special Funds (511) 377, ,616 TOTAL LIABILITIES 3,097,567 1,303,224 16

22 GOVERNMENT OF LESOTHO TRIAL BALANCE AS AT 31 st MARCH 2007 RECURRENT EXPENDITURE 4,424,070 DEBIT CREDIT M 000 M 000 RECURRENT REVENUE 6,298,773 CAPITAL EXPENDITURE 580,929 CAPITAL REVENUE 224,853 CASH AT BANK (401) 1,752,365 CASH FOREIGN MISSIONS (402) 58,970 CASH ON DEPOSITS 9,146 CASH IN TRANSIT (404) 725,750 CASH WITH PROJECTS (405) 355,663 IMPREST (411) 11,005 TRADING ACCOUNTS (432) 4,648 SPECIAL ACCOUNTS (511) 377,760 ADVANCES ( ) 105,771 INVESTMENTS ( ) 315,047 CLEARING ACCOUNTS ( ) 4,429,488 DEPOSITS ( ) 1,276,330 10,475,284 10,475,284 17

23 NOTES SUPPORTING STATEMENT OF RECEIPTS & PAYMENTS NOTE 1 RECURRENT REVENUE M 000 Ministry/Department 101 Agriculture and Food Security 4, Health and Social Welfare 12, Education and Training 4, Finance & Development Planning 6,080, Trade & Industry Cooperatives & Marketing 2, Justice, Human Rights & Rehabilitation 17, Home Affairs & Public Safety 18, Communications, Science & Technology 4, Law & Constitutional Affairs Public Works & Transport 7, Forestry & Land Reclamation Natural Resources 128, Employment & Labour 2, Tourism, Environment & Culture 1, Auditor General s Office Defence & National Security 2, IEC Local Government 11, Gender, Youth & Sports & Recreation Public Service 1,256 TOTAL 6,298,773 NOTE 2 CAPITAL REVENUE M 000 Ministry/Department 801 Agriculture and Food Security 19, Health and Social Welfare 24, Education and Training 53, Finance and Development Planning 19, Public Works & Transport 97, Natural Resources 10, ,853 18

24 NOTE 3 RECURRENT EXPENDITURE M 000 Ministry/Department 001 Agriculture and Food Security 107, Health and Social Welfare 335, Education and Training 902, Finance & Development Planning 526, Trade & Industry Cooperatives & Marketing 35, Justice, Human Rights & Rehabilitation 117, Home Affairs & Public Safety 202, Prime Minister s Office Communications, Science & Technology 42, Law & Constitutional Affairs 37, Foreign Affairs 152, Public Works & Transport 131, Forestry & Land Reclamation 31, Natural Resources 45, Employment & Labour 22, Tourism, Environment & Culture 39, Auditor General s Office 10, His Majesty s Office 6, Public Service Commission 3, Interest Charges 321, Pensions and Gratuities 297, Statutory Salaries & Allowances 11, Subscriptions To International Org. 29, Refunds Of Erroneous Rece Defence & National Security 268, National Assembly 31, Senate 8, Ombudsman 3, IEC 134, Local Government 231, Gender, Youth & Sports & Recreation 29, Public Service 12,482 TOTAL 4,228,198 19

Report of the Auditor General of the Republic of Trinidad & Tobago on the Public Accounts of Trinidad & Tobago for the Financial Year Ended 30 th

Report of the Auditor General of the Republic of Trinidad & Tobago on the Public Accounts of Trinidad & Tobago for the Financial Year Ended 30 th Report of the Auditor General of the Republic of Trinidad & Tobago on the Public Accounts of Trinidad & Tobago for the Financial Year Ended 30 th September, 2013 TABLE OF CONTENTS Page No. AUDITOR S REPORT

More information

COMPTROLLER OF ACCOUNTS

COMPTROLLER OF ACCOUNTS COMPTROLLER OF ACCOUNTS Ministry of Finance Government of the Republic of Trinidad Tobago Accounting Manual Prepared by the Financial Management Branch, Treasury Division, Ministry of Finance TABLE OF

More information

Public Finance and Expenditure Management Law

Public Finance and Expenditure Management Law Public Finance and Expenditure Management Law Chapter one General provisions Article one. The basis This law has been enacted in consideration of Article 75, paragraph 4 of the Constitution of Afghanistan

More information

Part 1 National Treasury

Part 1 National Treasury PUBLIC FINANCE MANAGEMENT ACT 1 OF 1999 [ASSENTED TO 2 MARCH 1999] [DATE OF COMMENCEMENT: 1 APRIL 2000] (Unless otherwise indicated) (English text signed by the President) as amended by Public Finance

More information

Chapter 412B LAWS OF KENYA. Revised Edition 2009 (2004) Published by the National Council for Law Reporting with the Authority of the Attorney General

Chapter 412B LAWS OF KENYA. Revised Edition 2009 (2004) Published by the National Council for Law Reporting with the Authority of the Attorney General LAWS OF KENYA The Government Financial Management Act Chapter 412B Revised Edition 2009 (2004) Published by the National Council for Law Reporting with the Authority of the Attorney General 2 CAP. 412B

More information

Revised Scheme of Service. for Accountants

Revised Scheme of Service. for Accountants REPUBLIC OF KENYA Revised Scheme of Service for Accountants April, 2009 ISSUED BY THE PERMANENT SECRETARY, MINISTRY OF STATE FOR PUBLIC SERVICE OFFICE OF THE PRIME MINISTER NAIROBI 2 3 REVISED SCHEME OF

More information

Financial Statements of the. Office of the Secretary to the Governor General

Financial Statements of the. Office of the Secretary to the Governor General Financial Statements of the Office of the Secretary to the Governor General For the Year Ended March 31, 2014 Statement of Management Responsibility Including Internal Control Over Financial Reporting

More information

Table of Contents. 1 P a g e

Table of Contents. 1 P a g e Table of Contents Financial Regulations 2 General... 2 Accounting Procedures... 2 Internal Audit... 3 Budget Planning And Preparation... 3 Power To Incur Expenditure Within Approved Estimates... 4 Budget

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;

More information

GRAP Implementation Guide for Municipalities

GRAP Implementation Guide for Municipalities GRAP Implementation Guide for Municipalities TOPIC 2.3: BANK ACCOUNTS AND CASH This section of the manual sets out the FSOP s that need to be executed by the municipality regarding Bank Balances and Cash.

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 [ASSENTED TO 2 MARCH, 1999] [DATE OF COMMENCEMENT: 1 APRIL, 2000] (Unless otherwise indicated) (English text signed by the President) NATIONAL TREASURY This

More information

THE UNITED REPUBLIC OF TANZANIA

THE UNITED REPUBLIC OF TANZANIA THE UNITED REPUBLIC OF TANZANIA NATIONAL AUDIT OFFICE (NAO) REPORT OF THE CONTROLLER AND AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF KASULU DISTRICT COUNCIL FOR THE YEAR ENDED 30 TH JUNE, 2005 The Controller

More information

MOTOR VEHICLE ACCIDENTS FUND

MOTOR VEHICLE ACCIDENTS FUND Republic of Namibia AUDIT REPORT ON THE ACCOUNTS OF THE MOTOR VEHICLE ACCIDENTS FUND FOR THE FINANCIAL YEAR ENDED 31 MARCH 2005 2005 Published by authority Price (Vat excluded): N$ 26.21 Report no: 363

More information

PUBLIC FINANCE MANAGEMENT ACT

PUBLIC FINANCE MANAGEMENT ACT LAWS OF KENYA PUBLIC FINANCE MANAGEMENT ACT CHAPTER 412C Revised Edition 2014 [2013] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.

More information

Financial Services Authority. Guide to Client Money for General Insurance Intermediaries

Financial Services Authority. Guide to Client Money for General Insurance Intermediaries Financial Services Authority Guide to Client Money for General Insurance Intermediaries March 2007 Contents Introduction 3 Part 1 Making arrangements to hold client money 1.1 What is client money? 4 1.2

More information

GOVERNMENT ACCOUNTING RULES, 1990. Chapter I - INTRODUCTORY

GOVERNMENT ACCOUNTING RULES, 1990. Chapter I - INTRODUCTORY GOVERNMENT ACCOUNTING RULES, 1990 Preamble - In exercise of the powers conferred by Article 150 of the Constitution, the President on the advice of the Comptroller and Auditor General, hereby makes the

More information

Financial Regulations and Rules of the United Nations

Financial Regulations and Rules of the United Nations 9 May 2003 United Nations Financial Regulations and Rules of the United Nations Secretary-General s bulletin 9 May 2003 United Nations Financial Regulations and Rules of the United Nations Secretary-General

More information

Financial Regulations and Rules

Financial Regulations and Rules Financial Regulations and Rules Contents Regulation 1. Applicability... 276 Rule 101.1. Applicability and authority... 276 Rule 101.2. Responsibility... 277 Regulation 2. The financial period... 277 Regulation

More information

6. Compliance audit of a real estate agent s trust account

6. Compliance audit of a real estate agent s trust account 6. Compliance audit of a real estate agent s trust account 6. Compliance audit of a real estate agent s trust account 6:2 Audit of a real estate agent s trust account: Overview 6:2 Purpose 6:2 Legislation

More information

The Provincial Auditor Act

The Provincial Auditor Act 1 PROVINCIAL AUDITOR c. P-30.01 The Provincial Auditor Act being Chapter P-30.01 of the Statutes of Saskatchewan, 1983 (effective May 18, 1983) as amended by the Statutes of Saskatchewan, 1986-87-88, c.26;

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

CANADIAN NORTHERN ECONOMIC DEVELOPMENT AGENCY. Statement of Management Responsibility

CANADIAN NORTHERN ECONOMIC DEVELOPMENT AGENCY. Statement of Management Responsibility CANADIAN NORTHERN ECONOMIC DEVELOPMENT AGENCY Statement of Management Responsibility Responsibility for the integrity and objectivity of the accompanying financial statements for the initial period starting

More information

Financial Instructions

Financial Instructions Financial Instructions Contents 1. Definitions & Abbreviations 2. Constitutional Provisions 3. Ministerial Financial Instructions Background 4. Ministerial Financial Instructions M5 1 Observation of Financial

More information

Detailed Statement of Advances as at 30 June 2007

Detailed Statement of Advances as at 30 June 2007 VOTE 1 OFFICES 1. The Senior Chief Executive - Prime Minister's Office- Office of the Vice-President Motor Car 138,750.00 2. The Judge in Bankruptcy and Master and Registrar Dishonoured Cheques 324,575.00

More information

C02-Fundamentals of financial accounting

C02-Fundamentals of financial accounting Sample Exam Paper Question 1 The difference between an income statement and an income and expenditure account is that: A. An income and expenditure account is an international term for an Income statement.

More information

CHAPTER 54:01 FINANCE AND AUDIT ARRANGEMENT OF SECTIONS PART I Prefiminary

CHAPTER 54:01 FINANCE AND AUDIT ARRANGEMENT OF SECTIONS PART I Prefiminary SECTION CHAPTER 54:01 FINANCE AND AUDIT ARRANGEMENT OF SECTIONS PART I Prefiminary 1. Short title 2. Interpretation 3. Administration PART II Control and Management of Public Moneys and Public Supplies

More information

P.S.No.375/2015 - Fourth Instalment Part III Foreign Funded Projects Report of the Auditor General 2013

P.S.No.375/2015 - Fourth Instalment Part III Foreign Funded Projects Report of the Auditor General 2013 Smallholder Plantations Entrepreneurship Development Programme - 2013 -------------------------------------------------------------------------------------------- The audit of Financial Statements of the

More information

Public Finance and Audit Act 1987

Public Finance and Audit Act 1987 Version: 2.4.2015 South Australia Public Finance and Audit Act 1987 An Act to regulate the receipt and expenditure of public money; to provide for auditing the receipt and expenditure of public money and

More information

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

1.2 These Financial Regulations shall come into force on 19 th December 2012

1.2 These Financial Regulations shall come into force on 19 th December 2012 Part 4F FINANCIAL REGULATIONS GENERAL FR1 1.1 These Financial Regulations are made pursuant to the Local Government Act 1972 Section 151 the Accounts and Audit (England) Regulations 2011 (as amended) and

More information

FINANCIAL ADMINISTRATION REGULATIONS, 2004

FINANCIAL ADMINISTRATION REGULATIONS, 2004 FINANCIAL ADMINISTRATION REGULATIONS, 2004 FOR FINANCIAL ADMINISTRATION ACT 2003, ACT 654 8th April 2004 1 TABLE OF CONTENTS PART I: CONTROL AND MANAGEMENT OF PUBLIC FUNDS 1. Financial Responsibilities

More information

Internal Audit Manual

Internal Audit Manual COMPTROLLER OF ACCOUNTS Ministry of Finance Government of the Republic of Trinidad Tobago Internal Audit Manual Prepared by the Financial Management Branch, Treasury Division, Ministry of Finance TABLE

More information

Prepared April 2004. Source: Draft originally prepared for Ministry of Finance, Lesotho.

Prepared April 2004. Source: Draft originally prepared for Ministry of Finance, Lesotho. CONTRACTING OUT DAY-TO-DAY MANAGEMENT OF THE ROAD FUND ADMINISTRATION Prepared April 2004. Source: Draft originally prepared for Ministry of Finance, Lesotho. Some countries have decided that they could

More information

Public Audit (Wales) Act 2004

Public Audit (Wales) Act 2004 Public Audit (Wales) Act 2004 CHAPTER 23 CONTENTS PART 1 AUDITOR GENERAL FOR WALES New functions of the Auditor General for Wales 1 Transfer of functions of Assembly 2 Additional functions of Auditor General

More information

Lawyers and Conveyancers Act (Trust Account) Regulations 2008

Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Rt Hon Dame Sian Elias, Administrator of the Government Order in Council At Wellington this 30th day of June 2008 Present: Her Excellency the

More information

CANI Financial Policy and Procedures

CANI Financial Policy and Procedures CANI Financial Policy and Procedures Policy CANI Council is conscious of the need to ensure that all funds received by the organisation are used in accordance with the aims and objectives of CANI; that

More information

CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM

CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM 12-1 CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM SECTION A - ACCOUNTING BASIS The accounting basis for recording transactions will vary according to the purpose for which each fund is established. Generally,

More information

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 95 FINANCIAL MANAGEMENT LAW AND PUBLIC DEBT LAW

COALITION PROVISIONAL AUTHORITY ORDER NUMBER 95 FINANCIAL MANAGEMENT LAW AND PUBLIC DEBT LAW COALITION PROVISIONAL AUTHORITY ORDER NUMBER 95 FINANCIAL MANAGEMENT LAW AND PUBLIC DEBT LAW Pursuant to my authority as Administrator of the Coalition Provisional Authority (CPA) and under the laws and

More information

MINISTRY OF LABOUR AND SOCIAL WELFARE REPORT OF THE AUDITOR-GENERAL ON THE ACCOUNTS OF THE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010

MINISTRY OF LABOUR AND SOCIAL WELFARE REPORT OF THE AUDITOR-GENERAL ON THE ACCOUNTS OF THE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010 REPUBLIC OF NAMIBIA REPORT OF THE AUDITOR-GENERAL ON THE ACCOUNTS OF THE MINISTRY OF LABOUR AND SOCIAL WELFARE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010 Published by authority Price (Vat excluded) N$

More information

Structure of the Standard

Structure of the Standard INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD: FINANCIAL REPORTING UNDER THE CASH BASIS OF ACCOUNTING Structure of the Standard This Standard comprises two parts: Part 1 is mandatory. It sets out the

More information

MARYLAND ECONOMIC ADJUSTMENT FUND (MEAF) (AN ENTERPRISE FUND OF THE STATE OF MARYLAND) Financial Statements Together with Report of Independent

MARYLAND ECONOMIC ADJUSTMENT FUND (MEAF) (AN ENTERPRISE FUND OF THE STATE OF MARYLAND) Financial Statements Together with Report of Independent (AN ENTERPRISE FUND OF THE STATE OF MARYLAND) Financial Statements Together with Report of Independent Public Accountants For the Years Ended JUNE 30, 2013 AND 2012 CONTENTS REPORT OF INDEPENDENT PUBLIC

More information

The Application of International Accounting Standards in the Financial Statements of Tearfund Partners

The Application of International Accounting Standards in the Financial Statements of Tearfund Partners The Application of International Accounting Standards in the Financial Statements of Tearfund Partners Context: International Accounting Standards (IAS) have been developed primarily to bring consistency

More information

MINISTRY OF HIGHER EDUCATION, TRAINING AND EMPLOYMENT CREATION

MINISTRY OF HIGHER EDUCATION, TRAINING AND EMPLOYMENT CREATION Republic of Namibia AUDIT REPORT ON THE ACCOUNTS OF THE MINISTRY OF HIGHER EDUCATION, TRAINING AND EMPLOYMENT CREATION FOR THE FINANCIAL YEAR ENDED 31 MARCH 2004 2004 Published by authority Price (VAT

More information

MUNICIPALITY OF HENTIES BAY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2000. m:\report\1999-00\municipalities\24_hentiesbay_1999-00.

MUNICIPALITY OF HENTIES BAY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2000. m:\report\1999-00\municipalities\24_hentiesbay_1999-00. MUNICIPALITY OF HENTIES BAY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2000 m:\report\1999-00\municipalities\24_hentiesbay_1999-00.doc 03/10/05 TO THE HONOURABLAE SPEAKER OF THE NATIONAL ASSEMBLY

More information

VOTE Accident Insurance

VOTE Accident Insurance VOTE Accident Insurance B.7 Vol.I 1 Terms and Definitions Used ACC Accident Compensation Corporation Footnotes Note 1 Appropriation numbers in Part B are inclusive of GST (where applicable). Note 2 Expenses

More information

RATLOU LOCAL MUNICIPALITY

RATLOU LOCAL MUNICIPALITY RATLOU LOCAL MUNICIPALITY CREDIT CONTROL AND DEBT COLLECTION POLICY Original Council Approval Date of Council Approval Resolution Number Effective Date Amended CONTENTS CREDIT CONTROL AND DEBT COLLECTION

More information

CONTENTS. EXAMPLE OF AN AUDIT REPORT (Prepared by Ian G. Heggie, revised February 1998)

CONTENTS. EXAMPLE OF AN AUDIT REPORT (Prepared by Ian G. Heggie, revised February 1998) CONTENTS EXAMPLE OF AN AUDIT REPORT (Prepared by Ian G. Heggie, revised February 1998) 1. Zambia National Roads Board...2 Report of the Auditors...2 Respective Responsibilities of Management and Auditors...2

More information

Financial Instructions

Financial Instructions Financial Instructions Contents 1. Definitions & Abbreviations 2. Constitutional Provisions 3. Ministerial Financial Instructions - Background 4. Ministerial Financial Instructions M4 1 Observation of

More information

AUDIT ACT. 2008 Revised Edition CAP. 32.02

AUDIT ACT. 2008 Revised Edition CAP. 32.02 AUDIT ACT CAP. 32.02 Audit Act CAP. 32.02 Arrangement of Sections AUDIT ACT Arrangement of Sections Section PART 1 PRELIMINARY 7 1 Short title... 7 2 Definitions... 7 PART 2 AUDITOR-GENERAL AND THE AUDIT

More information

(ii) You/the entity may keep one Client Account or as many Client Accounts as you think fit.

(ii) You/the entity may keep one Client Account or as many Client Accounts as you think fit. Accounts Guidance To be read in conjunction with Item 10 of the Accounts Code Payment into Client Account i) When a client account is being opened, written notice should be given to the Bank or Building

More information

IGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents

IGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents Cash Flow Statements Government Accounting Standards Advisory Board Contents Description Page Number 1. Introduction 3 2. Objective 3 3. Scope 3 4. Benefits of Cash Flow Information 4 5. Definitions 4

More information

14:19 PREVIOUS CHAPTER

14:19 PREVIOUS CHAPTER TITLE 14 TITLE 14 Chapter 14:19 PREVIOUS CHAPTER STANDARDS DEVELOPMENT FUND ACT Acts 3/1987, 33/1989, 12/1997 (s. 11), 22/2001. ARRANGEMENT OF SECTIONS Section 1. Short title. 2. Interpretation. 3. Minister

More information

BANK BRANCH AUDIT PLANNING

BANK BRANCH AUDIT PLANNING BANK BRANCH AUDIT PLANNING Banking Industry in India is developing and expanding day by day. The basic work culture in banks in India is fairly different as compared to banks in other countries. The customers

More information

NORTH YORKSHIRE FIRE AND RESCUE AUTHORITY FINANCIAL MANAGEMENT FRAMEWORK SECTION A INTRODUCTION

NORTH YORKSHIRE FIRE AND RESCUE AUTHORITY FINANCIAL MANAGEMENT FRAMEWORK SECTION A INTRODUCTION NORTH YORKSHIRE FIRE AND RESCUE AUTHORITY FINANCIAL MANAGEMENT FRAMEWORK SECTION A INTRODUCTION 1.1 Key to the achievement of the Authority s own and other stakeholders objectives is an effective system

More information

Province of Newfoundland and Labrador. Public Accounts. Volume II. Consolidated Revenue Fund Financial Statements. For The Year Ended 31 March 2004

Province of Newfoundland and Labrador. Public Accounts. Volume II. Consolidated Revenue Fund Financial Statements. For The Year Ended 31 March 2004 Province of Newfoundland and Labrador Public Accounts Volume II Consolidated Revenue Fund Financial Statements For The Year Ended 31 March 2004 PRINTED UNDER AUTHORITY OF THE HOUSE OF ASSEMBLY This Page

More information

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised November 2013 For use in proposals issued on or after 1 January 2014 TABLE OF CONTENTS FOR STANDARD

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

F I N A N C I A L R E G U L A T I O N S

F I N A N C I A L R E G U L A T I O N S F I N A N C I A L R E G U L A T I O N S South Downs National Park Authority March 2014 Page 0 of 17 F I N A N C I A L R E G U L A T I O N S Contents Page 1 INTRODUCTION Purpose of Financial Regulations

More information

Practice Note. 10 (Revised) October 2010 AUDIT OF FINANCIAL STATEMENTS OF PUBLIC SECTOR BODIES IN THE UNITED KINGDOM

Practice Note. 10 (Revised) October 2010 AUDIT OF FINANCIAL STATEMENTS OF PUBLIC SECTOR BODIES IN THE UNITED KINGDOM October 2010 Practice Note 10 (Revised) AUDIT OF FINANCIAL STATEMENTS OF PUBLIC SECTOR BODIES IN THE UNITED KINGDOM The Auditing Practices Board (APB) is one of the operating bodies of the Financial Reporting

More information

Financial Regulations and Rules of the United Nations

Financial Regulations and Rules of the United Nations 1 July 2013 United Nations Financial Regulations and Rules of the United Nations Secretary-General s bulletin 1 July 2013 United Nations Financial Regulations and Rules of the United Nations Secretary-General

More information

DRAFT NATIONAL SOCIAL PROTECTION COUNCIL BILL, 2014

DRAFT NATIONAL SOCIAL PROTECTION COUNCIL BILL, 2014 DRAFT NATIONAL SOCIAL PROTECTION COUNCIL BILL, 2014 1 Short title. 2 Interpretation. PART I PRELIMINARY PART II DEFINITION AND OBJECTIVES OF SOCIAL PROTECTION 3 Meaning of social protection. 4 Principles

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

Chapter -5 Appropriations and Re-Appropriation

Chapter -5 Appropriations and Re-Appropriation 5.1 Introductory Chapter -5 Appropriations and Re-Appropriation 5.1.1 Appropriation or re-appropriation represents the allotment of a particular sum of money to meet expenditure on a specified job as enunciated

More information

Act 7 National Audit Act 2008

Act 7 National Audit Act 2008 ACTS SUPPLEMENT No. 4 4th July, 2008. ACTS SUPPLEMENT to The Uganda Gazette No. 34 Volume CI dated 4th July, 2008. Printed by UPPC, Entebbe, by Order of the Government. Act 7 National Audit Act 2008 Section.

More information

GUARANTEE OF LOANS (SMALL BUSINESSES) ARRANGEMENT OF SECTIONS GUARANTEE OF LOANS (SMALL BUSINESSES) [CH.345 1

GUARANTEE OF LOANS (SMALL BUSINESSES) ARRANGEMENT OF SECTIONS GUARANTEE OF LOANS (SMALL BUSINESSES) [CH.345 1 [CH.345 1 SECTION CHAPTER 345 ARRANGEMENT OF SECTIONS 1. Short title. 2. Interpretation. 3. Power of Government to guarantee loans for small businesses. 4. Minister to be a corporation sole. 5. Approval

More information

MINISTRY OF DEFENCE REPUBLIC OF NAMIBIA REPORT OF THE AUDITOR-GENERAL ON THE ACCOUNTS OF THE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2011

MINISTRY OF DEFENCE REPUBLIC OF NAMIBIA REPORT OF THE AUDITOR-GENERAL ON THE ACCOUNTS OF THE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2011 REPUBLIC OF NAMIBIA REPORT OF THE AUDITORGENERAL ON THE ACCOUNTS OF THE MINISTRY OF DEFENCE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2011 Published by authority Price (Vat excluded) 24.84 Report no. 1054

More information

Government Accounting Standards Advisory Board

Government Accounting Standards Advisory Board GASAB IGAS 10 Public Debt and Other Liabilities of Governments: Disclosure Requirements Government Accounting Standards Advisory Board CONTENTS Indian Government Accounting Standard (IGAS) 10 Public Debt

More information

163rd General Report of the Belgian Court of Audit, presented to the House of Representatives on November 6, 2006.

163rd General Report of the Belgian Court of Audit, presented to the House of Representatives on November 6, 2006. 163rd General Report of the Belgian Court of Audit, presented to the House of Representatives on November 6, 2006. Summary 1 Federal Government budget implementation Filing of the Federal Government general

More information

VOTE Accident Insurance

VOTE Accident Insurance VOTE Accident Insurance B.5 Vol.I 1 Accident Insurance Overview Appropriations sought for Vote Accident Insurance in 2001/02 total $735.218 million. This is intended to be spent as follows: $3.438 million

More information

New Zealand Institute of Chartered Accountants

New Zealand Institute of Chartered Accountants New Zealand Institute of Chartered Accountants PS-2 Issued 06/03 Revised 05/08 Amended 07/13 PROFESSIONAL STANDARD NO. 2, 2008 CLIENT MONIES Issued by the Council of the New Zealand Institute of Chartered

More information

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM

STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised January 25 th 2008 TABLE OF CONTENTS FOR STANDARD CONDITIONS PART I: INTERPRETATION Page 1 Definitions

More information

CABINET 9 September 2014 KEY DECISION: YES MONEY MATTERS: 2014/15 REVIEW OF FINANCIAL PERFORMANCE AGAINST THE FINANCIAL STRATEGY

CABINET 9 September 2014 KEY DECISION: YES MONEY MATTERS: 2014/15 REVIEW OF FINANCIAL PERFORMANCE AGAINST THE FINANCIAL STRATEGY CABINET 9 September 2014 KEY DECISION: YES MONEY MATTERS: 2014/15 REVIEW OF FINANCIAL PERFORMANCE AGAINST THE FINANCIAL STRATEGY 1. Decision The Cabinet: 1.1 Noted the report and issues raised within.

More information

Appropriation Bill 2011

Appropriation Bill 2011 Passed by both Houses New South Wales Appropriation Bill 2011 Contents Part 1 Preliminary Page 1 Name of Act 2 2 Commencement 2 3 Interpretation 2 4 Expenses and capital expenditure information 2 Division

More information

EUROPEAN UNION ACCOUNTING RULE 17 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS)

EUROPEAN UNION ACCOUNTING RULE 17 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) EUROPEAN UNION ACCOUNTING RULE 17 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) Page 2 of 26 I N D E X 1. Introduction... 3 2. Objective... 3 3. Scope... 3 4. Definitions... 4 5. Non-exchange

More information

Evangelical Missionary Church of Canada Financial Statements Year ended December 31, 2014

Evangelical Missionary Church of Canada Financial Statements Year ended December 31, 2014 Evangelical Missionary Church of Canada Financial Statements Index to Financial Statements INDEPENDENT AUDITOR'S REPORT 1-2 Page FINANCIAL STATEMENTS Statement of Financial Position 3 Statement of Operations

More information

MANAGEMENT LETTER. Noncompliance Findings

MANAGEMENT LETTER. Noncompliance Findings MANAGEMENT LETTER Springfield Township 7617 Angola Road Holland, Ohio 43528-8602 To the Board of Trustees: We have audited the financial statements of Springfield Township,, (the Township) in accordance

More information

IFAD Guidelines on Project Audits

IFAD Guidelines on Project Audits IFAD Guidelines on Project Audits Approval Audit Committee One Hundred Twenty-First Meeting Rome, 21 November 2011 Guidelines on Project Audits Approved by the Executive Board One Hundred-Fourth Meeting

More information

EXCHEQUER AND AUDIT ACT

EXCHEQUER AND AUDIT ACT LAWS OF TRINIDAD AND TOBAGO EXCHEQUER AND AUDIT ACT CHAPTER 69:01 Act 20 of 1959 Amended by 176/1961 *52/1962 8/1962 97/1963 25 of 1964 18 of 1966 7/1978 179/1978 3/1979 4/1979 5/1979 185/1979 152/1982

More information

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT ARRANGEMENT OF SECTIONS PART I Preliminary SECTION 1. Short title. 2. Commencement. 3. Interpretation. PART II Establishment of the Debt Management Office,

More information

SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100

SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100 SAMPLE QUESTION PAPER IN ACCOUNTANCY Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section

More information

SO Europe Eurasia Foundation. Reports and Financial Statements for the year ended 31 December 2013

SO Europe Eurasia Foundation. Reports and Financial Statements for the year ended 31 December 2013 SO Europe Eurasia Foundation Reports and Financial Statements for the year ended 31 December 2013 REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 CONTENTS PAGE DIRECTORS AND OTHER

More information

The Role and Responsibilities of Accounting Officers. A Memorandum for Accounting Officers

The Role and Responsibilities of Accounting Officers. A Memorandum for Accounting Officers The Role and Responsibilities of Accounting Officers A Memorandum for Accounting Officers Government Accounting Section Department of Public Expenditure and Reform September 2011 2 THE ROLE AND RESPONSIBILITIES

More information

Accounting Code for Self Accounting Entities

Accounting Code for Self Accounting Entities Accounting Code for Self Accounting Entities Accounting Code for Self Accounting Entities Issued 13-Feb-99 Page 1 Sae.doc Accounting Code for Self Accounting Entities Table of Contents TABLE OF CONTENTS

More information

Rochdale MBC Corporate Debt Management Policy. Contents Page. Page

Rochdale MBC Corporate Debt Management Policy. Contents Page. Page Rochdale MBC Corporate Debt Management Policy Contents Page Page 1. Background and Objectives 1.1 What is a Corporate Debt Management Policy 1 1.2 Introduction 1 1.3 Objectives of the Policy 1 1.4 What

More information

CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS)

CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS) CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS) 1. Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable? (a)

More information

THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS

THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS I certify that I have audited the financial statements of Defence Equipment & Support for the year ended 31 March 2015 under

More information

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module Fundamentals Level Knowledge Module Financial Accounting Specimen Exam applicable from June 2014 Time allowed: 2 hours This paper is divided into two sections: Section A ALL 35 questions are compulsory

More information

Client Information. Terms & Conditions. www.nockolds.co.uk

Client Information. Terms & Conditions. www.nockolds.co.uk Client Information Terms & Conditions? www.nockolds.co.uk 1. Introduction As from 1 June 2012 all work we do for you is governed by these terms of business. Attached to these terms is a letter that contains

More information

FINANCIAL PROCEDURES FOR SCHOOL. Reviewed by the Governing Body 2012

FINANCIAL PROCEDURES FOR SCHOOL. Reviewed by the Governing Body 2012 FINANCIAL PROCEDURES FOR SCHOOL Reviewed by the Governing Body 2012 If you require advice on financial matters which you feel are not addressed by this document please contact your Schools Finance Support

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

MAHARASHTRA STATE AGRICULTURAL MARKETING BOARD, PUNE. COMMAN ACCOUNTING SYSTEM FOR APMC s IN MAHARASHTRA STATE

MAHARASHTRA STATE AGRICULTURAL MARKETING BOARD, PUNE. COMMAN ACCOUNTING SYSTEM FOR APMC s IN MAHARASHTRA STATE MAHARASHTRA STATE AGRICULTURAL MARKETING BOARD, PUNE COMMAN ACCOUNTING SYSTEM FOR APMC s IN MAHARASHTRA STATE INDEX Sr. No. Particulars Page No. 1 Introduction 3 2 Accounting Principles & Policies 4 3

More information

REPORT OF THE AUDIT OF THE JACKSON COUNTY SHERIFF

REPORT OF THE AUDIT OF THE JACKSON COUNTY SHERIFF REPORT OF THE AUDIT OF THE JACKSON COUNTY SHERIFF For The Year Ended December 31, 2011 ADAM H. EDELEN AUDITOR OF PUBLIC ACCOUNTS www.auditor.ky.gov 209 ST. CLAIR STREET FRANKFORT, KY 40601-1817 TELEPHONE

More information

INSURANCE BUSINESS REGULATION AND PROMOTION COMMITTEE ACT, B.E. 2550 (2007)

INSURANCE BUSINESS REGULATION AND PROMOTION COMMITTEE ACT, B.E. 2550 (2007) Unofficial translation INSURANCE BUSINESS REGULATION AND PROMOTION COMMITTEE ACT, B.E. 2550 (2007) BHUMIBOL ADULYADEJ, REX. Given on the 28 th Day of August B.E. 2550; Being the 62 nd Year of the Present

More information

Financial Statement Guide. A Guide to Local Government Financial Statements

Financial Statement Guide. A Guide to Local Government Financial Statements Financial Statement Guide A Guide to Local Government Financial Statements January, 2012 Ministry of Community, Sport and 1 Financial Statement Guide Table of Contents Introduction Legislative Requirements

More information

To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip)

To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip) Section B. Sample Audit Committee Certificate Date To the Rector, Wardens and Vestry of (Church Name; Church Address; City and Zip) Subject: (Audit Year) Audit of (Church Name) We have inspected the statement

More information

Standard Life Investment Funds Limited

Standard Life Investment Funds Limited Standard Life Investment Funds Limited Annual FSA Insurance Returns for the financial year ended 31 December 2011 Prepared in accordance with the Accounts and Statements Rules (Appendices 9.3, and 9.6)

More information

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act)

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act) FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.

More information