{"id":55839,"date":"2023-10-12T18:47:10","date_gmt":"2023-10-12T18:47:10","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion"},"modified":"2023-10-12T19:07:41","modified_gmt":"2023-10-12T19:07:41","slug":"ongwediva-gets-adverse-audit-opinion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion","title":{"rendered":"Ongwediva gets adverse audit opinion"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>For the 2021\/22 financial year, the northern town of Ongwediva was brushed with an adverse opinion by auditor general Junias Kandjeke.<\/p>\n

In essence, it means the council\u2019s financial books containmisrepresentations and misstatements that do not accurately reflect its financial performance and health.<\/p>\n

\u201cThe financial statements do not present fairly, in all material respects, the financial position of the Ongwediva Town Council as at 30 June 2021 and 2022,\u201d Kandjeke states in the audit report.<\/p>\n

Compiled and completed in August, Ongwediva\u2019s findings are found in a report tabled by the National Assembly for scrutiny earlier this week.<\/p>\n

Poking holes in Ongwediva\u2019s accounting processes, the auditors hinged their adverse opinion on five shortcomings.<\/p>\n

Firstly, the Office of the Auditor General took issue with an entity owned by Ongwediva Town Council, Namfair Pty Ltd, whose role has since been replaced by a supervisory committee managing the operations of the town\u2019s popular trade fair.<\/p>\n

During the period under review, Namfair was disclosed as an investment in associates with a book value of N$4.67 million.<\/p>\n

But there is a shortcoming, according to Kandjeke.<\/p>\n

\u201cInternational Public Sector Accounting Standards 36<\/p>\n

defines associates as an entity over which an investor has significant influence. It further defines significant influence as the power to participate in the financial and operational policy decisions of another entity, but it is not control or joint control of those policies,\u201d Kandjeke said.<\/p>\n

Significant influence is a shareholding of 20% to 50%.<\/p>\n

However, it was found that Ongwediva Town Council has full control over Namfair with 100% shareholding. As such, Namfair is a subsidiary of the council \u2013 not an associate, Kandjeke said.<\/p>\n

More so, the auditors observed that the transactions of the Ongwediva Annual Trade Fair were not consolidated with the books of the town council.<\/p>\n

\u201cNo annual reporting was provided to the auditors,\u201d which is in direct contravention of IPSAS 35, which states that \u201can entity that is controlling entity shall present consolidated financial statements.\u201d<\/p>\n

Depreciation<\/p>\n

Another shortcoming detected by the auditors at Ongwediva is that the council\u2019s land is currently being depreciated, as it is combined with the value of the buildings.<\/p>\n

\u201cLand has an unlimited useful life and, therefore, it is not depreciated. Buildings have limited useful life and are, therefore, depreciable assets… the carrying amount of land and buildings is, therefore, not fairly presented,\u201d the auditor uncovered.<\/p>\n

Additionally, the council failed to disclose its open land in the fixed asset register.<\/p>\n

The local authority did also not recognise a provision of its dumping site for rehabilitation and restoration after its useful life.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. For the 2021\/22 financial year, the northern town of Ongwediva was brushed with an adverse opinion by auditor general Junias Kandjeke. In essence, it means the council\u2019s financial books containmisrepresentations and misstatements that do not accurately reflect its financial performance and health. \u201cThe financial statements do not present fairly, in all material […]<\/p>\n","protected":false},"author":84,"featured_media":55838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-55839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nOngwediva gets adverse audit opinion - Namibia<\/title>\n<meta name=\"description\" content=\"For the 2021\/22 financial year, the northern town of Ongwediva was brushed with an adverse opinion by auditor general Ju ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ongwediva gets adverse audit opinion\" \/>\n<meta property=\"og:description\" content=\"For the 2021\/22 financial year, the northern town of Ongwediva was brushed with an adverse opinion by auditor general Ju ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T18:47:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T19:07:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/10\/sm_1697124959.648166.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Ongwediva gets adverse audit opinion\",\"datePublished\":\"2023-10-12T18:47:10+00:00\",\"dateModified\":\"2023-10-12T19:07:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion\"},\"wordCount\":435,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/10\/sm_1697124959.648166.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/ongwediva-gets-adverse-audit-opinion\",\"name\":\"Ongwediva gets adverse audit opinion - 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