{"id":61975,"date":"2024-01-24T16:55:13","date_gmt":"2024-01-24T16:55:13","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/ag-slaps-nkurenkuru-with-adverse-opinion"},"modified":"2024-01-24T17:57:52","modified_gmt":"2024-01-24T17:57:52","slug":"ag-slaps-nkurenkuru-with-adverse-opinion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/ag-slaps-nkurenkuru-with-adverse-opinion","title":{"rendered":"AG slaps Nkurenkuru with adverse opinion"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Auditor General (AG) Junias Kandjeke slapped the Nkurenkuru Town Council with an adverse audit opinion, as the financial statements do not give a fair reflection of its financial health and performance.<\/p>\n

Kandjeke\u2019s opinion is embedded in the town council\u2019s AG report for the 2021\/2022 financial year which was released late last year.<\/p>\n

\u201cIn my opinion, because of the significance of matters discussed in the basis for the adverse audit opinion paragraph, the financial statements do not present fairly, in all material respects, the financial position of Nkurenkuru town council as of 30 June 2022,\u201d Kandjeke said in the report.<\/p>\n

An adverse opinion indicates that a company\u2019s financial statements are misrepresented, misstated, and do not accurately reflect its financial performance and health.<\/p>\n

Kandjeke poked several holes in the council\u2019s accounting processes.<\/p>\n

For instance, he found a difference amounting to N$4.3 million between total assets amounting to N$108.2 million and the net assets and liabilities amounting to N$103.9 million for the comparative figure.<\/p>\n

Furthermore, a difference amounting to N$22.3 million was observed between total assets amounting to N$126.2 million and the net assets and liabilities amounting to N$103.9 million for 2022.<\/p>\n

\u201cIt is recommended to the council to ensure that checks and balances are in place,\u201d Kandjeke recommended.<\/p>\n

On the front of its cash flow and investments, a difference of N$7 million was noted between the auditors\u2019 recalculation of N$10.5 million and the balance disclosed in the cash flow statements of N$3.5 million.<\/p>\n

\u201cThe auditors also observed the disposal of assets in note 29. However, no cash flow movement was included as a result of this. It is recommended that the council should ensure that account balances are accurately disclosed, and differences are corrected on a timely basis,\u201d Kandjeke said.<\/p>\n

Financial woes<\/p>\n

The more the audit report is analysed, the darker the picture becomes of Nkurenkuru\u2019s financial position as a difference of N$2.1 million was also detected between an amount of N$50.1 million in its annual financial statements and N$48 million in the age analysis.<\/p>\n

Kandjeke recommended that the council should ensure that variances are reconciled.<\/p>\n

The council furthermore disclosed the total amount of N$3.51 million for the Build Together programme as a noncurrent trade and other receivable.<\/p>\n

But it failed to provide the amortisation schedule for the auditor to assess the current and or non-current portion of the loan.<\/p>\n

\u201cIt is recommended that the council should ensure that all supporting documents are provided for audit purposes in terms of the State Finance Act and account balances are properly classified,\u201d Kandjeke advised once more.<\/p>\n

Meanwhile, liabilities amounting to N$1.7 million were processed upon payment on 11 August 2022 and not accrued within the current financial year. \u201cIt is recommended that the council perform monthly creditor reconciliations, in order to ensure that the outstanding reconciling items are accounted for on a timely basis,\u201d he pleaded.<\/p>\n

More so, the council did not disclose its accounting policy related to the subsequent measurement of intangible Assets as required by IPSAS 31. \u201cIt is recommended that the council updates its accounting policy to ensure that intangible assets are fairly stated in the annual financial statements.\u201d<\/p>\n

As for the retirement or disposal of assets, one of the youngest town councils in the land failed to provide supporting documents, apart from the journals, for items written off due to damage amounting to N$ 1.6 million.<\/p>\n

\u201cFurthermore, the council did not assess its assets for impairment in accordance with IPSAS l. It is recommended that the Council ensure that all supporting documents are provided for audit purposes in terms of the State Finance Act 1991,\u201d he further found.<\/p>\n

Kandjeke added: \u201cA difference of N$1.3 million is observed between the WIP transferred to infrastructure amounting to N$ 7.3 million and addition to infrastructure amounting to N$ 8.5 million. It is recommended that the council should ensure that reconciliation is regularly performed, and variances are confirmed and rectified.\u201d<\/p>\n

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

Africa-Press – Namibia. Auditor General (AG) Junias Kandjeke slapped the Nkurenkuru Town Council with an adverse audit opinion, as the financial statements do not give a fair reflection of its financial health and performance. Kandjeke\u2019s opinion is embedded in the town council\u2019s AG report for the 2021\/2022 financial year which was released late last year. 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