{"id":79130,"date":"2024-10-24T10:34:00","date_gmt":"2024-10-24T10:34:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/audit-exposes-n10-million-discrepancy-in-okahao-financial-statements"},"modified":"2024-10-24T10:34:00","modified_gmt":"2024-10-24T10:34:00","slug":"audit-exposes-n10-million-discrepancy-in-okahao-financial-statements","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/audit-exposes-n10-million-discrepancy-in-okahao-financial-statements","title":{"rendered":"Audit exposes N$10 million discrepancy in Okahao financial statements"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span> <\/b><\/p>\n

The chairperson of the National Council Standing Committee on Public Accounts and Economy, Peter Kazongominja, revealed that the Okahao Town Council lacked financial accounting procedures, guidelines, and manuals.<\/p>\n

He made this statement during the town council\u2019s public hearing on Wednesday regarding the adverse audit opinion on their financial statements for the years 2019, 2020, 2021, and 2022.<\/p>\n

Kazongominja said the committee observed that the council did not adopt an appropriate financial reporting framework as per the circular from the Minister of Urban and Rural Development in preparing its financial statements.<\/p>\n

\u201cThe auditors noted a difference amounting to N$9 999 016 between the amount recalculated by auditors of N$8 778 827 and the amount computed by the client of N$1 218 189,\u201d Kazongominja said.<\/p>\n

Committee vice chairperson, Leonard Shikulo also questioned the council for failing to provide updated leave records to the auditors, which would allow them to recalculate the leave days due for each employee.<\/p>\n

\u201cWe would further like to inquire why the council is paying high car allowances to managers, contrary to what is recommended by the ministerial directive of April 26, 2018, titled \u2018Car Allowance for Managers of a Town Council,\u2019\u201d he asked.<\/p>\n

Shikulo further demanded that the council explain to the committee why it had not submitted supporting evidence for bad debts amounting to N$19,264 to the auditors during the audit.<\/p>\n

He further demanded that the council provide evidence of all bad debts raised during the year under review.<\/p>\n

Okahao Town Council\u2019s acting chief executive officer, Simon Shinguto, said the council prepares its own financial reports and does not hire outsiders to prepare them.<\/p>\n

Shinguto further added that before the audit report, the council had no financial policy in place, but now the policy has been drafted and implemented.<\/p>\n

\u201cThe policy went through the council structures, and it was approved. The action plan was also drafted and put in place,\u201d he added.<\/p>\n

The committee chairperson further requested the council\u2019s minutes from when the action plan was drafted and implemented, but the minutes were not provided.<\/p>\n

Shinguto said the council received the directive from the minister, but it was not ready to comply and had no capacity to implement the International Public Sector Accounting Standards (IPSAS) as per the minister\u2019s directive.<\/p>\n

\u201cThe financial policy is now in place and ready. It went through the council and was approved.\u201d<\/p>\n

Efraim Shikesho, the finance manager at Okahao Town Council, stated that the council would require guidance from the Auditor General to pinpoint the errors in the recalculated amount.<\/p>\n

\u201cThere is indeed a difference between the figures in comparison to what the auditors have found. The difference came from the cash flow from investment activities, whereby the addition to work in progress for N$11 million is the same. However, instead of the auditors subtracting the work in progress, it could be that we were wrong, resulting in the differences,\u201d he said.<\/p>\n

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

Africa-Press – Namibia. The chairperson of the National Council Standing Committee on Public Accounts and Economy, Peter Kazongominja, revealed that the Okahao Town Council lacked financial accounting procedures, guidelines, and manuals. He made this statement during the town council\u2019s public hearing on Wednesday regarding the adverse audit opinion on their financial statements for the years […]<\/p>\n","protected":false},"author":84,"featured_media":79129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-79130","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":"\nAudit exposes N$10 million discrepancy in Okahao financial statements - Namibia<\/title>\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\/audit-exposes-n10-million-discrepancy-in-okahao-financial-statements\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Audit exposes N$10 million discrepancy in Okahao financial statements\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. The chairperson of the National Council Standing Committee on Public Accounts and Economy, Peter Kazongominja, revealed that the Okahao Town Council lacked financial accounting procedures, guidelines, and manuals. 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