ALL of the East African Community (EAC)\u2019s organs, institutions and projects have received an unqualified opinion from independent auditors\u2019 judgment.<\/p>\n
The EAC Audit Commission, which met in Entebbe, Uganda, came out with the opinion that the financial statements of the six-country bloc are fairly and appropriately presented, without any identified exceptions and in compliance with Generally Accepted Accounting Principles (GAAP).<\/p>\n
The EAC Secretary General, Ambassador Liberat Mfumukeko, shared the good news on social media through his Twitter Account, disclosing that he had met the Commission.<\/p>\n
\u201cWe met in Entebbe with the EAC Audit Commission. For FY (Financial Year) 2018\/2019, all EAC organs, institutions and projects got an unqualified clean) opinion.<\/p>\n
Good progress in the management of the Community is confirmed,\u201d said the SG. An unqualified opinion is compared to a qualified opinion, in which the auditor has determined that there is a material issue with regard to accounting policies \u2013 but one that does not misrepresent the factual financial position.<\/p>\n
Qualified opinions may also be issued if the financial statements deviate from GAAP or have inadequate disclosure.<\/p>\n
If the financial statements have been truly misrepresented or misstated, the auditor might report an adverse opinion or a disclaimer of opinion.<\/p>\n
On June 9, last year, the East African Legislative Assembly (EALA) considered and approved budget estimates for the FY 2018\/2019, totaling 99,770,716 USD.<\/p>\n
Subsequently, the House also passed the EAC Appropriation B ill 2018 to anchor the said budget.<\/p>\n
The then Chairperson of the EAC Council of Ministers, and Second Deputy Prime Minister, Republic of Uganda, Dr Ali Kirunda Kivenjija, presented the Budget a week before.<\/p>\n
From the budget, East African Community Secretariat got $46,693,056), EALA ($ 17,885,852) and the East African Court of Justice ($ 3,982,446).<\/p>\n
The Inter-University Council for East Africa was to receive $6,847,969, Lake Victoria Basin Commission ($ 13,357,673) while $ 2, 518,137 was earmarked for the Lake Victoria Fisheries Organisation.<\/p>\n
On their part, the East African Science and Technology Commission had to receive $ 1,661,779, East African Kiswahili Commission $ 1,605,353 and the East African Health Research Commission $ 4,204,032.<\/p>\n
The East African Competition Authority was to benefit from $ 1,014,418 in the FY 2018\/19. The B udget was financed by partner state contributions through the ministries of EAC affairs ($ 50,227,920); ministries responsible for education \u2013 ($ 4,466,210) and ministries responsible for fisheries ($ 1,551,032).<\/p>\n
Development partners were to support the Community to the tune of $ 42,925,613 while member universities were supposed to inject in to the kitty $ 333,970.<\/p>\n","protected":false},"excerpt":{"rendered":"
ALL of the East African Community (EAC)\u2019s organs, institutions and projects have received an unqualified opinion from independent auditors\u2019 judgment. The EAC Audit Commission, which met in Entebbe, Uganda, came out with the opinion that the financial statements of the six-country bloc are fairly and appropriately presented, without any identified exceptions and in compliance with […]<\/p>\n","protected":false},"author":84,"featured_media":710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[584,293,189],"class_list":["post-709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-ali-kirunda-kivenjija","tag-eac","tag-eala"],"yoast_head":"\n