auditors' report on the financial statements of …...auditors' report on the...

AUDITORS' REPORT

ON THE FINANCIAL STATEMENTS OF THE

STRENGTHENING ACCOUNTANCY PROGRAMAT UNIVERSITY OF LIBERIA PROIECT

IMPLEMENTED BY THE

MINISTRY OF FINANCE & DEVELOPMENT PLANNINGFOR THE FISCAL YEAR

JULY 1. 2014 - IUNE 30,2015

MGI-MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS

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AUDITORS' REPORT ON THE

STRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907FOR THE YEAR ENDED JUNE 30, 2015

Contents

Project Management Team 3

Report of the Auditors on the Financial Statements 4

Balance Sheet 5

Fund Receipts & Disbursements Statement 6

Cash-flows Statement 7

Notes to the Financial Statements 8-9

SOEs & Designated Account Reconciliation Statement 10

Report of the Independent Auditors on Designated Account Statement 11

Report of the Independent Auditors on Statement of Expenditure 12

Schedule of Expenditure Components 13

Management Letter 14

2MGI - MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS



PROJECT MANAGEMENT

IMPLEMENTATION UNIT: MINISTRY OF FINANCE & DEVELOPMENT PLANNINGPROJECT IMPLEMENTATION UNIT

FINANCIAL MANAGEMENT: MINISTRY OF FINANCE & DEVELOPMENT PLANNINGPROJECT FINANCIAL MANAGEMENT UNIT

PROJECT OFFICIALS:

Implementation Unit,

1. Mr. Bernard Jappah, Project Coordinator

2. Mr. Emmanuel Togba, Deputy Project Coordinator

Project Financial Management Unit, Ministry of Finance & Development Planning

1. Dr. Christopher K. Sokpor, Unit Manager

2. Dr. Salia Hussein, Senior Project Accountant

AUDITORS

MGI MONBO & COMPANYCertified Public Accountants2nd Floor King's BuildingCorner Broad & Gurley StreetsMonrovia, Liberia

3MGI - MONBO) & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS

MUMGI MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

Member Firm of MIDSNELL GROUP INTERNATIONAL

August 19, 2015

Mr. Bernard JappahProject CoordinatorStrengthening Accountancy Program at the University of LiberiaUniversity of LiberiaMonrovia, Liberia

Dear Sir:AUDITORS' REPORT

We have audited the accompanying balance sheet of the Strengthening Accountancy Programat the University of Liberia P126907 under the International Development Association Grantand the related statements of fund receipts and disbursements, cash flows for the year endedJune 30, 2015. These financial statements are the responsibility of the management of theProject Implementation Unit of the Ministry of Finance & Development Planning and theProjects Financial Management Unit of the Ministry of Finance & Development Planning. Ourresponsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing (ISA)promulgated by the International Federation of Accountants (IFAC). These standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believethat our audit provides a reasonable basis for our opinion.

In our opinion, proper books of accounts have been maintained and the financial statementsreferred to in the first paragraph above present fairly in all material respects, the financialposition of the Strengthening Accountancy Program at the University of Liberia as of June 30,2015, the Receipts and Disbursements and the cash flows for the year then ended, are inconformity with the Cash Basis International Public Sector Accounting Standard (IPSAS)promulgated by the International Federation of Accountants (IFAC), adopted by theGovernment of Liberia and the IDA guidelines stipulated in the agreement for the project.

MGI-MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

King's Building 2nd Floor P.'O. Box 3196 Cell: +231-6-512549Broad & Gurley Street Monrovia, Liberia E-mail: [email protected], Liberia



Strengthening Accountancy Program at the University of Liberia

Balance Sheet

As at June 30, 2015

30-Jun-15 30-Jun-14

ASSETS EMPLOYED US$ US$

CURRENT ASSETS

CASH AND BANK 26,495.81 120,339.87

TOTAL ASSETS 26,495.81 120,339.87

FUND BALANCES

ACCUMULATED FUNDS BALANCE 26,495.81 120,339.87

TOTAL FUNDS BALANCE 26,495.81 120,339.87

' %'

PROJECT COGJ DIN TbR UNITJ_MANAGER, FUNIVERSITY F LIBERIA MINISTRY OF FINANCE &

DEVELOPMENT PLANNING

NOTES ON PAGES 8-9 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS



STRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907

FOR THE YEAR ENDED JUNE 30,2015


Fund Receipts and Disbursements Statement

For the Period ended June 30, 2015

2015 2014

RECEIPTS Notes US$ US$

IDA Credit 7 - 314,380.51

Total Receipts - 314,380.51

DISBURSEMENTS

Project Management & Audit 3 1,617.00 3,842.09

Developing Internationally Comparable Under Graduate &

Graduate 4 83,076.06 86,967.97

Strengthening the capacity of the accounting faculty 5 9,151.00 216,885.58

Strengthening the Institutional Capacity of the Accounting

Department 6 - 36,065.00

93,844.06 343,760.64

Excess of Disbursements over Receipts (93,844.06) (29,380.13)

Beginning Balance as at July 1, 2014 120,339.87 149,720.00

Accumulated Fund as at June 30, 2015 26,495.81 120,339.87


6MG1 - MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS




Cash Flows StatementFor the Period ended June 30, 2015

2015 2014

Operating Activities US$ US$

Credit Received from IDA - 314,380.51

Developing Internationally Comparable Under Graduate

& Graduate (83,076.06) (86,967.97)

Strengthening the capacity of the accounting faculty (9,151.00) (216,885.58)

Strengthening the Institutional Capacity of the

Accounting Department - (36,065.00)

Project Management & Audit (1,617.00) (3,842.09)

Net Operating Activities (93,844.06) (29,380.13)

Net Increase/Decrease in Cash Balance (93,844.06) (29,380.13)

Beginning Balance as at July 1, 2014 120,339.87 149,720.00

Net Cash Balance as at June 30, 2015 26,495.81 120,339.87



AUDITORS' REPORT ON THESTRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907FOR THE YEAR ENDED JUNE 30,2015

NOTES TO THE FINANCIAL STATEMENTS

1. Strengthening Accountancy Program at the University of Liberia

The UL IDF grant has been prepared to specifically focus on strengthening the academicaccountancy qualification which will feed into the profession by helping to improve the qualityof accountancy education and the quality of graduates who will sit for the professionalcertifications exams (ATSWA and ICAG) administered by the LICPA.

This focuses on the following components:a) Developing internationally comparable undergraduate and graduate accounting

programb) Strengthening the capacity of the accounting facultyc) Strengthening the institutional capacity of the Accounting Departmentd) Project Management & Audit

2. Accounting Policies

The following are the significant accounting policies adopted in the preparation of thesefinancial statements:

a) Basis of accountingThe financial statements have been prepared on the historical cost convention and noprocedures have been adopted to reflect either price changes or changes in the generallevel of inflation.

b) Fixed assetsFixed assets represent the expenditure incurred in capital works and acquiring propertyand equipment. All fixed assets have been stated at the actual contracted cost of

purchase or development. No depreciation is charged in the financial statements.

c) Foreign Currency translationsTransactions in foreign currencies (currencies other than the United States Dollar) areconverted at the rate ruling at the date in which the transaction took place. Currentassets and liabilities denominated in foreign currencies are translated at the rate ofexchange ruling at the balance sheet date and fixed assets at the rate of exchange rulingat the time of acquisition. Gains or losses arising on foreign currency transactions arecredited to or charged against recurrent expenditure in the year in which they arise.

d) GrantsGrant is recognized on cash basis and credited to the project account when received.


AUDITORS' REPORT ON THESTRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907FOR THE YEAR ENDED JUNE 30, 2015

NOTE 3 2015 2014

Project Management & Audit US$ US$

Preparation of grant implementation reports 1,617.00 3,842.09TOTAL 1,617.00 3,842.09

NOTE 4 2015 2014Developing Internationally Comparable Under Graduate &Graduate US$ US$Review of current accountancy program 83,076.06 28,989.32Developing and implementing a revised accountancy program - 57,978.65Total 83,076.06 86,967.97

NOTE 5 2015 2014Strengthening the capacity of the accounting faculty US$ US$Improving the quality of accountancy teaching 7,079.00 156,838.88Developing a faculty exchange program & access to teaching

materials arrangement 2,072.00 49,035.00Designing & implementing a strategy for attracting andretaining full-time faculty - 11,011.70Total 9,151.00 216,885.58

NOTE 6 2015 2014Strengthening the Institutional Capacity of the AccountingDepartment US$ US$Improving communication capacity of the accountingdepartment - 14,485.00Setting up of computer lab for students - 21,580.00Total - 36,065.00

NOTE 7 2015 2014IDA Credit US$ US$Receipts - 165,541.98Direct Payment - 148,838.53Total - 314,380.51

NOTE 8No fixed assets were acquired during the year under review.


AUDITORS' REPORT ON THESTRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907FOR THE YEAR ENDED JUNE 30,2015

Designated Account Reconciliation StatementFor The Year Ended 30 June 2015

Account Number 02.2010-022050-01Depository Bank : International Bank (Liberia) Ltd.Address Broad Street

Monrovia, Liberia

IDA Credit Number :TF 12494 LBR

Currency US $June 30, 2015

US$

Designated Account Balance at July 1, 2014 120,339.87

Advances/ Replenishment Transfers from IDA: -

Total Funds in Designated Account 120,339.87

Less: Disbursement during the year (93,844.06)

Balance as at June 30, 2015 26,495.81


U MGI MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

Member Firm of MIDSNELL GROUP INTERNATIONAL

INDEPENDENT AUDITORS' REPORT ON THE DESIGNATED ACCOUNT STATEMENT FOR THE

STRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907

We have audited the accompanying project Designated Account Statement of the

Strengthening Accountancy Program at the University of Liberia P126907 financed by the

International Development Association Grant as stated in this report for the year ended June

30, 2015.

The Designated Account Statement preparation and the fair presentation of this Statement is

the responsibility of the Project Financial Management Unit (PFMU) at the Ministry of Finance

& Development Planning, Republic of Liberia. This responsibility includes: designing,

implementing, and maintaining internal control relevant to the fair presentation of the

Designated Account Statement that is free from all material misstatement, whether due to

fraud or error, selecting and applying appropriate accounting policies: and making accounting

estimates that are reasonable in the circumstances. Our responsibility is to express an opinion

on the financial statements based on our audit.

Our audit was conducted in accordance with International Standards on Auditing promulgated

by the International Federation of Accountants. These standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are

free from all material misstatement. An audit includes examining on a test basis, evidence

supporting the amounts disclosed in the financial statements. An audit also includes assessing

the accounting principles used and estimates made by management, as well as evaluating the

overall presentation of the financial statements. We believe that our audit provides reasonable

basis for our opinion.

In our opinion, the receipts have been properly accounted for and withdrawals were made for

the purpose of the project in accordance with the provisions of the international Development

Association Grant.

MGI-MONBO AND COMPANYCERTIFIED PUBLIC ACCOUNTANTS

August 19, 2015

King's Building 2nd Floor P.'O. Box 3196 Cell: +231-6-512549Broad & Gurley Street Monrovia, Liberia E-mail: [email protected], Liberia

* MGI MONBO & COMPANYCERTIFILD PI BLIC ACCOUNAN I S

Member Firm of6IDS OUROLP NfFR\ 1)NAL

INDEPENDENT AUDITORS' REPORT ON THE STATEMENT OF EXPENDITURE FOR THESTRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907

We have audited the accompanying project Statement of Expenditure of the StrengtheningAccountancy Program at the University of Liberia P126907 financed by the InternationalDevelopment Association Grant as stated in this report for the year ended June 30, 2015 andobtained all related information required.

These financial statements are the responsibility of the Project Financial Management Unit(PFMU) at the Ministry of Finance & Development Planning. Our responsibility is to express anopinion on the financial statement based on our audit.

Our audit was conducted in accordance with International Standards on Auditing. Thesestandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from all material misstatement. An audit includesexamining on a test basis, evidence supporting the amounts disclosed in the financialstatements. An audit also includes assessing the accounting principles used and estimates madeby management, as well as evaluating the overall presentation of the financial statements. Webelieve that our audit provides reasonable basis for our opinion.

In our opinion, the financial statements present fairly the view of the financial transactions ofthe Strengthening Accountancy Program at the University of Liberia for the year ended June 30,2015 and are in accordance with the Cash Basis International Public Sector AccountantStandards (IPSAS).

Additionally, with respect to the Statements of Expenditure (SOEs), sufficient supportingdocumentations have been maintained in accordance with Cash Basis International PublicSector Accounting Standards promulgated by the International Federation of Accountants andthe requirement of the World Bank guidelines.

The expenditures are eligible under the International Development Association Grantagreement.

MGI-MONBO AND COMPANYCERTIFIED PUBLIC ACCOUNTANTSAugust 19, 2015

"1 hduflfk 2"'d -Broad & urh r g O Box 31% -6t5 2549Monrovia, I Ier i on becowyahooco nI


STRENGTHENING ACCOUNTANCY PROGRAM AT THE UNIVERSITY OF LIBERIA P126907FOR THE YEAR ENDED JUNE 30,2015

Strengthening Accountancy Program at the University of Liberia July 2014 - June 2015

Schedule of Expenditure ComponentTotal

Expenditure Amt. PaidNO. Component (USD)

1 Project Management & Audit 1,617.00Developing international

2 comparable undergraduate & 83,076.06graduate

3 Strengthening the capacity of the 915100accounting facultyStrengthening the institutional

4 capacity of the accounting -department

93,44.06

13

MGI - MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS

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