ia-imf 4 2011 audit report imf final.pdf
TRANSCRIPT
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
1/12
CONFIDENTIAL
1
INDEPENDENT AUDIT REPORT ON RECONCILIATION OF
THE GOVERNMENT ACCOUNTS
Ref.no. IA-IMF 4/2011
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
2/12
CONFIDENTIAL
2
I. INTRODUCTION
Based on the Attachment II Technical Memorandum of Understandig Republic of Kosovo
Definitions and Data Reporting Requirements Under the 2010-11 SBA Arrangement with
theIMF , point 5 of paragraph I. it is performed the independent audit on reconciliation of the
government accounts.
II. SCOPE
The audit on reconciliation of the government account include the second quarter 2011, from 1
April 2011 until 30 Jun 2011, based on book date.It is a fourth independent audit report on
reconciliation of the government accounts.
III. OBJECTIVES
The audit on reconciliation of Government accounts is performed to give the reasonable
assurance that the data reported to the IMF are accurate and correct.
IV.FIELDWORK
1. We have selected 13 dates for the audit as following:4 Apr 2011; 12 Apr 2011; 18 Apr 2011; 29 Apr 2011; 03 May 2011; 10 May 2011; 16 May
2011; 23 May 2011; 31 May 2011; 06 Jun 2011; 13 Jun 2011; 20 Jun 2011; 30 Jun 2011.
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
3/12
CONFIDENTIAL
3
The reconciled treasury accounts were audited and double checked with the CBK accounting
system regarding the time deposits (CBK) and the interest paid from the commercial banks, also
it was verified and double checked through the commercial banks confirmation.
The audit report includes 6 tables as following:
Table 1.Maturedtime deposits at commercial bankstreasury booking,
Table 2: Interest earned from Matured time deposits at commercial banks
treasury booking
Table 3: Transfers from commercial banks to CBK treasury account held with
CBK
Table 4: Reconciliation check report(principal +interest PTK dividend)
Table 5: Reconciliation check report (time deposits, securities, current account
and outstanding deposits in the commercial banks)
Table 6:Reconciliation check report on end of day daily automatic transfers
from sub to main account
The reconciled of the treasury data were checked and verified with the accounting system of the
CBK.
2. Audited figure of the reconciled time deposits at the Commercial Banks are stated in thetable 1,as following:
Table1. Represent the principal of matured time deposits during October 2010, as the treasury
system it is based on booking date. The first column presents the references for each transaction
(principal) at commercial banks whereas the second column is principal amount, the third
column is description and the following columns are book date and source of information.
Table 1: Matured time deposits at commercial bankstreasury booking
Treasury
reference
Principal Description Book date Source*
1300021401007432
6,000,000.00
DIVIDEND of PTK-BPB 2010 25-05/11 25/05/2011 FB
TOTAL 6,000,000.00
* FB = Free BalanceTreasury accounting system
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
4/12
CONFIDENTIAL
4
3. Audited interest paid to the Treasury by the Commercial Banks in name of the PTKdividends. The data stated in table 2: shows the interest earned from matured time deposit at
commercial bank in the treasury reconciliation module of the treasury system. The firstcolumn is CBK reference, in the second column is stated interest amount than the description
and the following columns are date and source of information.
Table 2: I nterest earned from Matured time deposit at commercial banktreasur y booking
Treasury
referenceInterest Description Date Source*
1300021401008432 313,291.67 INT. from PTK DIVIDEND BPB-2010 25-05/11 25/05/2011 FB
TOTAL313,291.67
* FB = Free BalanceTreasury accounting system
4. Audited transfer from commercial banks to the treasury account held with CBK. We checkedand verified the following data and found that the audited Treasury amount of principal +
interest is reconciled with the CBK statements. The data presented in the Table 3 were
checked and verified in the CBKs accounting system .As it is described in this table, the first
column represents the CBK reference, whereas in the second column we representedprincipal amount + interest from the commercial banks for the PTK dividends that are
entered in the CBK accounting system as Incoming payments treasury-respective commercial
bank(BPB in this case) and the booking date. Also we checked the amounts of the principal +
interest of commercial banks through thebanks confirmation,as following in table 3.
Table 3: Transfer f rom commercial bank to the treasury account held with CBK
CBK referencePrincipal +
InterestDescription
Booking
dateSource*
000PCIN111461246 6,313,291.67 Incoming payments Treasury-BPB 25/05/2011 CBK AS
TOTAL 6,313,291.67
* CBK AS= CBKAccounting System
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
5/12
CONFIDENTIAL
5
5. Reconciliation check report
The table 4.represent the audited principal of the time deposit of the treasury at the commercial
bank .We performed the audit and verified that the following data including the principal and the
interest earned form the commercial bank are in full compliance and shown in the bank accounts
of the Treasury. Referring to the sixth column of the table 4 indicating that the difference is 0.00
(zero).
Table 4: Reconcil iati on check report (pr incipal +i nterest PTK dividend)
Principal
amountDescription
Interest
amountDescription
Principal +
Interest Difference
Treasury FB Treasury FB CBK AS*
6,000,000.00
DIVIDEND of PTK-BPB
2010 25-05/11 313,291.67
INT. from PTK DIVIDEND
BPB-2010 25-05/11
6,313,291.67 0.00
6,000,000.00 313,291,67 6,313,291.67 0.00
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
6/12
CONFIDENTIAL
6
Table 5: Reconciliation check report (time deposits, securities, current account and outstanding
deposits in the commercial banks)Confirmation of the Treasury(MF ).
No Date Account type Balance at CBK system
Balance at Treasury
system
1 04-Apr-11 Time deposits (CBK) 115,000,000.00 115,000,000.00
Securities(CBK) 134,753,590.61 134,753,590.61
Current Accounts(CBK) 113,108,947.53 113,108,947.53
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 368,862,538.14 368,862,538.14
2 12-Apr-11 Time deposits (CBK) 110,000,000.00 110,000,000.00
Securities(CBK) 134,753,590.61 134,753,590.61
Current Accounts(CBK) 98,339,692.52 98,339,692.52
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 349,093,283.13 349,093,283.13
3 18-Apr-11 Time deposits (CBK) 140,000,000.00 140,000,000.00
Securities(CBK) 134,758,007.61 134,758,007.61
Current Accounts(CBK) 74,676,559.01 74,676,599.01
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
7/12
CONFIDENTIAL
7
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 355,434,606.62 355,434,606.62
4 29-Apr-11 Time deposits (CBK) 100,000,000.00 100,000,000.00
Securities(CBK) 184,617,834.83 184,617,834.82
Current Accounts(CBK) 60,361,446.86 60,361,446.86
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 350,979,281.69 350,979,281.69
5 03-May-11 Time deposits (CBK) 100,000,000.00 100,000,000.00
Securities(CBK) 184,617,834.83 184,617,834.83
Current Accounts(CBK) 63,861,376.14 63,861,376.14
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 354,479,210.97 354,479,210.97
6 10-May-11 Time deposits (CBK) 100,000,000.00 100,000,000.00
Securities(CBK) 184,617,834.83 184,617,834.83
Current Accounts(CBK) 72,744,422.25 72,744,422.25
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
8/12
CONFIDENTIAL
8
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 363,362,257.08 363,362,257.08
7 16-May-11 Time deposits (CBK) 100,000,000.00 100,000,000.00
Securities(CBK) 184,617,834.83 184,617,834.83
Current Accounts(CBK) 79,731,888.63 79,731,888.63
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 370,349,723.46 370,349,723.46
8 23-May-10 Time deposits (CBK) 100,000,000.00 100,000,000.00
Securities(CBK) 184,515,041.33 184,515,041.33
Current Accounts(CBK) 93,506,485.30 93,506,485.30
Time deposits (outstanding)
in commercial banks 6,000,000.00 6,000,000.00
Total 384,021,526.63 384,021,526.63
9 31-May-11 Time deposits (CBK) 122,000,000.00 122,000,000.00
Securities(CBK) 184,515,041.33 184,515,041.33
Current Accounts(CBK) 58,695,285.29 58,695,285.29
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
9/12
CONFIDENTIAL
9
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 365,210,326.62 365,210,326.62
10 06-Jun-11 Time deposits (CBK) 112,000,000.00 112,000,000.00
Securities(CBK) 184,515,041.33 184,515,041.33
Current Accounts(CBK) 45,568,272.16 45,568,272.16
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 342,083,313.49 342,083,313.49
11 13-Jun-11 Time deposits (CBK) 112,000,000.00 112,000,000.00
Securities(CBK) 184,552,176.77 184,552,176.77
Current Accounts(CBK) 56,941,093.83 56,941,093.83
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 353,493,270.60 353,493,270.60
12 20-Jun-11 Time deposits (CBK) 117,000,000.00 117,000,000.00
Securities(CBK) 184,552,176.77 184,552,176.77
Current Accounts(CBK) 59,820,874.15 59,820,874,15
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
10/12
CONFIDENTIAL
10
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 361,373,050.92 361,373,050.92
13 30-Jun-11 Time deposits (CBK) 83,000,000.00 83,000,000.00
Securities(CBK) 184,552,176.77 184,552,176.77
Current Accounts(CBK) 68,121,985.96 68,121,985.96
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 335,674,162.73 335,674,162.73
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
11/12
CONFIDENTIAL
11
Table 6: Reconci l iation check report on end of day daily automatic transfers from sub to main
account
Date Amount at CBK Amount at Treasury No. of transactions
04-Apr-11 4,959,040.23 4,959,040.23 52
12-Apr-11 6,671,591.23 6,671,591.23 52
18-Apr-11 12,937,009.37 12,937,009.37 51
29-Apr-11 4,387,843.95 4,387,843.95 51
03-May-11 6,061,531.84 6,061,531.84 49
10-May-11 7,872,913.27 7,872,913.27 52
16-May-11 7,179,126.75 7,179,126.75 52
23-May-11 12,192,209.58 12,192,209.58 54
31-May-11 4,246,132.37 4,246,132.37 55
06-Jun-11 6,598,260.23 6,598,260.23 53
13-Jun-11 5,859,052.91 5,850,052.91 52
20-Jun-11 4,933,204.32 4,933,204.32 51
30-Jun-11 3,106,048.73 3,106,048.73 55
87,003,964.78 87,003,964.78
679
-
8/14/2019 IA-IMF 4 2011 Audit report IMF final.pdf
12/12
CONFIDENTIAL
12
V. FINDINGS
All the above mentioned data are reconciled by the Treasury Department of MF and agree with
the Treasury account balances held with CBK.