Audit of the consolidated fund 2008
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Audit of the Consolidated Fund 2008. 11 May 2010. Outline. Why discuss the audit 2008? Role DPs in the accountability chain Issues arising from Audit 2008 Issues for discussion. Why discuss the audit 2008. Use of Country Systems: Audit is essential piece in accountability chain  trust

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Audit of the Consolidated Fund 2008

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Audit of the consolidated fund 2008

Audit of theConsolidated Fund2008

11 May 2010


Outline

Outline

  • Why discuss the audit 2008?

  • Role DPs in the accountability chain

  • Issues arising from Audit 2008

  • Issues for discussion


Why discuss the audit 2008

Why discuss the audit 2008

  • Use of Country Systems: Audit is essential piece in accountability chain  trust

  • Audit provides information on:

    • quality of recording/accounting/reporting

    • quality of spending (targeting, performance, efficiency)

  • Legal implications and monitoring of systems performance


Role dps in accountability chain

Role DPs in accountability chain

Strengthen

GAS

Strengthen

Public

Accounts

Com.

Strengthen

A-G

Accounting /

Reporting

by CAGD

and MDAs

  • MDBS:

  • Justification for budget support

  • - Systemic improvements

External Audit

By GAS

Discussion

by Parliament

Prosecution by

Attorney

-General

Support

to PFM

reforms

Follow up by

CAGD / MDAs

Through

ARICs

Support

to Civil Society


Audit 2008

Audit 2008

  • Qualified opinion:

    • Reconciliation between Public Accounts and MDA information

    • Consolidated fund overstated by 410 mln in the Public Accounts

    • Disputed loan balances of 676 mln

    • Inability to verify the transfer of 318 mln into GoG/Vodafone escrow account

  • Overspending of 30% against appropriated budget.


Weaknesses in a number of areas

Weaknesses in a number of areas

  • Quality of financial administration (e.g. financial statements)

  • Management of public loans

  • Under- and overstatements of expenditures and transfers (incl. MDBS!)

  • Management of debts

  • Unauthorised payments and non-disclosure

  • Discrepancies between MDA and CAGD

  • Overstatement of cash and bank balances

  • Vodafone


Issues for discussion

Issues for discussion

  • ARIC response to 2008 recommendations

  • Recurring issues:

    • Quality of financial statements

    • Reconciliation of financial data

    • Management of loans

    • Debt recording and management


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