WINDHOEK, 24 OCT – The Oshikuku Town Council received a qualified audit report from the Auditor-General (AG) for an unaccounted amount of over N$7.8 million for the financial year 2016/17.
This was revealed in the latest audit report of the AG tabled recently in the National Assembly by Minister of Finance, Calle Schlettwein.
According to the report, at the end of the financial year in June 2007 bank reconciliation did not meet an amount of N$2.8 million due to a direct deposit that was not recorded in the cash book.
The council also understated debtors of N$2 million in a Build Together Project loan balance as well as interest in arrears and liabilities.
“It is recommended that the council ensure that the finance manager and accounted are trained to perform bank reconciliation; that Build Together loans be reconciled and corrected accordingly; and that the debtors’ master file be reviewed to ensure interest is charged on all applicable accounts in arrears,” the report reads.
The report further revealed a lack of supporting documents with regards to N$1.4 million for sundry creditors and invoices.
The AG also found an overstatement of N$1.5 million in capital reserve fund and value-added tax (VAT).
The AG recommended that the council ensure that sundry creditors are investigated, reconciled and corrected as well as the retention of invoices for accountability purposes.
The report further recommended that general ledger accounts be reconciled to the relevant supporting documents to ensure accuracy and that VAT accounts are performed at the end of the financial year and that accounting records should be updated accordingly.
(NAMPA)
Oshikuku Town Council receives qualified audit for 2016/17
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