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Audit of the Consolidated Fund 2008

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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  1. Audit of theConsolidated Fund2008 11 May 2010

  2. Outline • Why discuss the audit 2008? • Role DPs in the accountability chain • Issues arising from Audit 2008 • Issues for discussion

  3. 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

  4. 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

  5. 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.

  6. 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

  7. 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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