BOA presentation UN RIAS .pdf



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Issues Arising from Audit of
Financial Statements

A Presentation by
UN Board of Auditors

1

BOA certifies…..
• Assets
: 92.5 Billion
• Expenditure : 32.5 Billion
• Revenue
: 35 Billion
(Financial Statements Ended 2015)

2

Audit of Financial Statements by BoA
• Most important aspect of BoA Audits
• Provides assurance to Member states on
contributions made to UN
• Comments on all aspects of Organisations
functioning emerging from FS
• Covering all audit assertions
• Assist stakeholders in understanding the
shortcomings/ errors in the FS presented
by the management

3

• The Board of Auditors gives an opinion on the financial
statements of each UN organisation which can be
• Un modified
• Modified
• Qualified
• Adverse
• Disclaimer

• Apart from the Audit Opinion , the Long Form Report for an UN
entity may contain several comments on issues arising from
Financial statements
• In recent years , due to shift on IPSAS , IPSAS implementation
related observations were also found on LFR

4

Assertions in Audit of Financial Statements
Occurrence
Completeness
Accuracy
Classification

Cut Off

• Transactions recognized in the financial
statements have occurred and relate to the
entity.
• All transactions that were supposed to be
recorded have been recognized in the financial
statements.
• Transactions have been recorded accurately at
their appropriate amounts.
•Transactions have been classified and presented
fairly in the financial statements

• Transactions have been recognized in the
correct accounting periods

5

Some recurring themes in UN
Organisations
• Budget formulation and management
• Asset management
• Cash Management
• Expenditure management
• Inventory Valuation
• Liquidated damages
• Foreign Exchange Losses
6

Sample : Budget Formulation and
Management
• Ensure that mission chiefs exercise greater vigilance and control over
budget variations and re-deployments should be permitted only with
full justification. (PKO 2014)
• Intensify efforts to make the budget as realistic as possible by
exercise of greater vigilance and control over budget formulation
factoring in actual conditions and historical trends, and minimize redeployments. (PKO 2015)
• Exercise appropriate internal controls to ensure that expenditure is
limited to the agreement amounts and not exceeded;(UNICEF 2014)
• Establish clear guidelines and define direct costs that could be
attributable to programmes and projects so as to enhance adherence
to the distinction between programme budget and the institutional
budget as envisaged in the FRRs; (UNICEF 2014)

7

Sample : Budget Formulation and
Management (cont.)
• UNICEF consider to
• consolidate at the corporate level an annual integrated budget
containing figures from all the budgets approved by the Executive
Board;
• include budgeted amounts for various activities under each Outcome
at the appropriate business unit level; (UNICEF 2015)

• UNICEF identify the operational costs that should be met from the
programme budget and the institutional budget for maintaining
their distinction in accordance with the UNICEF’s Financial
Regulations and Rules;(UNICEF 2015)
8

Sample :Asset Management
• Ensure that the stipulated time lines for write off as well as
disposal of assets are monitored and adhered to by the field
missions;(PKO 2014)
• Strengthen asset management procedures to monitor the level
of aging stock and their judicious deployment and utilization as
well as tracking of items not located during physical
verification;
• Strengthen asset management and monitoring practices in
accordance with the directive for property management,
improve acquisition planning by establishing closer linkage
between procurement and delivery of items and their
deployment and ensure periodic physical verification of
inventory and tracing of assets not found. (PKO 2015)

9

• Complete the trend analysis of utilization of air assets by
different missions to facilitate decisions for right-sizing the air
fleet for optimum utilization (PKO 2015)
• Review its requirements of UAV systems so as to optimise their
numbers and usage and assess whether costs can be reduced
without compromising operational requirements. (PKO 2015)

10

Sample : Cash Management
• Strengthen the mechanisms in the regional and country offices
to monitor and liquidate outstanding DCTs to implementing
partners, closely monitor the status of risk assessment and
assurance plans by the country offices in compliance with the
HACT framework. (UNICEF 2014)
• UNICEF, with the objective to ensure effective HACT
management, institute a process to comprehensively capture
the data and monitor the outcomes of assurance activities and
action taken thereon by the country offices; (UNICEF 2015)
• UNU (a) strengthens its monitoring of surplus funds and ensure
their timely transfer to the Cash/Euro pools for investment by
the United Nations Treasury to earn higher returns thereon,
and (b) consider setting a threshold amount above which cash
should be automatically invested in the cash pool;(UNU 2014)

11

Sample : Expenditure management
• Review the reasons for non-adherence to the advance
purchase policy and take effective steps to enforce and
monitor compliance by the staff and missions; (PKO 2014)
• Continue efforts to improve budget planning and control over
expenditure on travel and ensure strict enforcement with the
policy on advance purchase of tickets. (PKO 2015)
• Ensure greater adherence to the policy for advance purchase
of tickets to reduce travel costs; and (UNFCCC 2014)

12

Sample comments :Inventory Valuation
• UNICEF include freight costs in the programme supplies
transferred to the Implementing Partners in order to reflect
these costs as part of the expense value of programme
supplies transferred to Implementing Partners; (UNICEF 2015)

13

Sample Comments : Liquidated
damages
• Consider including a provision for performance security and
for levy of liquidated damages in all Long Term Agreements to
safeguard the interest of the organization, and ensure that
remedies available under the terms of contracts are enforced,
where required, to ensure vendor responsibility and
performance (UNICEF 2014) [This point comes quite often]

14

Sample Comments: Foreign Exchange Losses

• Explore alternatives to mitigate the foreign exchange losses
including a detailed cost benefit study for a suitable hedging
strategy; (UNJSPF 2014)

15

Impact







Financial Statements are re-stated
Improved Disclosures
Changes in Accounting Policy
Feedback to IPSAS Task Force
Issue of Administrative Instructions by the Entity
Improved Governance

16

Thank You
17




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