www pwc com Challenges in reporting at KSG

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www. pwc. com Challenges in reporting at KSG, Nairobi 3 rd – 7 th

www. pwc. com Challenges in reporting at KSG, Nairobi 3 rd – 7 th December 2018 Presenter: Fitzgerald Oyoo

Challenges in reporting Ø Unsupported expenditure Ø Pending bills Ø Bank reconciliations Ø Un

Challenges in reporting Ø Unsupported expenditure Ø Pending bills Ø Bank reconciliations Ø Un - surrendered imprests Ø Outstanding advances Ø Unconfirmed cash balances Ø Suspense accounts Ø Asset register Ø Cash Basis of Accounting Ø Creative Accounting practices Ø Political support and Technical leadership Pw. C 2

Unsupported expenditure • Failure by Public Entities to avail documents in support of various

Unsupported expenditure • Failure by Public Entities to avail documents in support of various expenditure. PFMA 2012, Section 97(1) e. g payment & receipt vouchers, other supporting documentation. Under Audit Act 2015, its an offence where you fail to provide documents to the Auditor within stipulated time frame: Fine Ksh 5 million or Jail Term of 2 years or both. Pw. C 3

Un surrendered Imprests Imprest balances which have not been recovered or accounted for in

Un surrendered Imprests Imprest balances which have not been recovered or accounted for in the financial year they are issued. (PFMA 2012, section 71 has given Accounting Officers authority to levy interest on outstanding imprests at CBK rate. ) Pw. C 4

Bank Reconciliation PFMA 2012 Section 90(1) should be done by 10 th of the

Bank Reconciliation PFMA 2012 Section 90(1) should be done by 10 th of the subsequent month yet some entities have them outstanding months on end Pw. C 5

Outstanding Advances Salary advances outstanding for long periods – doubtful about their recoverability due

Outstanding Advances Salary advances outstanding for long periods – doubtful about their recoverability due to poor record keeping which do not represent the true status of employees salary advances Pw. C 6

Unconfirmed Cash Balances Lack of harmonization between IFMIS cash balances and statement of assets,

Unconfirmed Cash Balances Lack of harmonization between IFMIS cash balances and statement of assets, cash and bank balances. Board of survey balances, cash book balances and bank reconciliation do not agree with IFMIS cash balances. Pw. C

Suspense accounts • The prior period balances agree to the audited financial statements •

Suspense accounts • The prior period balances agree to the audited financial statements • Figures agree with IFMIS Go. K reports • Balances tie to the notes • Casting has been done Pw. C

THANK YOU Pw. C 9

THANK YOU Pw. C 9