Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698077544641.pdf (Guyana)
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9 Jiannai-% 1r..J97 REFOnT CF THE AUr-- 1TOR GENERAL Te TEE MEMBERS OF THL NILT1CNR.L FREQUENCY M.ANACEMENT ON THE rIKANcipd, STATEMENTS FOR THE YEkR U:NDED 31 DECEMBER 1992 I have audited the .financial statements of the National Frecc,uencv 'Management Unit for the veer ended 31 December 1992 OUt Grt pages 1 to 6. ker.,nect::ve.

Re.,f,ponsibilities of.

Directors and, Audit c!


:2 The responsibility for the preparation of the financial Ltatev,ertf,T It is my responsibility to express En is that of the Unit.

 inderndent opinion on these :7.taterents based on my Basis of Opinion Those standards require that I plan and pe]7f,-)::m I conducted my audit in accordance with generally accepted auditing .

standards.
standards.

 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

Art aueit includes examining, on a test basis, evidence supporting amounts and disclosures on the financial statements.

An audit a] sc includes assessing the accounting principles used and significant estimates made by Management as well as evaluating the overall financial I believe that my audit provides a statement presentation.

 reasonable basis for my opinion.


Disclaimer of Opinion arising out of Limitation in Scope and Fundamental Uncertainty Financial controls were generally poor and the accounting records inadequate.

It was therefore not possible to satisfactorily verify the completeness, accuracy and validity of the reported transactions and assets and liabilities.
The amount of $2,044,255 shown as Capital in the balance sheet included amounts of $665,035 and $700,000 representing valuations of fixed assets vested in the Unit on its establishment and a motor vehicle assigned by the Ministry of Public Works and Communications to the Unit in 1992 respectively.

These valuations were not done by certified competent authorities for such matters.
As a result, it could not be determined whether the amounts of $2,044,255 and $2,396,080 shown as Capital and Fixed Assets respectively were fairly stated.

Included in the amount of $6,049,839, representing Administrative and General Expenses, were payments totalling $2,358,806 which could not be verified since the related vouchers and supporting documents were not produced for examination.

As a result, the validity of this expenditure could not be, satisfactorily determined.
The amount of $17,689,512, representing Licence Fees, included fees received for previous years and did not take into account fees accrued at the end of the year.

Licence Fees were therefore not accounted for in accordance with the accounting policy stated at Note 2(b) to the financial statements.

The depreciation charge for the year amounted to $304,058 and Accumulated Depreciation as at the end of the year totalled $424,463.
However, the depreciation charge for the year was not computed in accordance with the accounting policy stated at Note 2(d) to the financial statements.

 The method used to compute depreciation could not be satisfactorily determined.

As a result, the completeness, accuracy and validity of the amounts of $304,058 and $2,396,080, shown as Depreciation expense and net book value of Fixed Assets respectively, could not be determined.
Because of the significance of the matters referred to in the preceding paragraphs, I am unable to form an opinion whether the financial statements fairly present the state of affairs of tile National Frequency Management Unit as at 31 December 1992 and the results of its operations for the period then ended.
RIgk441-74-/ AWT6R GENERAII / OF ICE OF THE AUDITOR GENERAL 63 IGH STREET an STON 7EORGETOWN 1 - - 4 4 NATIONAL FREQUENCY MANAGEMENT UNIT BALANCE SHEET AS AT DECEMBER 31, 1992 Notes 1992 G$ 1991 G$ Fixed Assets 2(d) & 3 2,396,080 544,630 4 Current Assets Cash on Hand & at Bank Staff Loans 6 (c) 22,010,894 492,450 12,021,121 Less: Current Liabilities Accruals Provision for Taxation Net Assets Represented by: Capital Accumulated.
Surplus 24,959,424 12,565,751 90,000 8,275,733 45,000 4,021,882 8,365,733 4,066,882 16,593,691 8,498,869 4 2,044,255 14,549,436 1,344,255 1,154,614 16,593,691 8,498,869 Prise Minister Per anent.

Secretary Ministry of Public Works and Communication kti.111.

(14•Gillk V•Vnt y Ministry of Public Works di Communications 1