Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698077591593.pdf (Guyana)
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: 5,92 - 672.57 AG:16/97 /(..(12 6;7;16:71, WOO T,e ye' le,re:,ezi 30 Jznuary 19(;) REPORT OF THE AUDITOR GENERAL TO THE MEMBERS CF THE NATION' AL FREQUENCY MAN11GEMEM.1.
UNIT or THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1` A:: lave audited the financil statements the 1::tional Hanaw:ment (Jilt for the yec,.r endcd 31 Decem)Der 1994 :“!t.

out cr, aqcs 1 10 7. iitarective Responsibilities of DL:ectors and WAdito...s The rGspcesibility for the prepar6ti7:n c the financial :;I.atemr:nt.

Is that.

.0£ thn Unit.

 independent opinion on thcse statements based on mv it i2 MV respoz.
tsibiaity to ,-71p:.ess Basis of Opinion I conducted my audit in accordance with generally accepted auditing standards.

Those standards require that I plan and peifor:m t!r audit to obteAn rcasonable assurance about whether the finaneia) statements are free of material misstatement.

An audit includes examining, on a test basis, evidence supporting amounts and disclosures on the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by Management as well as evaluating the overall financial statement presentation.

 I believe that my audit provides a 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 balan:'.e 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 riot be determined whether the amounts of $2,044,255 and $6,936,752 shown as Capital and Fixed Assets respectively were fairly stated.

The amount of $28,571,397 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 Accumulated Depreciation of $424,464 as at the end of the year 1992 was subject to an audit qualification, not having been calculated in accordance with the accounting policy.

This amount affected the computation of the current year's depreciation and the net book value of fixed assets at the end .

of the year.
of the year.

 As a result, the accuracy and validity of the amounts of$3,355,7k5 and $6,936,752 shown as Depreciation for the year and net book vaUe of Fixed Assets at the end of the year respectively could not be satisfactorily determined.
Because of the significance of the matters referred to in t.hc preceding paragraphs, I am unable to form an opinion whether the financial statements fairly present the state of affairs of the National Frequency Management Unit as at 31 December 1994 and the results of its operations for the year then ended.

S GOOLSARRAN AUDITOR GENERAL OFFICE OF THE AUDITOR GENERAL 63 HIGH STREET KINGSTON GEORGETOWN ' NAMUR FREQUENCY MANAGEMENT UNIT BALANCE SHEET AS Al DECEM8ER 31.
1994 Notes 1994 r1 Assets 2(00 • 6,931:752 ..,%PrFril Assets Henri less.

 Cv,!ept crr,o0,1r for ToAirr NfL Assf!ts Represented by: Capital Accumulated Surplus E(c) 3 '50.814, .

6,427,94S 1E10.000 18,675,33 11,61.27F 18,855.!!

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39,572.6:0 24,651.S1C 5 2,044,255 37,528,355 2.044,255 22,623,261 39,572.610 24.60.5!6 Prime Minister Pe oananflecretary Ministry of Public Waiks and Permanent Secretary Communications Ministry of Pubis Yorks 61 CommunicatioN 1