Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698077727276.pdf (Guyana)
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19 December 1996 REPORT OF THE AUDITOR GENERAL TO THE MEMBERS OF THE NATIONAL FREOUENCY MANAGEMENT UNIT OH THE FINANCIAL STATEMENTS FOR THE PERIOD' 1 DECEMBER 1990 TO 31 DECEMBER 1991 I have audited the financial statements of the National Frequency Management Unit ,for the period 1 December 1990 to 31 December 1991 as set out on pages 1 to 5.
Respective Responsibilities of Directors and Auditors The responsibility for the preparation of the financial statements is.

that of the Unit.

 It is my responsibility to express a. independent opinion on these statelients based on my audit.

3asis of Opinion I conducted my audit in accordance with generally accepted auditing standards: .
Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial 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 fbr my opinion.

Jisclaimer of Opinion arising out of Limitation in Scope and Fundamental Uncertainty ipancial controls were aenerally 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 fixed assets vested in the Unit on its establishment were valued on 13 December 1990 at $665,035.
This valuation was not done by a certified competent authority for such matters.

As a result, it could not be determined whether the• amounts of $1,344,255 and $544,630 representing Capital and Fixed Assets -espectively were fairly stated.

4 Included in the figure of $14,005,992 shown as Licence Fees is an amount of $9,398,633 which was received from the Ministry of This amount represented fees Finance without documentation.
relating to the Unit's operations which were received by the Guyana Telephone and Telegraph Company Limited and transferred by that Company to the Ministry of Finance.

In the absence of supporting documents, it was not possible to verify the completeness and accuracy of the sum of $9,398,633 included in Licence Fees.

Administrative and General Expenses totalled $2,829,496.
Of this amount, payments totalling $1,205,588 could not be verified since vouchers and supporting documents were not produced for examination.

As a result, the validity of this expenditure could not be satisfactorily,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 the National Frequency Management Unit as at 31 December 1991 and the results of its operations for the period then ended.
S A GOOLSARRAN• AUDITOR GENERAL OFFICE OF THE AUDITOR GENERAL 63 HIGH STREET KINGSTON GEORGETOWN NATIONAL FREQUENCY FIRMAMENT UNIT BALANCE SHEET AS AT DECEMBER 31, 1991 Fixed Assets 2(d) & 3 544,630 Notes 1991 G8 Current Assets Cash on Hand & at Bank Less: Current Liabilities Accruals Provision for Taxation Net Assets Represented by: Capital Accumulated Surplus ¤ 45,000 4,021,882 4 12,021,121 12,565,751 4,066,882 8,498,869 1,344,255 7,154,614 8,498,869 L. \ t, 4 • ff 1 .
• Prime Minister (...L-- Permanent Secretary Ministry of Public Works and Communication ['eminent &man' --i4 Ci;C,,,, =-;----.., .

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