Disbanded Namibian Communications Commission (NCC) left behind various financial issues after it emerged that the state-owned enterprise failed to provide financial transactions of about N$7 million that could not be verified by the Auditor General (AG) a year before it ceased to exist.
This is contained in the latest AG report tabled in the National Assembly on Tuesday by Finance Minister Saara Kuugongelwa-Amadhila on the parastatal’s financial year, which ended in March 2011, the same year it was disbanded.
According to the AG’s report, since the NCC did not have a fixed register of assets, no description has been charged on assets and no verification of fixed assets or additions could be performed.
On bank reconciliation, AG Junias Kanjeke said even though the financial statements of NCC reflected a favourable bank balance of about N$5,6 million, the cashbook reflects a balance of N$7,2 million and the difference of N$1,5 million could not be explained by the parastatal.
Kandjeke said NCC could not provide investment statements, which means that investments of the parastatal could not be verified.
“No investment statements were available for the audit purposes, and therefore investment income of N$6,3 million could not be verified,” he said.
The NCC is the precursor to the Communications Regulatory Authority of Namibia (CRAN).
CRAN regulates telecommunication services and networks, broadcasting services, postal services and the use and allocation of radio spectrum.
CRAN chief executive officer Stanley Shanapinda told The Namibian on Wednesday that it is up to the Minister of Information to take further action on how the financial woes at the former parastatal will be handled.
Troubles of NCC do not end there as the regulatory institution also failed to provide records or supporting documentation for electronic transfer expenses.
The AG noted that included in the trade and receivables is a credit of N$1 million which is stated as “cash-book clearing account” and about N$570 000 stated as “deposit unknown”.
“No explanation for these balances could be supplied,” Kandjeke said, adding that another difference that could not be explained is that of trade receivables.
“The list of trade receivables reflect an amount of N$26 million more than the control account and the financial statements,” he said.
This is contained in the latest AG report tabled in the National Assembly on Tuesday by Finance Minister Saara Kuugongelwa-Amadhila on the parastatal’s financial year, which ended in March 2011, the same year it was disbanded.
According to the AG’s report, since the NCC did not have a fixed register of assets, no description has been charged on assets and no verification of fixed assets or additions could be performed.
On bank reconciliation, AG Junias Kanjeke said even though the financial statements of NCC reflected a favourable bank balance of about N$5,6 million, the cashbook reflects a balance of N$7,2 million and the difference of N$1,5 million could not be explained by the parastatal.
Kandjeke said NCC could not provide investment statements, which means that investments of the parastatal could not be verified.
“No investment statements were available for the audit purposes, and therefore investment income of N$6,3 million could not be verified,” he said.
The NCC is the precursor to the Communications Regulatory Authority of Namibia (CRAN).
CRAN regulates telecommunication services and networks, broadcasting services, postal services and the use and allocation of radio spectrum.
CRAN chief executive officer Stanley Shanapinda told The Namibian on Wednesday that it is up to the Minister of Information to take further action on how the financial woes at the former parastatal will be handled.
Troubles of NCC do not end there as the regulatory institution also failed to provide records or supporting documentation for electronic transfer expenses.
The AG noted that included in the trade and receivables is a credit of N$1 million which is stated as “cash-book clearing account” and about N$570 000 stated as “deposit unknown”.
“No explanation for these balances could be supplied,” Kandjeke said, adding that another difference that could not be explained is that of trade receivables.
“The list of trade receivables reflect an amount of N$26 million more than the control account and the financial statements,” he said.
No comments:
Post a Comment