IA-IMF 4 2011 Audit report IMF final.pdf

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    CONFIDENTIAL

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    INDEPENDENT AUDIT REPORT ON RECONCILIATION OF

    THE GOVERNMENT ACCOUNTS

    Ref.no. IA-IMF 4/2011

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    I. INTRODUCTION

    Based on the Attachment II Technical Memorandum of Understandig Republic of Kosovo

    Definitions and Data Reporting Requirements Under the 2010-11 SBA Arrangement with

    theIMF , point 5 of paragraph I. it is performed the independent audit on reconciliation of the

    government accounts.

    II. SCOPE

    The audit on reconciliation of the government account include the second quarter 2011, from 1

    April 2011 until 30 Jun 2011, based on book date.It is a fourth independent audit report on

    reconciliation of the government accounts.

    III. OBJECTIVES

    The audit on reconciliation of Government accounts is performed to give the reasonable

    assurance that the data reported to the IMF are accurate and correct.

    IV.FIELDWORK

    1. We have selected 13 dates for the audit as following:4 Apr 2011; 12 Apr 2011; 18 Apr 2011; 29 Apr 2011; 03 May 2011; 10 May 2011; 16 May

    2011; 23 May 2011; 31 May 2011; 06 Jun 2011; 13 Jun 2011; 20 Jun 2011; 30 Jun 2011.

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    The reconciled treasury accounts were audited and double checked with the CBK accounting

    system regarding the time deposits (CBK) and the interest paid from the commercial banks, also

    it was verified and double checked through the commercial banks confirmation.

    The audit report includes 6 tables as following:

    Table 1.Maturedtime deposits at commercial bankstreasury booking,

    Table 2: Interest earned from Matured time deposits at commercial banks

    treasury booking

    Table 3: Transfers from commercial banks to CBK treasury account held with

    CBK

    Table 4: Reconciliation check report(principal +interest PTK dividend)

    Table 5: Reconciliation check report (time deposits, securities, current account

    and outstanding deposits in the commercial banks)

    Table 6:Reconciliation check report on end of day daily automatic transfers

    from sub to main account

    The reconciled of the treasury data were checked and verified with the accounting system of the

    CBK.

    2. Audited figure of the reconciled time deposits at the Commercial Banks are stated in thetable 1,as following:

    Table1. Represent the principal of matured time deposits during October 2010, as the treasury

    system it is based on booking date. The first column presents the references for each transaction

    (principal) at commercial banks whereas the second column is principal amount, the third

    column is description and the following columns are book date and source of information.

    Table 1: Matured time deposits at commercial bankstreasury booking

    Treasury

    reference

    Principal Description Book date Source*

    1300021401007432

    6,000,000.00

    DIVIDEND of PTK-BPB 2010 25-05/11 25/05/2011 FB

    TOTAL 6,000,000.00

    * FB = Free BalanceTreasury accounting system

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    3. Audited interest paid to the Treasury by the Commercial Banks in name of the PTKdividends. The data stated in table 2: shows the interest earned from matured time deposit at

    commercial bank in the treasury reconciliation module of the treasury system. The firstcolumn is CBK reference, in the second column is stated interest amount than the description

    and the following columns are date and source of information.

    Table 2: I nterest earned from Matured time deposit at commercial banktreasur y booking

    Treasury

    referenceInterest Description Date Source*

    1300021401008432 313,291.67 INT. from PTK DIVIDEND BPB-2010 25-05/11 25/05/2011 FB

    TOTAL313,291.67

    * FB = Free BalanceTreasury accounting system

    4. Audited transfer from commercial banks to the treasury account held with CBK. We checkedand verified the following data and found that the audited Treasury amount of principal +

    interest is reconciled with the CBK statements. The data presented in the Table 3 were

    checked and verified in the CBKs accounting system .As it is described in this table, the first

    column represents the CBK reference, whereas in the second column we representedprincipal amount + interest from the commercial banks for the PTK dividends that are

    entered in the CBK accounting system as Incoming payments treasury-respective commercial

    bank(BPB in this case) and the booking date. Also we checked the amounts of the principal +

    interest of commercial banks through thebanks confirmation,as following in table 3.

    Table 3: Transfer f rom commercial bank to the treasury account held with CBK

    CBK referencePrincipal +

    InterestDescription

    Booking

    dateSource*

    000PCIN111461246 6,313,291.67 Incoming payments Treasury-BPB 25/05/2011 CBK AS

    TOTAL 6,313,291.67

    * CBK AS= CBKAccounting System

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    5. Reconciliation check report

    The table 4.represent the audited principal of the time deposit of the treasury at the commercial

    bank .We performed the audit and verified that the following data including the principal and the

    interest earned form the commercial bank are in full compliance and shown in the bank accounts

    of the Treasury. Referring to the sixth column of the table 4 indicating that the difference is 0.00

    (zero).

    Table 4: Reconcil iati on check report (pr incipal +i nterest PTK dividend)

    Principal

    amountDescription

    Interest

    amountDescription

    Principal +

    Interest Difference

    Treasury FB Treasury FB CBK AS*

    6,000,000.00

    DIVIDEND of PTK-BPB

    2010 25-05/11 313,291.67

    INT. from PTK DIVIDEND

    BPB-2010 25-05/11

    6,313,291.67 0.00

    6,000,000.00 313,291,67 6,313,291.67 0.00

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    Table 5: Reconciliation check report (time deposits, securities, current account and outstanding

    deposits in the commercial banks)Confirmation of the Treasury(MF ).

    No Date Account type Balance at CBK system

    Balance at Treasury

    system

    1 04-Apr-11 Time deposits (CBK) 115,000,000.00 115,000,000.00

    Securities(CBK) 134,753,590.61 134,753,590.61

    Current Accounts(CBK) 113,108,947.53 113,108,947.53

    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 368,862,538.14 368,862,538.14

    2 12-Apr-11 Time deposits (CBK) 110,000,000.00 110,000,000.00

    Securities(CBK) 134,753,590.61 134,753,590.61

    Current Accounts(CBK) 98,339,692.52 98,339,692.52

    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 349,093,283.13 349,093,283.13

    3 18-Apr-11 Time deposits (CBK) 140,000,000.00 140,000,000.00

    Securities(CBK) 134,758,007.61 134,758,007.61

    Current Accounts(CBK) 74,676,559.01 74,676,599.01

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    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 355,434,606.62 355,434,606.62

    4 29-Apr-11 Time deposits (CBK) 100,000,000.00 100,000,000.00

    Securities(CBK) 184,617,834.83 184,617,834.82

    Current Accounts(CBK) 60,361,446.86 60,361,446.86

    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 350,979,281.69 350,979,281.69

    5 03-May-11 Time deposits (CBK) 100,000,000.00 100,000,000.00

    Securities(CBK) 184,617,834.83 184,617,834.83

    Current Accounts(CBK) 63,861,376.14 63,861,376.14

    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 354,479,210.97 354,479,210.97

    6 10-May-11 Time deposits (CBK) 100,000,000.00 100,000,000.00

    Securities(CBK) 184,617,834.83 184,617,834.83

    Current Accounts(CBK) 72,744,422.25 72,744,422.25

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    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 363,362,257.08 363,362,257.08

    7 16-May-11 Time deposits (CBK) 100,000,000.00 100,000,000.00

    Securities(CBK) 184,617,834.83 184,617,834.83

    Current Accounts(CBK) 79,731,888.63 79,731,888.63

    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 370,349,723.46 370,349,723.46

    8 23-May-10 Time deposits (CBK) 100,000,000.00 100,000,000.00

    Securities(CBK) 184,515,041.33 184,515,041.33

    Current Accounts(CBK) 93,506,485.30 93,506,485.30

    Time deposits (outstanding)

    in commercial banks 6,000,000.00 6,000,000.00

    Total 384,021,526.63 384,021,526.63

    9 31-May-11 Time deposits (CBK) 122,000,000.00 122,000,000.00

    Securities(CBK) 184,515,041.33 184,515,041.33

    Current Accounts(CBK) 58,695,285.29 58,695,285.29

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    Time deposits (outstanding)

    in commercial banks 0.00 0.00

    Total 365,210,326.62 365,210,326.62

    10 06-Jun-11 Time deposits (CBK) 112,000,000.00 112,000,000.00

    Securities(CBK) 184,515,041.33 184,515,041.33

    Current Accounts(CBK) 45,568,272.16 45,568,272.16

    Time deposits (outstanding)

    in commercial banks 0.00 0.00

    Total 342,083,313.49 342,083,313.49

    11 13-Jun-11 Time deposits (CBK) 112,000,000.00 112,000,000.00

    Securities(CBK) 184,552,176.77 184,552,176.77

    Current Accounts(CBK) 56,941,093.83 56,941,093.83

    Time deposits (outstanding)

    in commercial banks 0.00 0.00

    Total 353,493,270.60 353,493,270.60

    12 20-Jun-11 Time deposits (CBK) 117,000,000.00 117,000,000.00

    Securities(CBK) 184,552,176.77 184,552,176.77

    Current Accounts(CBK) 59,820,874.15 59,820,874,15

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    Time deposits (outstanding)

    in commercial banks 0.00 0.00

    Total 361,373,050.92 361,373,050.92

    13 30-Jun-11 Time deposits (CBK) 83,000,000.00 83,000,000.00

    Securities(CBK) 184,552,176.77 184,552,176.77

    Current Accounts(CBK) 68,121,985.96 68,121,985.96

    Time deposits (outstanding)

    in commercial banks 0.00 0.00

    Total 335,674,162.73 335,674,162.73

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    Table 6: Reconci l iation check report on end of day daily automatic transfers from sub to main

    account

    Date Amount at CBK Amount at Treasury No. of transactions

    04-Apr-11 4,959,040.23 4,959,040.23 52

    12-Apr-11 6,671,591.23 6,671,591.23 52

    18-Apr-11 12,937,009.37 12,937,009.37 51

    29-Apr-11 4,387,843.95 4,387,843.95 51

    03-May-11 6,061,531.84 6,061,531.84 49

    10-May-11 7,872,913.27 7,872,913.27 52

    16-May-11 7,179,126.75 7,179,126.75 52

    23-May-11 12,192,209.58 12,192,209.58 54

    31-May-11 4,246,132.37 4,246,132.37 55

    06-Jun-11 6,598,260.23 6,598,260.23 53

    13-Jun-11 5,859,052.91 5,850,052.91 52

    20-Jun-11 4,933,204.32 4,933,204.32 51

    30-Jun-11 3,106,048.73 3,106,048.73 55

    87,003,964.78 87,003,964.78

    679

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    V. FINDINGS

    All the above mentioned data are reconciled by the Treasury Department of MF and agree with

    the Treasury account balances held with CBK.