ia-imf 5 2011 audit report imf final.docx

8/14/2019 IA-IMF 5 2011 Audit report IMF final.docx

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INDEPENDENT AUDIT REPORT ON RECONCILIATION OF

THE GOVERNMENT ACCOUNTS

Ref.no. IA-IMF 5/2011


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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 third quarter 2011, from 1 July

2011 until 30 September 2011 based on book date.It is a fifth 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 July 2011; 08 July 2011; 15 July 2011; 22 July 2011; 29 July 2011; 03 Aug 2011; 10 Aug

2011; 22 Aug 2011; 31 Aug 2011; 07 Sep 2011; 16 Sep 2011; 22 Sep 2011; 30 Sep 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 withCBK

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 transfersfrom 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:

Table 1. Represent the principal of matured time deposits during October 2010 as of the treasury

system 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*

0.00

TOTAL 0.00

* 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 banktreasury booking*

Treasury

referenceInterest Description Date Source*

0.00

TOTAL 0.00

* 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 stated 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 the banks 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*

0.00

TOTAL 0.00

* 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 stated that the difference is 0.00

(zero).

Table 4: Reconcil iati on check report (pri ncipal +i nterest PTK dividend)*

Principal

amountDescription

Interest

amountDescription

Principal +

Interest Difference

Treasury FB Treasury FB CBK AS*

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

* Note:

I n the above tables fr om 1-4 no figures are showed sums are 0.00 dur ing the audit ing we have

found that for the testing period for the thir d quarter July-September 2011, there are no any active

deposits in commercial banks.


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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(MEF).

No Date Account type Balance at CBK system

Balance at Treasury

system

1 04-Jul-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) 45,764,397.78 45,764,397.78

Time deposits (outstanding)

in commercial banks 0.00 0.00

Total 313,316,574.55 313,316,574.55


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




Total 318,768,868.76 318,768,868.76


Securities(CBK) 149,566,028.22 149,566,028.22



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Total 335,949,525.27 335,949,525.27


Securities(CBK) 184,454,758.32 184,454,758.32




Total 322,157,761.05 322,157,761.05


Securities(CBK) 184,454,758.32 184,454,758.32




Total 331,961,459.50 331,961,459.50

6 03-Aug-11 Time deposits (CBK) 83,000,000.00 83,000,000.00

Securities(CBK) 184,454,758.32 184,454,758.32



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Total 309,722,081.22 309,722,081.22


Securities(CBK) 164,507,358.32 164,507,358.32




Total 324,253,438.70 324,253,438.70


Securities(CBK) 164,568,558.40 164,568,558.40




Total 333,410,928.55 333,410,928.55


Securities(CBK) 114,715,889.90 114,715,889.90



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Total 267,546,020.52 267,546,020.52

10 07-Sep-11 Time deposits (CBK) 110,000,000.00 110,000,000.00

Securities(CBK) 114,715,889.90 114,715,889.90




Total 283,550,377.72 283,550,377.72


Securities(CBK) 114,692,418.05 114,692,418.05




Total 300,014,075.27 300,014,075.21


Securities(CBK) 114,692,418.05 114,692,418.05



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Total 311,951,567.33 311,951,567.33


Securities(CBK) 114,692,418.05 114,692,418.05




Total 313,187,095.96 313,187,095.96


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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-Jul-11 5,446,901.18 5,446,901.18 53

08-Jul-11 3,448,895.58 3,448,895.58 53

15-Jul-11 5,132,478.61 5,132,478.61 49

22-Jul-11 2,612,491.97 2,612,491.97 50

29-Jul-11 4,055,474.25 4,055,474.25 50

03-Aug-11 2,889,174.20 2,889,174.20 51

10-Aug-11 7,246,796.49 7,246,796.49 51

22-Aug-11 14,055,292.50 14,055,292.50 52

31-Aug-11 4,302,507.78 4,302,507.78 48

07-Sep-11 5,788,234.13 5,788,234.13 51

16-Sep-11 6,575,910,.15 6,575,910.15 50

22-Sep-11 2,636,735.21 2,636,735.21 51

30-Sep-11 3,966,382.24 3,966,382.24 51

68,157,274.29 68,157,274.29

660


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V. CONCLUSIONS

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

the Treasury account balances held with CBK.

ia-imf 5 2011 audit report imf final.docx

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