ia-imf 6 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 6/2011

Reporting date: 15 February 2012



CONFIDENTIAL

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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

the IMF , 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 fourth quarter 2011, from 1

October 2011 until 31 December 2011, based on book date.It is a sixth 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 15 dates for the audit as following:

03 Oct 2011; 10 Oct 2011; 17 Oct 2011; 24 Oct 2011; 31 Oct 2011; 01 Nov 2011; 08 Nov

2011; 14 Nov 2011; 21 Nov 2011; 30 Nov 2011; 05 Dec 2011; 12 Dec 2011; 19 Dec; 23 Dec;30

Dec 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 bank’s confirmation.

The audit report includes 6 tables as following:

Table 1.Matured time deposits at commercial banks – treasury 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.

II. Audited figure of the reconciled time deposits at the Commercial Banks are stated in the table

1as following:

Table1. 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 banks – treasury booking

Treasury

referencePrincipal Description Book date Source*

0.00

TOTAL 0.00

* FB = Free Balance – Treasury accounting system



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III. Audited interest paid to the Treasury by the Commercial Banks in name of the PTK

dividends. 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 first columnis 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 bank – treasur y booking

Treasury

referenceInterest Description Date Source*

0.00

TOTAL 0.00

* FB = Free Balance – Treasury accounting system

IV.Audited transfer from commercial banks to the treasury account held with CBK. We checked

and 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 CBK’s accounting system .As it is stated in this table the first column represents

the CBK reference, whereas in the second column we represented principal amount + interestfrom 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 bank’s

through the bank’s 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 = CBK

Accounting System



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V. 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 (pr incipal +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 €

Notice: As is shown in above 4 tables there is no any Matured time deposits, Interest earned, Transfer

from commercial bank to the treasury account and principal +interest PTK dividend.



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

deposits in the domestic and foreign commercial banks) – Confirmation of the Treasury(MEF ).

No Date Account type Balance at CBK system

Balance at Treasury

system

1 03-Oct-11 Time deposits (CBK) 80,000,000.00 80,000,000.00

Securities(CBK) 114,692,418.00 114,692,418.00

Current Accounts(CBK) 96,343,129.00 96,343,129.00

Time deposits (outstanding)

in commercial banks 0.00 0.00

Total 291,035,547.00 291,035,547.00


Securities(CBK) 114,692,418.00 114,692,418.00




Total 272,861,868.00 272,861,868.00


Securities(CBK) 79,782,718.00 79,782,718.00




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Total 287,663,620.00 287,663,620.00


Securities(CBK) 79,782,718.00 79,782,718.00




Total 294,291,243.00 294,291,243.00


Securities(CBK) 79,782,718.00 79,782,718.00




Total 304,686,054.00 304,686,054.00

6 01-Nov-11 Time deposits (CBK) 105,000,000.00 105,000,000.00

Securities(CBK) 79,782,718.00 79,782,718.00




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Total 280,598,469.00 280,598,469.00


Securities(CBK) 79,899,748.00 79,899,748.00




Total 282,019,923.00 282,019,923.00


Securities(CBK) 79,899,748.00 79,899,748.00




Total 264,765,383.00 264,765,383.00


Securities(CBK) 49,949,593.00 49,949,593.00




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Total 276,154,829.00 276,154,829.00


Securities(CBK) 49,949,593.00 49,949,593.00




Total 267,837,612.00 267,837,612.00

11 05-Dec-11 Time deposits (CBK) 125,000,000.00 125,000,000.00

Securities(CBK) 49,949,593.00 49,949,593.00




Total 243,201,678.00 243,201,678.00


Securities(CBK) 49,949,593.00 49,949,593.00




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Total 243,309,092.00 243,309,092.00


Securities(CBK) 0.00 0.00




Total 246,431,173.00 246,431,173.00






Total 184,972,653.00 184,972,653.00






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Total 194,326,101.00 194,326,101.00

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

03-Oct-11 8,532,091.74 8,532,091.74 50

10-Oct-11 8,189,638.86 8,189,638.86 51

17-Oct-11 15,457,379.62 15,457,379.62 50

24-Oct-11 7,239,192,.69 7,239,192.69 52

31-Oct-11 15,903,468.81 15,903,468.81 52

01-Nov-11 8,427,102.90 8,427,102.90 52

08-Nov-11 8,341,115.45 8,341,115.45 55

14-Nov-11 5,846,179.58 5,846,179.58 54

21-Nov-11 8,683,009.44 8,683,009.44 52

30-Nov-11 7,562,289.71 7,562,289.71 53

05-Dec-11 6,454,919.57 6,454,919.57 52



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12-Dec-11 6,115,490.20 6,115,490.20 50

19-Dec-11 5,917,439.10 5,917,439.10 50

23-Dec-11 4,628,354.19 4,628,354.19 51

30-Dec-11 8,539,231.70 8,539,231.70 53

V. CONCLUSIONS

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

the Treasury account balances held with CBK.

ia-imf 6 2011 audit report imf final.pdf

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