public disclosure authorizeddocuments.worldbank.org/curated/en/... · for the fiscal year iuly 1....

AUDITORS' REPORTON THE FINANCIAL STATEMENTS OF THEYOUTH, EMPLOYMENT, SKILLS PROIECT

IMPLEMENTED BY THEMINISTRY OF YOUTH & SPORTS

FOR THE FISCAL YEARIULY 1. 2014 - MAY 31, 2015

MGI-MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS

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AUDITORS' REPORT ON THEYOUTH, EMPLOYMENT, SKILLS PROJECT P121686FOR THE PERIOD ENDED MAY 31, 2015

Contents

Project Management Team 3

Report of the Auditors on the Financial Statements 4

Balance Sheet 5

Fund Receipts & Disbursements Statement 6

- Cash-flows Statement 7

Notes to the Financial Statements 8-9

SOEs & Designated Account Reconciliation Statement 10

Report of the Independent Auditors on Designated Account Statement 11

Report of the Independent Auditors on Statement of Expenditure 12

Schedule of Expenditure Components 13

Management Letter 14

2MGI - MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS

AUDITORS' REPORT ON THEYOUTH, EMPLOYMENT, SKILLS PROJECT P12 1686FOR THE PERIOD ENDED MAY 31,2015

PROJECT MANAGEMENT

IMPLEMENTATION UNIT: MINISTRY OF YOUTH & SPORTSPROJECT IMPLEMENTATION UNIT

FINANCIAL MANAGEMENT: MINISTRY OF FINANCE & DEVELOPMENT PLANNINGPROJECT FINANCIAL MANAGEMENT UNIT

PROJECT OFFICIALS:

Implementation Unit, Ministry of Youth & Sports

1. Mr. Jerry D. Zangar, Project Coordinator

2. Mr. Jesse Bengu, Youth Program Support Specialist

Project Financial Management Unit, Ministry of Finance & Development Planning

1. Dr. Christopher K. Sokpor, Unit Manager

2. Dr. Salia Hussein, Senior Project Accountant

AUDITORS

MGI MONBO & COMPANYCertified Public Accountants2nd Floor King's BuildingCorner Broad & Gurley StreetsMonrovia, Liberia


* MGI MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

Member Firm of MIDSNELL GROUP INTFERN1TIONAL

June 24, 2015

Mr. Jerry D. ZangarProject Coordinator

- Youth, Employment, Skills ProjectMinistry of Youth & SportsMonrovia, Liberia

Dear Sir:

AUDITORS' REPORTWe have audited the accompanying balance sheet of the Youth, Employment, Skills ProjectP121686 under the International Development Association Grant and the related statements offund receipts and disbursements, cash flows for the period ended May 31, 2015. These financialstatements are the responsibility of the management of the Project Implementation Unit of theMinistry of Youth & Sports and the Projects Financial Management Unit of the Ministry of

- Finance & Development Planning. Our responsibility is to express an opinion on these financialstatements based on our audit.

We conducted our audit in accordance with International Standards on Auditing promulgatedby the International Federation of Accountants. These standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion, proper books of accounts have been maintained and the financial statementsreferred to in the first paragraph above present fairly in all material respects, the financialposition of the Youth, Employment, Skills Project as of May 31, 2015, the Receipts andDisbursements and the cash flows for the period then ended, are in conformity with the CashBasis International Public Sector Accounting Standard (IPSAS) promulgated by the InternationalFederation of Accountants (IFAC), adopted by the Gover of Liberia and the IDAguidelines stipulated in the agreement for the project. -

%

0P 1-I3II-M & COMPANY CO4MPA NY

CERTIFIED PUBLIC ACCOUNTANTS

King's Building 2nd 'loor P.O Box 31% - 1: *23I65I2549Broad & Gurley kreet tiorevia, Liberia >n monbocoraqyahoo.cow"Monrovia, lAheria

AUDITORS' REPORT ON THE

YOUTH, EMPLOYMENT, SKILLS PROJECT P121686FOR THE PERIOD ENDED MAY 31,2015

Youth, Employment, Skills ProjectBalance Sheet

As at May 31, 2015

31-May-15 30-Jun-14ASSETS EMPLOYED US$ US$CURRENT ASSETSCASH AND BANK 13,803.15 209,981.95TOTAL ASSETS 13,803.15 209,981.95

FUND BALANCES

ACCUMULATED FUNDS BALANCE 13,803.15 209,981.95TOTAL FUNDS BALANCE 13,803.15 209,981.95

PROJECTCO DIN. OR, PIU '-U1N1T-MANAG , PFMINISTRY OF YOUTH & SPORTS MINISTRY OF FINANCE &

DEVELOPMENT PLANNING

NOTES ON PAGES 8-9 FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS



YOUTH, EMPLOYMENT, SKILLS PROJECT P12 1686FOR THE PERIOD ENDED MAY 31, 2015

Youth, Employment, Skills ProjectFund Receipts and Disbursements Statement

For the Period ended May 31, 2015

2015 2014

RECEIPTS Notes US$ US$IDA Credit 4 270,300.92 1,507,096.37Total Receipts 270,300.92 1,507,096.37

DISBURSEMENTS

Component 2 3 466,479.72 1,921,181.75466,479.72 1,921,181.75

Excess of Disbursements over Receipts (196,178.80) (414,085.38)- Beginning Balance as at July 1, 2014 209,981.95 624,067.33

Accumulated Fund as at May 31, 2015 13,803.15 209,981.95



AUDITORS' REPORT ON THEYOUTH, EMPLOYMENT, SKILLS PROJECT P121686FOR THE PERIOD ENDED MAY 31,2015

Youth, Employment, Skills ProjectCash Flows Statement

For the Period ended May 31, 2015

2015 2014

Operating Activities US$ US$Credit Received from IDA 270,300.92 1,507,096.37

Net Operating Activities 270,300.92 1,507,096.37

Investing Activities

Component 2 (466,479.72) (1,921,181.75)

Net Investing Activities (466,479.72) (1,921,181.75)

Net Increase/Decrease in Cash Balance (196,178.80) (414,085.38)

Beginning Balance as at July 1, 2014 209,981.95 624,067.33

Net Cash Balance as at May 31, 2015 13,803.15 209,981.95




YOUTH, EMPLOYMENT, SKILLS PROJECT P121686FOR THE PERIOD ENDED MAY 31, 2015

NOTES TO THE FINANCIAL STATEMENTS

1. Youth, Employment, Skills Project

The project is to expand access of poor and young Liberians to temporary employmentprograms and to improve youth employability, in support of the response to the employmentcrisis.

The project consists of the following Parts:a) Community worksb) Employment through skills training

2. Accounting Policies

- The following are the significant accounting policies adopted in the preparation of these

financial statements:

a) Basis of accountingThe financial statements have been prepared on the historical cost convention and noprocedures have been adopted to reflect either price changes or changes in the general

level of inflation.

b) Fixed assetsFixed assets represent the expenditure incurred in capital works and acquiring propertyand equipment. All fixed assets have been stated at the actual contracted cost ofpurchase or development. No depreciation is charged in the financial statements.

c) Foreign Currency translations

Transactions in foreign currencies (currencies other than the United States Dollar) areconverted at the rate ruling at the date in which the transaction took place. Currentassets and liabilities denominated in foreign currencies are translated at the rate ofexchange ruling at the balance sheet date and fixed assets at the rate of exchange rulingat the time of acquisition. Gains or losses arising on foreign currency transactions arecredited to or charged against recurrent expenditure in the period in which they arise.

d) GrantsGrant is recognized on cash basis and credited to the project account when received.



YOUTH, EMPLOYMENT, SKILLS PROJECT P12 1686FOR THE PERIOD ENDED MAY 31,2015

NOTE 3 2015 2014

Component 2 US$ US$

Skills Development Program - 1,216,078.00

Program Management Team 150,760.00 155,408.00

Counsultants Services 123,503.40 224,878.69

Job Placement Activities 125,865.71 100,463.79

Operating Costs 66,350.61 224,353.27

TOTAL 466,479.72 1,921,181.75

NOTE 5 2015 2014

IDA Credit US$ US$

Receipts 270,300.92 291,018.37

Direct Payment - 1,216,078.00

Total IDA Credit 270,300.92 1,507,096.37

9MG1 - MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS



Designated Account Reconciliation Statement

For The Period Ended 31 May 2015

Account Number :0011299189601

Depository Bank First International Bank (Liberia) Ltd.

Address Broad StreetMonrovia, Liberia

IDA Credit Number : TF 97110 LBR

Currency :US $May 31, 2015

US$

Designated Account Balance at July 2014 209,981.95

Advances/ Replenishment Transfers from IDA:

YES/MOF/013 207,470.24

YES/MOF/015 62,830.68

Total Funds in Designated Account 480,282.87

Less: Disbursement during the period (466,479.72)

Balance as at May 31, 2015 13,803.15


U MGI MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTAN r S

Member Firm of MIDSNELL GROUP INTrERNATIONAL

INDEPENDENT AUDITORS' REPORT ON THE DESIGNATED ACCOUNT STATEMENT FOR THEYOUTH, EMPLOYMENT, SKILLS PROJECT P121686

We have audited the accompanying project Designated Account Statement of the Youth,Employment, Skills Project P121686 financed by the International Development AssociationGrant as stated in this report for the period ended May 31, 2015.

The Designated Account Statement preparation and the fair presentation of this Statement isthe responsibility of the Project Financial Management Unit (PFMU) at the Ministry of Finance& Development Planning, Republic of Liberia. This responsibility includes: designing,implementing, and maintaining internal control relevant to the fair presentation of theDesignated Account Statement that is free from all material misstatement, whether due tofraud or error, selecting and applying appropriate accounting policies: and making accountingestimates that are reasonable in the circumstances. Our responsibility is to express an opinionon the financial statements based on our audit.

Our audit was conducted in accordance with International Standards on Auditing promulgatedby the International Federation of Accountants. These standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements arefree from all material misstatement. An audit includes examining on a test basis, evidencesupporting the amounts disclosed in the financial statements. An audit also includes assessingthe accounting principles used and estimates made by management, as well as evaluating theoverall presentation of the financial statements. We believe that our audit provides reasonablebasis for our opinion.

In our opinion, the receipts have been properly accounted for and withdrawals were made forthe purpose of the project in accordance with the provisions of the International DevelopmentAssociation Grant.

MN P

MG[4B!N67vN MOlNBO&COMPANYCERTIFIED PUBLIC ACCOUNTANTS

June 24, 2015 NT ,

King's Building 2nd ioor P Box 3196 -234--512549Broad & Mouriey r1nrovia, Liberra m onhocogayaho_com'Monrovia, Liberia

* MGI MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTAN TS

Mcmber Fine of MIDSNELL GROUP INTERN KflONAL

INDEPENDENT AUDITORS' REPORT ON THE STATEMENT OF EXPENDITURE FOR THE YOUTH,EMPLOYMENT, SKILLS PROJECT P121686

We have audited the accompanying project Statement of Expenditure of the Youth,Employment, Skills Project P121686 financed by the International Development AssociationGrant as stated in this report for the period ended May 31, 2015 and obtained all relatedinformation required.

These financial statements are the responsibility of the Project Financial Management Unit(PFMU) at the Ministry of Finance & Development Planning. Our responsibility is to express anopinion on the financial statement based on our audit.

Our audit was conducted in accordance with International Standards on Auditing. Thesestandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from all material misstatement. An audit includesexamining on a test basis, evidence supporting the amounts disclosed in the financialstatements. An audit also includes assessing the accounting principles used and estimates madeby management, as well as evaluating the overall presentation of the financial statements. Webelieve that our audit provides reasonable basis for our opinion.

In our opinion, the financial statements present fairly the view of the financial transactions ofthe Youth, Employment, Skills Project for the period ended May 31, 2015 is in accordance withthe Cash Basis International Public Sector Accountant Standards (IPSAS).

Additionally, with respect to the Statements of Expenditure (SOEs), sufficient supportingdocumentations have been maintained in accordance with Cash Basis International PublicSector Accounting Standards promulgated by the International Federation of Accountants andthe requirement of the World Bank guidelines.

The expenditures are eligible under the International Development Association Grantagreement.

MGI-MON O AND COMPANY MONBOCERTIFIED PUBLIC ACCOUNTANTS COMPA N'Y

June 24, 2015

King' building 2nd 1, r e. 0. Box 3196 ~ i 3.4524Broad & (;urley Moreet Unrovia, t,iberia I me nonboco(aMyahoo-co"nMonrovia, Liberia


YOUTH, EMPLOYMENT, SKILLS PROJECT P121686FOR THE PERIOD ENDED MAY 31,2015

Youth, Employment, Skills Project July 2014- May 2015

Schedule of Expenditure ComponentTotal

Expenditure Amt. PaidNO. Component (USD)

1 Component 1 -

2 Component 2 466,479.72

466,479.72


* MGI MONBO & COMPANYCERTIFIED PUBLIC ACCOUNTANTIS

Member Firm of MIDSNELL GROUP INTERNATION.AL

June 24, 2015

Mr. Jerry D. Zangar- Project Coordinator

Youth, Employment, Skills ProjectMinistry of Youth & Sports

Monrovia, Liberia

Dear Sir:

Ref: Management letter

As part of our audit, it is our responsibility to report to management our observations and

recommendations for improvement. In the audit of the Youth, Employment, Skills Project,

significant matters that could warrant a management letter did not come to our attention as

such we did not issue a separate Management Letter report.

MI-MO6NBO AND COMPANY(

CERTIFIED PUBLIC ACCOUNTANTS ( O & I

King's Building 2nd Floor P. O Box 3196 o 11 (-211-4 2549Broad & Gurley Street lo nrofvia, I iberia mrt. monboco(avahoo.cownMonrovia, Liberia

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