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Awaz Foundation-CDS Management Letter Management Letter A Foundation - 30-6-2012

Transcript of ML

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Awaz Foundation-CDS

Management Letter

Management Letter A Foundation - 30-6-2012

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Table of Contents

1- General

Opening balances

2- Management accounts

Management accounts

3- Cash and bank balances

Time barred Cheques

4-Other income

Movement of balances in reserves

Management Letter A Foundation - 30-6-2012

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1. GENERAL

Opening balances

Observation:In the trial balance that was provided to us, we found that the opening balances of fixed assets and accumulated depreciation didn’t match with corresponding balances of previous audited accounts.

Implication:

Adjustments relateting to fixed assets and accumulated depreciation were not recorded in concerned ledgers.

RecommendationAdjusting journal entries proposed during audit, should be posted at the end of audit in order to update the ledgers, as well as to provide a true picture of the accounts in the trial.

Management Response:

Management agreed and posted the necessary entries.

2. MANAGEMENT ACCOUNTS

Management Accounts are not prepared

Observations:Management accounts are not prepared and provided to auditors.

Implication:Management cannot know the financial position and performance of the Foundation without preparing the accounts.

Recommendations:

Management accounts should be prepared periodically to assess the performance of ongoing projects and overall at the Foundation level.

Management Response: Peachtree accounting software does not prepare accounts that reflect the financial performance and position of overall projects and the Foundation. However the management is agreed to prepare the management accounts on monthly basis in future.

Management Letter A Foundation - 30-6-2012

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3. CASH AND BANK BALANCES

Time barred cheques

ObservationA number of cheques appearing in bank reconciliation statements have become time barred and are not presented in the bank. Following are the cheques that have become time barred.

Bank BranchCheque

NoAccount

NoDate Amount

Faysal Bank Old Bahawalpur Road 2262801 5255 08-6-2012 5,000Burj Bank Vehari Road Branch 55698 82 26-6-2012 5,200Burj Bank Vehari Road Branch 5565814 82 28-6-2012 3,000Burj Bank Vehari Road Branch 55658 82 28-6-2012 15,000MCB Vehari Road Branch 500810 171 05-5-2012 5,000MCB Main Abdali Road 500707 154 01-4-2012 10,000MCB Main Abdali Road 500942 154 28-6-2012 3,000MCB Main Abdali Road 5009846 154 28-6-2012 667MCB Main Abdali Road 500978 154 28-6-2012 9,167MCB Jam pur Branch 253374 3536-6 28-6-2012 22,501MCB Jam pur Branch 253376 3536-6 28-6-2012 19,167MCB Alipur 654367 3547-7 28-6-2012 10,667MCB Alipur 6544072 3547-7 28-6-2012 7,500

Implications:

Cash and Bank Balances and accrued liabilities are understated by Rs. 1115,869.

Recommendation:

All the time barred cheques should be reversed and a liability should be booked.

Management Response:

Time barred cheques are basically salary cheques of employees which the employees have not collected from the office yet. These are post dated cheques and the management changes the date whenever the employees demand. After the amendments have been made, Chief Executive also signed the cheque.

4. OTHER INCOME

Movement of balances in reserves

Observation: Deductions from salaries and extra salary claims from donors of long term projects are directly credited to staff benefit reserve account. According to IAS-1 movement of

Management Letter A Foundation - 30-6-2012

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balances in reserve accounts should be made through P&L. (Paragraph 65&66 Framework)

Implication:

Other income is understated.

Recommendation:We recommend that deductions from salaries and extra salary claims from donors should be initially charged to other Income then to respective reserve accounts.

Management Response

Management agreed to move the balances from other income to reserve accounts.

______________________________________________

Management Letter A Foundation - 30-6-2012


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