Executive summary on external commercial borrowings

Competitive landscape Despite recent consolidation, the analog and embedded processing markets remain highly fragmented. As a result, we face significant global competition from dozens of large and small companies, including both broad-based suppliers and niche suppliers.

Executive summary on external commercial borrowings

I am also keenly aware of the responsibilities attached to the office and for the Constitutional obligations that come with it In this report I present the results of our work for the past year.

It has seen us conduct the financial audit of the Public Accounts, compliance audits of Ministries, Departments and Agencies as well as schools and vocational institutions.

I also report on the audits of Public Enterprises and Commissions. All of these are conducted in compliance with professional auditing and ethical standards generally recognized around the world.

Not included in this report are the results of performance audits conducted by my staff. This type of audit is concerned with evaluating the economy, efficiency and effectiveness of selected government services and programmes.

My staff is completing a number of these on aspects of malaria management, delivery of potable water and fisheries, to name a few.

Executive summary on external commercial borrowings

I will be submitting Special Reports to Parliament on these matters before the end of the current year and in early I expect that performance audits will be an increasing part of our activities in future years as we build on the core team of specialists created for this valuable and useful area of professional audit practice in the public sector.

The findings from our financial and compliance audits this past year demonstrate that despite some areas of progress we have a long way to go in improving the quality of public financial management in Sierra Leone. Across all our audit entities, whether in ministries, public enterprises or schools, a pattern emerges which suggests a need to improve the most basic elements of internal control as well as systems and procedures for record-keeping, protection of assets and segregation of duties.

Annual Report 2015

The evidence suggests poor management practices and a lack of awareness that as public servants we all are accountable to Parliament and the citizens for managing public funds with due regard and probity.

We encountered many instances of breaches in procurement procedures, management of stores, poor control over banking and cash management and proper enforcement of tax regulations. The tax revenue area is of particular concern to me and this is reflected in my qualified audit opinion on the Public Accounts.

My staff has undertaken a revenue audit that deals directly and specifically with tax assessment and collection. This is a major concern for the citizens of Sierra Leone and will continue to garner my attention in I commend this report to you.

I cannot close without acknowledging my predecessor, Mrs. Anna Caesar, who served this country with distinction in a long public service career. Her contribution to the development of ASSL has been enormous. I am grateful for the well-functioning strong organization I inherit as a result of her efforts.

We wish her well in a long and happy retirement. Auditor General of Sierra Leone 2. Executive Summary Our Role The role of ASSL is to independently review the economy, efficiency and effectiveness of government as the custodian of public funds and to ensure that these are used in the manner intended by Parliament as well as being clearly and accurately reported.

This was the result of her professional judgement based on audit finding as summarised below. This was at the root of our choosing to issue a qualified opinion on the Public Accounts and had the problems encountered been pervasive would have given rise to a disclaimer of opinion, i.

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We found significant numbers of receipt books were not accounted for or available for examination. There were unidentified cash balances held in transit accounts and not transferred to the CRF at year end in a timely manner.

We also noted a significant discrepancy between NRA reported revenue and that disclosed in the Public Accounts. No breakdown on donor revenue was made available for audit and we encountered a lack of supporting documentation in a worrisome number of instances.

The Internal Audit Department, a key component of the system of internal control, although improving could be better. Many of our recommendations from previous years have not been implemented and this continues to be of considerable concern.

Ministries, Departments and Agencies We estimate there have been cash losses to the public purse of Le 80,, This has occurred for a number of reasons, some inter-related that overall suggest strongly that public financial management is not operating well in many MDAs.

These findings among many other enumerated below, do not inspire confidence that resources are being managed optimally with due regard for economy, efficiency or effectiveness or fully in accordance with the intent of our elected legislators.

Public Enterprises and Commissions In general and across virtually all Public Enterprises and Commissions the significant matters identified in the audit examinations fall into the following areas: Overall they suggest a need for greatly improved financial management with a clear focus on basic principles of internal control, e.

Schools and Vocational Institutions Based on our review of schools and vocational institutions we believe that administrative and financial management of the school system is out of control.

Responsibility and accountability rests squarely on the Ministry of Education and it is from there that corrective action needs to be initiated as a matter of the gravest urgency.

Losses from schools and other educational institutions attracted not only cash losses in respect of fees collected but there are also significant arrears in school fee payments. Basic procedures are not being observed over school fee collection, cash disbursements and procurement. In future years would hope to see evidence of improvement.

A good start would be to see the Ministry of Education follow-up on our detailed observations as set out below. Introduction Law and order and good government sit at the very core of a well-functioning State.Fiscal year compared with fiscal year Revenue increased $ billion or 8%, reflecting a full year of Phone Hardware sales and growth in revenue from our Commercial Cloud, Surface, server products, search advertising, and Xbox Live transactions.

EY Tax Alert CBDT Circular on automatic approval for foreign currency borrowings to avail lower withholding tax rate 22 Oct Tax Alerts cover. Published: Mon, 5 Dec Plagiarism Statement. The School of Business Studies views cases of plagiarism or collusion by students very seriously.

Any students who intentionally plagiarise or collude in any part of their assignments/projects or written work, threatens the values of academic work and undermines the credibility and integrity of the College’s awards.

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Fiscal year compared with fiscal year Revenue increased $ billion or 8%, reflecting a full year of Phone Hardware sales and growth in revenue from our Commercial Cloud, Surface, server products, search .

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