By Goth Mohamed Goth
The University of Hargeisa board has received the first ever auditor’s report from Noor & Co Chartered Accountant Firm that offers professional advice and consultancy services to Statutory Bodies, public and private businesses and individuals the auditing group that has done an audit at the university for the first time in its history and at the same time declaring the way learning institution manages its finances is in compliance with the international and professional Standards.
The management of UoH has in the past year employed a formal quality control system that is monitored and evaluated periodically to ensure that the learning institution Auditor’s Office is in compliance with professional standards. External, independent auditors examine office procedures for compliance with professional standards
In the report UoH management officials were exonerated of any embezzlement or misappropriation with the university’s funding.
Here are the extracts from the Auditors Reports
We have audited the abovementioned financial statements of UNIVERSITY OF HARGEISA for the year ended 31 December 2013. The financial reporting framework that has been applied in their preparation is applicable International Accounting Standards of Generally Accepted Accounting Practice (GAAP) and Generally Accepted Auditing Standards (GAAS).
Our auditors have noted no material irregularities or other discrepancies in the financial records of the university despite the fact that university has not been able to produce financial statements over the years of its existence.
In our opinion, all financial transactions of the university were fairly recorded and kept in separate files for year 2013. It should be noted, however, that it is necessary to attach costs to the university donated inventory and to bring university capital assets such as land and university buildings to current market values using properties’ appraisers and chartered surveyors.
This action will enable us produce university financial statements that are prepared in strict compliance with the generally accepted accounting principles (GAAP). Auditors realise that university records are in violation of the Generally Accepted Auditing Standards (GAAS), the Generally Accepted Accounting Principles and the Standards of Reporting Practices (SORP).
However, auditors exonerate any wrong doing from anyone of the superior officials of the university. Audit concludes that the university has to catch up with the fast moving world of educating the young and soon.