City asset register finally in place
The Office of the Auditor General took issue with the accounting used to account for the City of Windhoek’s income contributed from public-private partnership agreements.
25 November 2021 | Local News
The City of Windhoek says it has completed its asset register despite concerns raised by the Office of the Auditor General (AG) that the municipality was not implementing its asset management policy with regards to the classification of its properties.
Speaking on the matter, acting CEO Jennifer Comalie said the City was now in the know regarding its assets.
“We have a fully fixed asset register in place. We know where our assets are,” she asserted.
According to her, the City was also on course to submit its financial statements to the AG.
“We are pleased we can say the City audit reports are complete. We are busy with the 2021 financial year; we are getting ready to submit those to the AG,” Comalie said.
In a report, the AG stated that the City’s audit evidence submitted was an insufficient and inappropriate basis for an opinion to be formed.
“No evidence that the municipality is implementing the asset management policy with regards to the classification of properties held for sale in the ordinary course of operations or in the process of construction or development for such a sale as inventory,” the AG said.
It also questioned discrepancies with regards to the City’s property, plants and equipment.
“Property, plants and equipment is overstated by N$32 million due to differences in property sizes and valued between the fixed asset register and E-planner,” the AG said.
It further took issue with the accounting used to account for income contributed from public-private partnership agreements.
“Management created a liability instead of recognising income,” the AG said.