4.5 PROGRESS IN IMPLEMENTATION OF PRIOR YEAR’S RECOMMENDATIONS
4.5.1 Discrepancies in opening and closing balances
The Statement of Receipts and Disbursements had an opening balance of $39 401 027 which was at variance with the audited closing balance of $28 010 429 as at December 31, 2011 resulting in a variance of $11 390 598. The Accountant General advised the Committee that the 2013 return was compiled and submitted for audit before the 2012 audited return was available, however the variances have been reconciled and the revised return has been submitted to the Audit. The Audit will verify the accuracy of the reconciliations during audits.
4.5.2 Collection and disbursements balances
There were significant variances in revenue collection and disbursements balances between Ministries and Treasury figures. Treasury reported total collections of $3 886 629 810 while Ministries reported collections totaling $3 767 653 638 giving a variance of $118 976 163. Disbursements to the Exchequer Account had a difference of $112 315 933 between the Ministries’ figure of $3 284 074 086 and the Treasury figure of $3 396 390 019.
The Accountant General informed the Committee that the variances have been reconciled and submitted to the Audit office. The Public Service Labour and Social Welfare (Highlands National Training Centre) has devised a training programme with emphasis on Receipts and Disbursements return. The training will be rolled out to all Accounting staff when funding is secured.
4.6 NATIONAL DEVELOPMENT FUND 2013
4.6.1 Revenue Collection and Recovery: Variances in Accounts receivables figures
The Fund disclosed $103 390 032 as accounts receivables in the financial statements while the balance from confirmations from the projects being managed by IDBZ, Zimbabwe Economic Trade Revival Facility (ZETREF) and Farmers’ World debt amounted to $221 205 034. This resulted in a variance of $117 815 002. There is a risk that public funds may not be properly accounted for and the financial statement may therefore be materially misstated. According to the Accountant General’s response the accounts receivable ledger for each debtor and the accounts receivables control were not being maintained. The variances were therefore, caused by the co-mingling of NDF and PSIP funds.
4.6.1.1 The Committee recommends that the Ministry, by 31st September, 2016, should put in place measures to avoid the co-mingling of the NDF and PSIP funds.
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