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ALL of the East
African Community (EAC)'s organs, institutions and projects have
received an unqualified opinion from independent auditors' judgment.
The EAC Audit
Commission, which met in Entebbe, Uganda, came out with the opinion that
the
financial statements of the six-country bloc are fairly and
appropriately presented, without any identified exceptions and in
compliance with Generally Accepted Accounting Principles (GAAP).
The EAC Secretary
General, Ambassador Liberat Mfumukeko, shared the good news on social
media through his Twitter Account, disclosing that he had met the
Commission.
"We met in Entebbe
with the EAC Audit Commission. For FY (Financial Year) 2018/2019, all
EAC organs, institutions and projects got an unqualified clean) opinion.
Good progress in
the management of the Community is confirmed," said the SG. An
unqualified opinion is compared to a qualified opinion, in which the
auditor has determined that there is a material issue with regard to
accounting policies - but one that does not misrepresent the factual
financial position.
Qualified opinions may also be issued if the financial statements deviate from GAAP or have inadequate disclosure.
If the financial
statements have been truly misrepresented or misstated, the auditor
might report an adverse opinion or a disclaimer of opinion.
On June 9, last
year, the East African Legislative Assembly (EALA) considered and
approved budget estimates for the FY 2018/2019, totaling 99,770,716 USD.
Subsequently, the House also passed the EAC Appropriation B ill 2018 to anchor the said budget.
The then
Chairperson of the EAC Council of Ministers, and Second Deputy Prime
Minister, Republic of Uganda, Dr Ali Kirunda Kivenjija, presented the
Budget a week before.
From the budget,
East African Community Secretariat got $46,693,056), EALA ($ 17,885,852)
and the East African Court of Justice ($ 3,982,446).
The
Inter-University Council for East Africa was to receive $6,847,969, Lake
Victoria Basin Commission ($ 13,357,673) while $ 2, 518,137 was
earmarked for the Lake Victoria Fisheries Organisation.
On their part, the
East African Science and Technology Commission had to receive $
1,661,779, East African Kiswahili Commission $ 1,605,353 and the East
African Health Research Commission $ 4,204,032.
The East African
Competition Authority was to benefit from $ 1,014,418 in the FY 2018/19.
The B udget was financed by partner state contributions through the
ministries of EAC affairs ($ 50,227,920); ministries responsible for
education - ($ 4,466,210) and ministries responsible for fisheries ($
1,551,032).
Development
partners were to support the Community to the tune of $ 42,925,613 while
member universities were supposed to inject in to the kitty $ 333,970.
The miscellaneous revenue was pegged at $ 265,971.
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