Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 AUDITOR GENERAL'S REPORT On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 December 2021 P. Garswa Jackson Sr., ACCA, CFIP, CFC Auditor General, R.L. 0 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 Table of Contents Opinion ................................................................................................................................... 3 Basis for Opinion ...................................................................................................................... 3 Management’s Responsibility..................................................................................................... 3 Auditor’s Responsibility ............................................................................................................. 4 STATEMENT OF RECEIPTS AND PAYMENTS ............................................................................... 5 STATEMENT OF FUND BALANCE AND CASH STATUS .................................................................. 6 STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS ............................................ 7 STATEMENT OF FINANCIAL POSITION ...................................................................................... 8 NOTES TO FINANCIAL STATEMENTS ......................................................................................... 9 1 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 ACRONYMS USED Acronyms/Abbreviations/Symbol Meaning ACCA Association of Chartered Certified Accountant AFP Audit Focal Person AG Auditor General CFC Certified Financial Consultant CFIP Certified Forensic Investigation Professional COSO Committee of Sponsoring Organization CPA Certified Public Accountant FSs Financial Statements GOL Government of Liberia YOP Youth Entrepreneurship & Employment Project IAU Internal Audit Unit IDA International Development Association IFRs Interim Financial Reports INTOSAI International Organization of Supreme Audit Institutions IPSASs International Public Sector Accounting Standards ISSAIs International Standards of Supreme Audit Institutions OFM Office of Financial Management PSC Project Steering Committee PCO Project Coordination Office PIM Project Implementation Manual QPR Quarterly Progress Report SOE Statement of Expenditures ToR Term of Reference 2 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 December 31, 2021 Hon. Dester Zeogar Wilson Minister Ministry of Youth and Sports Monrovia, Liberia Dear Hon. Wilson: RE: AUDITOR GENERAL’S REPORT ON THE FINANCIAL STATEMENT AUDIT OF THE YOUTH OPPORTUNITY PROJECT (YOP). Opinion We have audited the accompanying financial statements of the Youth Opportunity Project (YOP) for the fiscal period ended June 30, 2021 financed through YOP: P146827; Credit No. IDA 56210 which comprise the statements of Receipts and Payments, Statement of Comparison of Budget and Actual Amounts and a Summary of significant Accounting Policies and other explanatory information. In our opinion, the accompanying financial statements (YOP: P146827; Credit No. IDA 56210) present fairly, in all material respects, the Statement of Receipts and Payments as at June 30, 2021, Statement of Comparison of Budget and Actual Amounts and a summary of other accounting policies and explanatory notes for the fiscal period then ended in accordance with International Public Sector Accounting Standards (IPSAS) Cash Basis of Accounting. Basis for Opinion We conducted our audit in accordance with International Standards of Supreme Audit Institutions. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements Section of our report. We are independent of the entity in accordance with the Code of Ethics for Supreme Audit Institutions together with the ethical requirements that are relevant to our audit of the financial statements in accordance with the World Bank guideline and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management’s Responsibility Management is responsible for the preparation and fair presentation of the financial statements in accordance with IPSAS Cash Basis, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing its ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to cease operations, or has no realistic alternative but to do so. The YOP Management is responsible for overseeing the Project’s financial reporting proc ess. 3 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 Auditor’s Responsibility Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISSAIs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Monrovia, Liberia December 2021 4 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 June 30, 2021 The notes found on page 9-13 are integral part of these financial statements 5 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 June 30, 2021 The notes found on page 9-13 are integral part of these financial statements 6 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 The notes found on page 9-13 are integral part of these financial statements 7 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 June 30, 2021 The notes found on page 9-13 are integral part of these financial statements 8 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 9 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 10 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 11 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 12 Ensuring Accountability of Public Resources Auditor-General’s Report On the Financial Statement Audit of the Youth Opportunity Project (YOP), Project: P146827 Credit Number: IDA 56210 & TF A9505 For the period July 1, 2020 to June 30, 2021 Balance as at June 30, 2021 13 Ensuring Accountability of Public Resources