Report No: FIN-2021-45(E) 25 July 2021 MALDIVES LEARNING ADVANCEMENT AND MEASUREMENT PROJECT MINISTRY OF EDUCATION For the period from 28th June 2020 to 31st December 2020 Contents Auditor General’s Report ............................................................................................................ 1 Financial Statement Statement of Receipts and Payments ....................................................................................... 3 Notes to the Financial Statements ............................................................................................ 5 Other Information ........................................................................................................................ 9 c AUDITOR GENERAL’S REPORT TO THE MINISTRY OF EDUCATION ON THE FINANCIAL STATEMENT OF MALDIVES LEARNING ADVANCEMENT AND MEASUREMENT PROJECT (LAMP) Opinion We have audited the accompanying financial statement; Statement of Receipts and Payments for the seven months ending 28th June 2020 to 31st December 2020 and notes to this statement, which includes a summary of significant accounting policies and other explanatory information set out in pages 3 to 9, of Maldives Learning Advancement and Measurement Project (Project No.: P172631) funded by the Global Partnership for Education (GPE), and administered by the International Development Association (IDA of The World Bank). GPE Grant Agreement (Grant No.: TF0B2867) dated 28th June 2020. In our opinion, the accompanying financial statements presents fairly, in all material respects, the cash receipts and cash payments for the financial period from 28th June 2020 to 31st December 2020 and cash balances as at the period then ended in accordance with the International Public Sector Accounting Standard: Financial Reporting under the Cash Basis of Accounting. In addition, we can provide assurance that: (a) The funds provided under the Grant have been utilised for the purposes for which they were provided; and (b) The Procurement guidelines of the World Bank have been complied with in the procurement of goods and services under the project. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). 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 Management in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of management and those charged with governance for the financial statements The Management is responsible for the preparation and fair presentation of this financial statement in accordance with the International Public Sector Accounting Standard (IPSAS): Financial Reporting under the Cash Basis of Accounting. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of Auditor General’s Office | Ghaazee Building | Ameer Ahmed Magu | Male’, Republic of Maldives +960 332 3939 | info@audit.gov.mv | www.audit.gov.mv 1 financial statement that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Those charged with governance are responsible for overseeing the project’s financial reporting process. Auditor’s responsibilities for the audit of the financial statements 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 ISAs 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. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the project’s internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.  Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance of the project regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 25th July 2021 Hussain Niyazy Auditor General Auditor General’s Office | Ghaazee Building | Ameer Ahmed Magu | Male’, Republic of Maldives +960 332 3939 | info@audit.gov.mv | www.audit.gov.mv 2