BORNO STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP) AF (WORLD BANK ASSISTED PROJECT IDA NO.58480) FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 STDECEMBER 2018 TABLE OF CONTENTS CONTENT PAGE CORPORATE INFORMATION 2 REPORT OF THE AUDITORS 3 STATEMENT OF ACCOUNTING POLICIES 4 FINANCIAL POSITION 5 RECEIPTS AND PAYMENTS STATEMENT 6 CASH FLOW STATEMENT 7 SPECIAL ACCOUNT RECONCILIATION STATEMENT 8 NOTES TO THE ACCOUNTS 9 SCHEDULES 11 Page 1 BORNO STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP) AF (WORLD BANK ASSISTED PROJECT IDA NO.58480) CORPORATE INFORMATION PRINCIPAL OFFICERS BABA BURA USMAN Head of Project Financial Management Unit: AISHA MUSA SHEIKH State Project Coordinator IBRAHIM MAINA Project Accountant JIBRIN MUSTAPHA Internal Auditor ALKALI BABA KALLI Procurement Officer RAHILA G. ISHAKU Monitoring & Evaluation Officer ZANNA BUKAR Communication Officer BORNO SEPIP COORDINATION OFFICE Borno State Universal Basic Education (SUBEB) Opposite Metro Police Station Maiduguri IDA Credit: 58480 PROJECT FINANCIAL MANAGEMENT UNIT: Office of the Accountant General Musa Usman Secretariat, Maiduguri. BANKER: GT Bank Plc. Page 2 Solanke & Sulaimanu (CHARTERED ACCOUNTANTS) 20, Shehu Laminau Waq, NSTIF Building, Opp, State Specialist Hlospital, PO. Box 1573, MaiduguA Tel: 08034334122, 08055511124 E-mail: mbdovin(@-)gmailcom, solankesulaimanu@ivahoao. uk AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF THE BORNO STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP) AF (WORLD BANK ASSISTED PROJECT IDA NO. 58480) FOR THE YEARENDED 31sT DECEMBER 2018 We have audited the accompanying financial statements of Borno State - Education Program Investment Project for the period ended 31"t December 2018 set out on pages 6 to 13, which have been prepared on the basis of accounting policies set out on page 5. The project is financed by the International Development Association (lDA) credit number 58480 Respective responsibilities of the Project Management and Auditors: The State SEPIP Coordination Office (SSCO) co-ordinates the activities of the programme and as such are responsible for the preparation of these financial statements. Our responsibility as auditors is to express an independent opinion, based on our audit of these financial statements. Bases of opinion: We conducted our audit in accordance with International Standards on Auditing and World Bank guidelines. These standards and guidelines require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit includes examination, on a test basis, ofevidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimate and judgements made by the project officers in the preparation of the financial statements, and whether the accounting policies are appropriate to the project circumstances, consistently applied and adequately disclosed- We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularities or errors. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion : The financial statements, drawn up in conformity with generally accepted accounting principles and the accounting standards issued to date by the Nigerian Accounting Standards Board are in agreement with the books of account, which in our opinion have been properly kept. We have obtained all the information and explanations we required for the purpose of our audit. In our opinion, these financial statements give a true and fair view of the financial position of the Project, and of the Cash flow Statement for the period ended 31 " December 2018. The Statement of Special Account (SA) of the project have been prepared on the basis of cash deposits and withdrawals for the purpose of complying with the credit agreement and give a true and fair view of the beginning and ending balances and the account activities for the period ended 3 1" December 2018. 35 _Q19 1 jTL9w