. AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 30th 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEMENT PROJECT: IDF GRANT NO. TF02238-6R Financial Statements June 30, 2017 (Expressed in United States Dollars) rf•I 268 462 8868 Rn,,d 111d r aruvat Ga,dcns IBDO ('lr F.KtrJr I 26cHt,2 886'l PO Box 3109 268 ,162 8992 ~t Jo1'n s F 1X 768 ·162 8808 ,\nt1Qu;i INDEPENDENT AUDITORS' REPORT To The Project Coordinator AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 30th 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEMENT PROJECT: IDF GRANT NO. TF02238-6R Opinion We have audited the fina ciah sta ernen of the resources managed during the period from May '24, 2010 to Ju11e 30, :ZO 7 by the ro ct Manage ent IJt(t under the SEMCAR Budget aqd Revenue Sy~tems Errhancernent Project: DF Graf! _No. Tf02238-6R which comprise the statement o financial posttion as at une 30, "2017, the staternen ··of receipts and payments, project funds and cash flows for the period then ended, and notes, comprising significant accounting policies and other explanatory information. In our opinion. t e accornpanyiqg financial statement-:pres-ent fairly. in l.l m atejfaC respects. the financial position of tbe P eject, as .at June 30, 2017, and its financial performance -and its cas~ flows for the penod then ended m accordance with t e World Bank Guidelines. 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 Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project in accordance with the International Ethics Standards Board for Accountants· Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Antigua and Barbuda, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Matter Without modifying our opiruon, we draw attention to Note 2 to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the Project to comply with the financial reporting provisions of the World Bank. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the Project and the World Bank and should not be used by or distributed to parties other than the Project or the World Bank. Responsibilities of Management and Those Charged with Governance for the Financial Statements The Project Management Unit is responsible for the preparation and fair presentation of the financial statements in accordance with the Worlp Bank Guidelines, 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, the Project Management Unit is responsible for assessing the Project's 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 liquidate the Project or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Project's financial reporting process. f\t.f r 1-.t" ., ,i. , , n ~, .vmli t '\Hin 1t_-,qn1 e•, J , .. J,'olq .... J ,\flfl.ji II d H.uh1JCJ.\. •it I lt' 11 .w I I lmu.,-11 rn,J .he (,a., JdHlf'l ; 1 n,•mt~(·r ,t 6Ck.'. 1nt1·r1ut1011 ti l unue J. 1 a,. .,,,,r u ~ 11tilt....,I r,.,. "'1J.tr.11ir,~ ,l!"•1l f1 ''"' -H? ,t tt•c n1 1n.111or H l 1 "Id ,.,.t:lo ,I ndf'f;..t"1'lt1•~,., 11,'lnh,•r f',m· AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 301n 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEME NT PROJECT: IDF GRANT NO. TF02238-6R . Statement of Financial Position At June 30, 2017 (Expressed In United States Dollars) 2017 Assets Cash at bank s 701351 Total Assets s 70,351 Fund Balance Project Funds s 70i351 Total Fund Balance s 701351 APPROVE;}j Permanent Secretary The accompanying notes on pages 7 to 10 form an integral part of these financial statements. 3 AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 30th 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEMENT PROJECT: IDF GRANT NO. TF02238-6R Statement of Project Funds For the period from May 24, 2016 to June 30, 2017 (Expressed in United States Dollars) Project Funds Excess of receipts over expenditure being net increase in cash $ :. . : :.L .70 ,3 5:....:. =..: 1 Balance at June 30, 2017 $ _., 70 ,_ 1 35_ The accompanying notes on pages 7 to 10 form an integral part of these financial statement. 5 AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 30th 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEMENT PROJECT: IDF GRANT NO. TF02238-6R Notes to Financial Statements June 30, 2017 (Expressed in United States Dollars) 1. Project: The objective of the SEMCAR Budget and Revenue Systems Enhancement Project: IDF Grant No. TF02238-6R (the Project) is to upgrade or modernize selected information technology systems of eligible public sector institutions of the Beneficiary Countries. The financial statements reflect the resources managed by the Ministry of Finance and Corporate Governance under the SEMCAR Budget and Revenue Systems Enhancement Project Grant No. TF02238-6R. Background: On March 16, 2016 the Government of Antigua and Barbuda (GOAB) received approval for a grant from the World Bank acting as administrator of grant funds provided by the Canadian Department of Foreign Affairs, Trade and Development under the Multi-Donor Trust Fund, Supporting Economic Management in the Caribbean (SEMCAR) in the amount of seven hundred thousand United States Dollars (US$700,000) for the installation of infrastructure equipment for the Automated System for Customs Data (ASYCUDA World). The development objective of the SEMCAR initiative is to upgrade or modernize selected information technology systems of eligible public sector institutions within the Caribbean. Specifically for Antigua, the project will provide support to procure selected hardware and software equipment for the successful implementation of ASYCUDA World. The Project components are: 1. Providing support for selected hardware equipment and software licenses for the implementing of ASYCUDA World; and 2. Provision of support for project management, i.e. carrying out audits; carrying out financial management and procurement; monitoring and evaluation of project activities; providing training; and operating costs. The Project, which is being implemented by a Project Management Unit (PMU) in Antigua and Barbuda has an implementation period of May 24, 2016 to April 30, 2017. The PMU has facilitated the signing and implementation of the following contacts: • The supply of server equipment; • The supply of firewalls, switches and routers; • The supply of desktops and laptops; • The supply of oracle licenses; • The supply of the data replication software licenses; • The supply of helpdesk software licenses. 7 AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 30th 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEMENT PROJECT: IDF GRANT NO. TF02238-6R Notes to Financial Statements (cont'd) June 30, 2017 (Expressed in United States Dollars) 4. Restricted Use of Funds: The Agreement requires that funds available in the Project Account be restricted to the Project uses only. Any Project funds available at the end of the Project should be returned to the World Bank/lDF. 5. Cash: 2017 Eastern Caribbean Amalgamated Bank US$ Project Account s 70,423 EC$ Account (72) 70,351 6. Committed Payments: Committed payments relates to expenditure for transactions in respect of activities within the contract period that were incurred and billed within the contract period and settled in the subsequent period. These transactions cannot be included in the statement of financial position because this statement is prepared on a cash basis. These amounts are eligible expenditure and have been summarised as follows: 2017 External audit fees $ __ 5 _ ,6 9 3_ 9 AUDIT OF THE RESOURCES MANAGED DURING THE PERIOD FROM MAY 24th 2016 to JUNE 30th 2017 BY THE PROJECT MANAGEMENT UNIT UNDER THE SEMCAR BUDGET AND REVENUE SYSTEMS ENHANCEMENT PROJECT: IDF GRANT NO. TF02238-6R Additional Information To The Financial Statements For the Period from May 24, 2016 to June 30, 2017