& : 킥 궁 」 … · 1 쟈 : & 「 - · 녠 4 & 낚 , : … J & 걘 & · & ( , ^ \ & - / 1 , · 1 숱 1 · : ( & , J 4-6 8 9 to-j 1, 13-1,4 1_-16 17 AUD)IOR'S REPORT ON TH LBERIA~ ROADl ASSET~1~ MANGEMNT PROJECT LIBRAMP) FOR THE YERiENDE D JNE 30 2018__ IMPEMETATON NIT \MNISTRY OFPUB WORKS FNANCIAL1 MNAGEMENT: MINISTR OFl FINC &DVELOPMENT PLANNING PROEC FNANCA MAXNAGEMENT UNIT L Emaue K Baker Prgrr Mage 2 V.Lar RevsPrcrmnt Specilis Prjc Financial Manaemet Unit, Mi try of Fiac & Deve~lomet Paing t MrDai Dnes Drctor Donor Fuddrjet 2/ Mr. Leroy Fendor, Snor Project Accontan 3. M r. S bz lie Sn irntraAuio C1 erfiPli c Acot nt s MI - MONBO & C(OMPANY,1 CERTIFIEDP PBU ACClOUNTANTSPae% MGI moNBo COMPANY CEKTIFIED PUBLI ACCOU ,N IAN TS VIember Virm1 of M Il DSNEL GROU P3 N MN AT IONAI Mr. Emmanuel K. Baker Program Manager LIBRAM Pr oject Ministry of Public Works Monrovia, Liber ia Dear Sir: AUDITORS REPORT Opinion We have audited the financial statements of Liberia Road Asset Management Project (LIBRAMP), which comprise the statement of financial position as at June 30, 2018, and the statement of fund receipt and disbursement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects the financial position of the Liberia Road Asset Management Project (LIBRAMP) as at June 30, 2018, and its financial performance and cash flows for the year then ended in conformity with the Cash Basis International Public Sector Accounting Standard (IPSAS) promulgated by the International Federation of Accountants (IFAC), adopted by the Government of Liberia and IDA guidelines stipulated in the agreenent for thi project BaI for Opinion We conducted our audi in accordanc with InternaInal Standards on Aditing pr omulgated by the InentinlF:drito of Acou 3at an Inentoa4ranzto fSpee dit Institution (INTES These Standards requie ht we comply ith ethical requrements. d plan and perform the adit obtain reasnable assurance whether the proet financial ttements are free of material missta-rn1n We belicv thtteadteiec ehve obtaie iufficient and appropriate to provide a basis for our opinion. Information Other than the Financial Statements and Auditor's Report Thereon Management is responsible for the other information. The other information comprises the project narrativ report and deliverables. Our opinion on the financial statements does not cover the other informnation and we do not express any form of assurane conclusion thereon. ln connection with our audit of the financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with tC financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisstated If, based on the work we have performed, we conclude that there is no material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard or a statement that describes any material misstatement. King Buiding 2nd Floor, P 0. Box:3196 Cel: +231 886-591-646 /+231-86-489-878 Broad & Gurley Street, Monrovia, Liberla Emal: mgi_monbo@yahoo.com Monrovia, Liberka A UO S REPO RT ON TH LIRIA ROA A SSET MANAGE FMINT PROJECT (LBR MP FO HEYA ENDED JUNI 30 201 Respo.nsibilites of Managemn t and Ths haged with Governane~ for the Fin ainia Seco AcoinStdas (PAS) adote by thuoenet of Libe and ivth relevn poisin ofth PoetG t Agemn t ii esosbiit ofth management ofthe roec imlmnin Uit ofteinstry of Pbli on t he~ ProîjctFinancial ManagementUnit of th Miisryo.Fnac & eeopmnt Planing Thes retsponsiblties include; designing, implemeni r maintainn itn cnl relvan toi thpeparation anidtfarprestatiL on of fiaca sttmnts tha are fre fro materi mistatmets, wheter nue t frud r errr seectin and applyin appopiat acontigpolicies an aingestimatesdtat are reasonable in th crcumtaes Aiudio' Responsilithies for the Audit of the Finanicial Statements Our ojectve nre to nobtain reasonable assuranice about wh ethe th f inancia stat'eents aa whole ar fre fr rateril missttemet, whether due to frau orerror and tosueaauditor' reort tt inlds our op ii.easn able assu rc isahgh lvel of assurne bu int a gurnte tt an audt conducte i n accrdanc with nter naia Standards n iAuditing, will always detect a mateil misstaementwhen it- exist Msaeet can a isefrradn or rr and1 areconsidred matia f ndvidually or in h agregate, they coulId reasonablîy ibe expected to iflunce the economic decisns of users taken n ithe bais of the fin anal s taements. As par ofa udtin accordarncew itnernatia Standard on Auditn proulgated byth internattniona Fde'ration oft Accuntants and Initeruntial( Oganizatin of Suptreei Auit tinstitution (INTOSbA we exercise profesia pudgmuent ond rmantin iprofessinanl skepicismn troughout the auit Wealo i rdnify and assess the risksn of maherial mstateent of the finnci statemtsît, wA hter du to fraud or e r, design and prform audit procedures responsive to those ris, and obtain audit eviec that is uffcint and aporiateto provide a bsi fort our opiionh ris ont detecting a matuer Il- mistat~eent resuilting from frau i s Igher tan for one rsultin frm er, as fraud maiy ivlve colflusion, forgery, i intentionîal onmissious, > Oban an understanding tofiternal crol relevant to the audit in order to desigrnidit proedures that ar apoprpiate in tht ci rustaces, but not fo the pur pose of expretssin g an oinio ion th efecivnes of th ntrna contrl SEvaLae the auppropriitees of acn trig plice use and the rtasna blenes s of acoing estimatesand relted diclosures madebyîmanagementi SCoude unin the apprrîia tnes of managremet's usi o t'he ging cncern basi of acco unting and, b ased on the auit evideînce obtined, whthewr a materaria unertainty exist rlte to eventis or conittion that may castsigifiant doubt onthe Grupsabiliy to cninu as a ginig cnern If w c oncludet tat a naterial unctrtaint dexsts, we~ ar requred toidraw attention i or auitor'cs report to th rc'elatedi discoues in thue financial sttement r f such dioures ir ineuotet modnfy ou opinon Our cncluns ire based on thei auit evidenetine d up to thedate of iu audior' rpont. Howver, fture ' eventso conditions maytcaus the tprojc toces r to cotuts aging concern. MGI MONBO & COMPANY, CERTIFIED PUR!LIC ACCOUINTANTFS Page S AUDITOR'S REPORT ON THF LIBERIA ROAD ASSET MANAGEMENT PROJECT (LIBRAMP)TFOR THE YEA ,R ENDED JUNE 30, 2018 > 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. r Obtain sufficient appropriate audit evidence regarding the financial information of the activities within the project to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the project audit. We remain solely responsible for our audit opinion. > We communicate with those charged with governance 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. > We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, reated safeguards. MGI-MONBO & COMPANY CERTIFIED PUBLIC ACCOUNTANTS August 27,2018 M(JMNO&CMPN EiWF PUBIC VACCOUYTNTNiS g 6 U L 217-JN, JU 201-0UN NOT ES 2018 2017 BANK~ &I CAS BALNCE 392484 77 539 TOT AL CURR ENT ASSETS5 692,48477 558,39397 ACCUMULATED 1 FUND BAL ANCE FUDBLNC ASA JUL 1,2017 58,9 97 2,02058~9 FUDBAAC ASA JNE 30 20 J139080 (1,479,8192 TOAL ACMULAT ED FUNDBALANCE 69 484 77 r8,393 97 _ � ю � ;� - х:,.= �. ,� � � � - ���� � f{� . , : � з£��_� х ; � � , и „ . s_г sp� � _ аи ^ , ` а �в ......... . . ... NOTF' AUIO S RORT ON THI EI W R OAD ASE MANAGEMENT PROJET( IBRAMP)ORU THE VEAR ENDDJUNE 3021 N-EST T EFNACALSTTMET fro Moro tGine bordr an tomininh rdn goo condiover 10yer ?peri imlmne b iei road asse maagmetoet i (te"ret) The Govrmen of Liberia ha deignate the M inistyfpubli works (MPW) to implemen tihe Prjc throuhi irjc nml rnetto Uit (PIU) wil financiaiangemntothPrjcha Par A Cmoen 1-i wrkiiseu 2i Accounting Policies Th flingM are the significant< aconi noicies adopted in the iprepraton of these a ais of accounting The fiancial statements have ee p ee on the hitoicl cost conveni and no rcedres havel bee adpe t reet eterchne or chnges in thi eea ee of iflation. The f inania l statements weir e~ repred under Cash Baisis intetional ublici Sec tor Acco unn Standard (IPSAS) promulgated by the In ternationl Federation iof Account (IFAC), adote bythe Govermn ofLiberi andi gDA gidehne stipulatedi th agireemment frthe prjc b) Fixedassets Fie sets represent theexpenituirei redincpitalworks andmacqiin prjopert anid eqiprnent. Al fixed ass hav been w smttd at the actual ontracted c ost if purchiaser c) Fo reign Ciirrenczytranslatins Tasatin i fori currenies (curreciesi othev-r ti han thUitd Satesn Dolr) are cver at the rat ruinga the dat at whch trnsci too place Curnast iand libiite de nom inate in frign currerncie are transated at the rate of exchange ruling at the Salanc sheet dat i fixed asset at the rat nf exchange ruling at the tim iof acqisitin an rlse rsn on foegn currency transactions are credited too cha~rgd aainst i~ recurn expenitur in the ei od inwhc ekdy aise. d) Crditi rcognizd on cas bsies ad reite to< the prjc accunt whe reved MG' -4 MONHO& COMPANY,~ CRTFIED PUBLIC ACOUNANTS Page 10i AUITOR'S REPOR ON TH E UBRI ROAD ASSET MANAGEMENT PROJECTf (UBAMP FOR TH E YERENDED JUNE 30 20l UL 207-UN. JUL 206JN NOT E- 20 2017 CSHP& BANKBALANE US$ US$ TOTA x CSH &IBANKLBA LANCE 692 48477 558»397 JULI 2017-UN JUL 2'016-UN. NOT E4 2018 20117 G ANT US$ 1US$ I ACEDT DAR C PT(Ah90 1,0,000 2,64,573.25 ) ACEDT DAR E PTT 517 ,9,8.395175 (DCR DT D ( REC PYMENT:T 90 2370 05 11,0 4-9~ DA CRDIDR CT PAYMENT TF 51670 1217,283.36 4018.98 ID R I IECT A E T 998 53 29(66f5V83 TOT L>1 GRANT 13,045,209.60 5001,248 13 JUL 207-UN. JUL 2016-JUN. NOTE- 2018 2017 COMO NENT 1-CIViL WORKS US$ US$5 LO 1:' MNROVIA TO GBARNGA-WORKS 7,3780333 31,675,29.0 LO 2: GARNGA-GANTA GUINE ABORDI ER2430,763.67 15,945,16.8 SU COM NNT3 1.-EW TO RELIH ROAD TOTAL COMPONENT 1-CIVIL WORKS 9,768,567.00 47,620415.25 tUL 20 17-JUN. JUL 201 6-UN. NOTE-6 2018 2017 COMPONENT 2-CONSULTA NCV SERVICES US$ US$5 LO 1 MNITORING 0 SUP E RIN CONSULTANCY2 377,00h 1,079,73.0 LO 2 MOITOING89 SUEVSO CONSULTANCY 52,77. 1980,4 SUPERÔVISON CONSULTANCYV F ELAINTERACTION 201,48750 TECHNVCA AUIT 37,90.25 26,243.17 NTTTONALi CAPCIT BUILDIN 802.5,881 TAMLADER/CONTRACT ENIE PROCURE ME hT SPEIAIS 400 00 8,000 00 T T35124 62345 T SG 57521 51 7171230 T( IGER AR 103,10 00 OP RA MNG EXPENSES-PFMU & 914,4 48 552,60.79 TOTAL(COMPONENT 2-CONSULTANCY SE RVIC ES 3146,727 80 3,940,64420 NOTU E7 Ther WEre no fixed assets acquiredi during the period MGI- MONB0 & COMPAlY CERTFIED PUBLIC ACCOUNTlANTS Page 11 AI OR' REOR ON TH LERI ROAD ASSTMNAGEMENT PROJEC (LB A IP FOR THE YEAR E NDED UNI 30 201 DEISIGNATED( ACCONT RECONCiiTIN SATEMENT FORII TH[YAR ENDED 30 JNE~ 2018 ACCOUNI NUMBER :0113470165960 DEPOSIT ORY BANK : ECOBANK, LBRIA LI ITE LD ADDRESS : BRA STE MONRVi, LiEI DA CREDIT NUMBER :lD 4900 xD 517,T 98 CURRENCY : S JNE30, 2018 US$ DESNATE ACC U BAANE AT IUL 1 0755,939 ADVNCE/RELEisHMENT U TRNFRSFRO)M DA: OT E R RIPT (SAL OF BID DOCUMENTS 4,1 76.i00 iLE SIBRSEME NTS (2,866,7723 BALANCE AS ATJUNE 30, 2018 ' 92 484J7 MG1 - MONB I& COMPANY, CERTVFiIEDîPUBLC ACuCOUNT)ANTS Page 12 MI moNBo COMPANY CER FIVKED) Pi Bl 1 ACCOU lN iANTS :Vlember Firm of M1I1SNVL I1ROU ,N ERNATIONA L INDEPENDENT AUDITOR'S REPORT ON THE DESIGNATED ACCOUNT STATEMENT FOR THE LIBERIA ROAD ASSET MANAGEMENT PROJECT (LIBRAMP) Opinion We have audited the accompanying project Designated Account Statement of the Liberia Road Asset Managemnent Project (LfBRAMP) financed by the International Development Association Credit as stated in this report for the period ended June 30, 2018. In our opinion, the receipts have been properly accounted for and disbursernents were made for the purpose of the project in accordance with the provisions of the International Development Association Grant. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing promulgated by the International Federation of Accountants and lnternational Organization of Supreme Audit Institution (INTOSA). These Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the project financial statements are free of material misstatement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's Responsibility The Desgnated Account Statement neparation and the fair presentation of this Statement is the responrbify of the Project Fianent Management Unit (PFMI) it the Ministry of Finance & Delopmt Planing RepubiI of Liea Theespsbily nhe eigning :mpen gtig nd mntinin intern contro evant to t fr presentation of the Desinated Account ttmt tha ifrep from all maera misstateme, whether due to fraud or error, selectig and applying appi opi iate accountdng policia and making a-counting estimates that ae raonabie in the circumstances. Auditor's Res ponsibility res,nsabli i to exprss an opnir on the Deria1ed Account Statement hsed on our audit We conduced or audit n acccrdan with Interatonal Standards n Auding promulgated by the Intenatona Feeraion f Aounant. Tese tanaid reuir tha wecorplywÄh ethical reqirmets ndplni n efr h ui ooti esonb assurance whethe- the project finanial tatcca Lare. free ofmt< a isaenn King Building 2Ud Floor, P O. Box:3196 Cell: +231 886-591-646 /+231-886-489-878 Broad & Gurley Street, MonrovIa, Liberia Emaff: mgi monbo@yahoo.com Monrovia, Liberia AUDITOR'S REPORT ON THE LIBERIA ROAD ASSET MANAGEMENT PROJECT (LIBRAMP) FOR THF YEAR ENDED JUNE 30, 2018 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Designated Account Statement. The procedures selected depend on the auditor's judgment, inc lding the assessment of the risks of material misstatement of the Designated Account Statement, whether due to fraud or error. In making thse risk assessments, the auditor considers internal control relevan t to the entity's preparation and fair presentation of the Designated Account Statement in order to design audit procedures that are appropriate in the circumstances, but not for the pu pose of expre.ssing an opinion on the effectiveness of the entity's internal control. An audit also include evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management as well as evaluating the overall presentation of the Designated Account Statement. MGI-MONBO AND COMPANYN CERTIFIED PUBLIC ACCOUNTANTS August 27, 2018 MGI -- MNONBO3 &v COMPANY, LERTIFIED PUBLIC ACCOUNTIANTS Pae14 MMGI MONBOw 4 OPANY INDEPENDENT AUDITOR'S REPORT ON TH E STA TEMENT OF EXPENDITURE FOR THE LIBERIA ROAD ASSET M ANAGEMENT (LIBRAMP) Opinion We have audited the accompanyng project Statement of Expenditure of the Liberia Road Asset Maniagement Project financed by the International Development Association Credit as stated in this report for the year ended June 30, 2018 and obtained al- related information required In our opinion, the Statemient of Expenditure preseni f airly the v iew of the financial transactions of the Liberia Road Asset Management Project for the fiscal year ended June 30, 2018 is in accordance with t a Basis international Public Sector Accounting Standards (IPSAS) adopted by the Government of Liberia and relevant provision of the Gr!ant Agr eemnt Additionally, with respect to the Statements of Expenditure (SOEs), sufficient supporting documentations have been maintained in accordance with Cash Basis International Public Sector Accounting Standards promulgated by the Interntional -deration of Accountants and the requirement of the World Bank guidelines. The expenditures are eligible under the Internaional Developmnent Association Grant agreernent. Basis for Opin ion We conducted our audit ini accordance with International Standards on Auditing promulgated by the lnteirnational Feder ation of Accountants and Iernational Organization of SupiemieAudit institution (INTOS).These Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the project financial statements are free ofmaterial isistatement. We beleve that the audit evide'nce w~e have obtained is sufficient and appr opiatle to for our opinion. Management's Responsibility The Statement of Expenditure preparation and the fair presentation of this Statement is the responsibility of the Project F inancial Management Unit (PFMU) at the Ministry of Finance & Dev eloprnent Planning, Republic of Liberia. This responsibility includes: designing, iniplemnenting, and inaintaining internal control relevant to the fair presentation of the Statement of Expenditure that is free from ali material misstatement, whether due to fraud or error, selecting and applying fpipriate accountinig policies: and making accounting estimnates that are reasonable in the King Building 2nd Floo r P 0. Box:396 CJet: +231 86491-646 /+-~231-886-489-878 Broad & Gurley Street, 1Mnr i, eri gimonbC@yaoo.com Monrovia, Liberla AUDITOR'S REPORT ON THE LIBERIA ROAD ASSET MANAGEMENT PROJECT (LIBRAMP) FOR THE YEAR ENDED JUNE 30, 2018 Auditor's Responsibility Our responsibility is to express an opinion on the Statement of Expenditure based on our audit. We conducted our audit in accordance with International Standards on Auditing promulgated by the Inte national Federation of Accountants. These Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the project financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement of Expenditure. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the Statement of Expenditure, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the Statement of Expenditure 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 entity's internal control. An audit also include evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management as well as evaluating the overall presentation of the Statement of Expenditure. MGI-MONBO AND COMPANY CERTIFIED PUBLIC ACCOUNTANTS August27, 2018 MGI - MONBO & COMPANY, CERTIFIED PUBLIC ACCOUNTANTS Page 16 i IBRIAROA ASSLI M AGMLN PROJEC (BRA\M) JUJLY 1, 2017-JUNE 30, 2018 TOTAL EXPENDITURE AMOUNT PAID NO COMPONENT IID 1 COMPONENT 1-CIVit WORK 9768,567 00 2(OMPONENT 2-CONSULANY SERVICES ~ 3 46,727 80 i2,9 5,2942$0