World Bank Funded Project (Cheesemanburg Landfill and Urban Sanitation Project (CLUSP)) Implemented by the Government of Liberia Through the Monrovia City Corporation (MCC) Report and Financial Statements For the Year Ended June 30, 2018 CONTENT: Page: 1. Independent Auditor's Report 3. Balance Sheet 4. Statement of Receipts and Payments 5. Notes to the Financial Statements 10. Independent Auditor's Report on the Statement of Expenditures 12. Statement of Expenditures 13 Independent Auditor's Report on the Designated Account Statement 15. Designated Account Reconciliation WorldBankFundedProject-CheemanbtrgLandfill& UrbanSanitation(CLUS)June2018 PKF Liberia Accountants & INDEPENDENT AUDITOR'S REPORT business advisers To: The Donor of the Project Monrovia City Corporation (MCC) Project Financial Management Unit (PFMU) Report on the audit of the Financial Statements Opinion We have audited the financial statements of the Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC), which comprises the Balance Sheet for the year ended June 30, 2018, the Receipts and Payments and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements present fairly in all material respects, the results of operations of the Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC) for the year ended June 30, 2018 in accordance with International Public Sector Accounting Standards (IPSAS) -Cash Basis. 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 Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC) and have fulfilled our other responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Public Sector Accounting Standards (IPSAS), 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 statement, management 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 reporting process. Tel +231-886-513 986 231-886-510 603 231-886 835-784 Email: pkfliberia@pkf.com.Ir pkfliberia@yahoo.com PKF Liberia 1 Randall Street Lara Building Fourth Floor Suite 41 P.O. Box 10-3635 1000 Monrovia 10- Liberia contact Persons: Nim'ne E. Mombo Sr., Managing Partner, Prof. D. Ansu Sonii Sr., Partner & Steven D. Seimavula, Partner PKF-Liberia is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions of inactions on the part of any other individual member firm of firms PKF 2 Auditor's Responsibilities for the Audit of the Financial Statements The objectives of our audit 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 consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. We also: * Identified 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. * Obtained 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 entity's internal control. * Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Evaluated 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. * Obtained sufficient appropriate audit evidence regarding the financial information of the entity and business activities within the Project to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the entity 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. The engagement partner responsible for the audit resulting in this independent auditor's report is Steven D. Seimavula. PKF-Libenia Accountants &business advisers Monrovia, Liberia Date: 3 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CLUSP) Statement of Financial Position For the Year ended June 30, 2018 Amount US$ Assets Cash and cash equivalents 250,865 Total Assets 258 Fund Balance Accumulated Fund Balance r 750,865 Papin Oanipls, CPA, CA Tolbert A. Kerk lah Director - Donor Financed Projects Project Coordinator PFMU Programme Implementation Unit Ministry of Finance & Development Planning Monrovia City Corporation The notes on pages 5 to 9 form an integral part of these financial statements � � � ш й � � оо � о о�о С�3 h- lf� N О б� г г 00 66 С/) �П г �Г �7 СО L1') 00 М •L = о г ФО � N � N � � о о `- > ru t� � е� М М t0 ОО о М г и С3 tП 00 ® ® М � 00 fб �% Г� М ('л г N N О 613 г и ш со г` о и �� � ti г е� и с� I г I � г г � � (Л а.�+ '^ r i о о и о � i ® �. � t9 Е�А 81 � о v �,® � ш ���,.. � °й ё17 М М @�° °O о г N t0 ау � ьл М tn 00 о ® М д• 00 �- ��� 1`- l1') CV 6j г N N О о.ш � �. и ,� г и ся � N и N � = I� 6� ® � � � е- т с- т U � � о о �- о и о оо о °о ®�mcfl° с° `...л° � ° �`° о о и и' <-tiио оо � �� ® О f� 1`� г СГ N N о �� М gh О о М сИ N N � � v о оо и ®.. � � м � г м � � � �Э С � ®в ♦.а � i'9 CD � д0 � � � N � и �р Ш � s д1. � � (6 О ® = U � ч= � � � � � � � J ~ О гл и � -п v ш _ С V � СЛ ей и � (� � С� � � Ш � � ® (6 � Ш об Ш С!а �13 аз •с � +� У � � � � �3 �+ о � (0 L '�' i � ° � С � fб О О �° � � N � р � i1. � Li1 .� J g? ч-- ®° � � -� ® � й � � � � (� U`� Q ® Р� ++ � С �у N 0 L ? � � cLc � га С и сЛ ® ,� ' N с6 � �.t> ® о со г.� � °' -° }' и о с� ш ш с ш г��ь а� _ � �•й Q и сч �� Q, � О� U�ал .С С� С � и �N c�i Q.� J•°-и� с� � С) � Ш � ..� Со о О � � � � � о о � fг >+ s� +У ги tu °*- � U а� га �- р с 4 С5 � в с�в •� ат � о � т аз � � т ' ш ш й и Ср ,� � � � сг аа +-� � U ° С� с�'а � �� с� гц � ��у аз С 3- �.. аэ гл �� U �� а � с о � �� о � °� а� °- � � °' � � и � J и ш С !У � а�ь ai � е�5 еСв s >, � �' й' й +•�+ с% О Q О О ш г ��� глш° �°О а U ��Q Е°- ш U�с�с�а �- 5 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesernanburg Landfill and Urban Sanitation Project (CLUSP)" Notes to the Financial Statements For the year ended June 30, 2018 1. General background of PFIVIU 1.1 The Government of Liberia has finalized arrangement with various institutional donors to finance a program of rehabilitation and reconstruction of the vital sectors of the economy. The Government has established a Project Financial Management Unit (PFMU) that is responsible for providing centralized accounting, disbursement and reporting services for donor funded projects and programs that are being and shall be executed by the Government of Liberia. The responsibility for the establishment and maintenance of a financial management system for projects and programs rest with the Government of Liberia through the Project Financial Management Unit (PFMU) in the Ministry of Finance and Development Planning and implementing units of the sector ministries implementing the projects. 1.2 The Project Financial Management Unit (PFMU) has been established in the Ministry of Finance and Development Planning with appropriate financial management staff to ensure that: (a) All aspects of financial management required under each project/program are carried out; (b) payments are processed expeditiously on behalf of the implementing units; (c) adequate internal controls are in place-, (d) quarterly financial monitoring reports are prepared on a timely basis-, (e) the financial information required by the implementing units are prepared on a regular basis and on time; (f) the annual financial statements are prepared on a timely basis; (g) and the annual external audit is completed on time and audit findings and recommendations are implemented expeditiously. 1 3 Project sponsorship of the Cheesemanburg Landfill and Urban Sanitation Project 1.3.1 The World Bank together with various donors established the Liberia Reconstruction Trust Fund (LRTF) on April 21, 2008. The intend of the LRTF is to support the Government of Liberia in improving its basic infrastructure in order to, (i) create an enabling environment for incremental economic growth; (ii) allow access to basic services; and (iii) build the capacity for planning and managing development Project. 6 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CLUSP)" Notes to the Financial Statements For the year ended June 30, 2018 1.4 The Project Description, Objective and Goal The objective of the project is to provide improved access to solid waste management services in Monrovia. The project consists of the following parts: Part 1: Construction of the cheesemanburg Regional Landfill and Partial Closure of the Whein Town Landfill Provision of assistance to the Monrovia City Corporation to: a) Conduct preliminary technical studies on the cheesemanburg site including hydrogeological studies and prepare the related designs and tender documents for the landfill. b) Construct the cheesemanburg landfill including the related facilities. c) Construct water supply boreholes and extend the access road to benefit the cheesemanburg community. d) Carry out activities to partially close the Whein Town landfill such as constructing a perimeter wall around the landfill and provision of cover soil and low vegetation for the slopes. e) Carry out activities to permanently close the Whein Town landfill such as installation of signage notifying the public that the landfill no longer accepts any waste. f) Carry out rehabilitation and minor upgrades to the existing transfer stations to accommodate larger waste transfer trucks. Part 2: Waste Collection and Disposal a) Provision of assistance to the MCC to purchase waste collection equipment. Part 3: Institutional Capacity Development and Technical Assistance a) Strengthen the capacity of staff at the MCC, surrounding municipalities and the EPA on solid waste management. b) Prepare a long - term waste management strategy for the Greater Monrovia including an optimization and assessment of waste recycling. c) Conduct public awareness campaigns and citizens' engagement on solid waste management. d) Provide technical assistance to carry out a study on urban planning and management in Monrovia and the neighboring municipalities. e) Provide support to the PIU to carry out project implementation activities including recruitment of a safeguard specialist and a cheesemanburg community liaison officer to assist the PlU during project implementation. 7 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CLUSP)" Notes to the Financial Statements For the year ended June 30, 2018 2. Significant accounting policies 2.1 Basis of accounting and reporting 2.1.1 The financial statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) -Cash Basis and in the manner required by the Project Grant Agreement as required by the guidelines and the Project Financial Management Procedures Manual. 2.1.2 International Public Sector Accounting Standards (IPSAS) -Cash Basis recognizes revenue only when cash is received whilst expenditures are recognized when payments are made. 2.3 Currency of reporting 2.3.1 These financial statements are expressed in United States Dollars. Cash and near cash items denominated in other currencies are translated to United States dollars at the applicable year-end rates. Transactions occurring in other currencies during the year are brought into the books of account at the prevailing rates of exchange on the dates of the respective transactions. Gains or losses arising from foreign currency transactions are reflected in expenditures for the period in which they arise. 2.4 Long-term assets 2.4.1 Long-term assets represent expenditures incurred in capital works and acquisition of property and equipment. These assets are recorded at historical cost and expensed on acquisition. A comprehensive assets register is maintained to account for and monitor the existence of such assets while in continuous use. No depreciation is charged. 3.0 Loan Receipts: World Bank GoL Total WAP Ref Number $US $US $US MFDP/CLUSP/001 700,000.00 -0- 700,000.00 MFDP/CLUSP/002 444,782.11 -0- 444,782.11 CLUSP-GoL/001 -0- 100,000.00 100,000.00 CLUS-GoL/002 -0- 100,000.00 100,000.00 CLUS-GoL/003 -0- 150,000.00 150,000.00 CLUS-GoL/004 -0- 150,000.00 150,000.00 CLUS-GoL/005 -0- 96,950.94 96,950.00 TOTAL 1,144,782.11 596,950.94 1,741,733.11 8 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CLUSP)" Notes to the Financial Statements For the year ended June 30, 2018 4.0 Cash on hand and in Bank 2018 IDA Loan -TF A5269 241,119.68 Government of Liberia 4,784.08 Government of Liberia 2,961.31 Petty Cash-ADF Special Account 2,000.00 250,865.07 5.0 Outstanding Commitments Below are schedules of outstanding commitments to contractors/vendors as at June 30, 2018: 5.1 Works - GoL Total Total Outstanding No. Contractors Commitment Disbursed Commitment USD USD USD 1. C.J. Construction 209,280.00 118,547.62 90,732.38 2. ZBJ 526,380.28 221,736.96 304,643.32 TOTAL 735,660.28 340,284.58 395,375.70 5.2 Consultancy - GoL Total Total Outstanding No. Consultants Commitment Disbursed Commitment USD USD USD 1. Amos Wendell Fahn 31,500.00 24,525.00 6975.00 2. F. Oliver Williyan, II 18,427.50 14,155.88 4,271.62 3. Emmanuel K. Dakolomah 12,600.00 9,810.00 2,790.00 4. Amos McGill 11,025.00 8,583.75 2,441.25 5. Prince Wiah 11,025.00 8,583.75 2441.25 6. Fredrick W. Cole 15,750.00 12,453.25 3,296.75 TOTAL 100,327.50 78,111.63 22,215.87 5.3 Consultancy - IDA Total Total Outstanding No. Consultants Commitment Disbursed Commitment USD USD USD 1. Tolbert A. Kerkukah 54,000.00 39,600.00 14,400.00 2. Molly B. Zinnah 27,000.00 20,025.00 6,975.00 3. Edwin D. Johnson 27,000.00 20,025.00 6,975.00 4. Elijah Geco 4,050.00 3,002.75 1,047.25 5. Wesley S. Mamulu 39,960.00 29,637.00 10,323.00 6. Success K. Harris 14,850.00 11,013.30 3,836.70 7. Patricia G.S. Quayon 7,425.00 5,506.88 1,918.12 8. Pewee B. Benson 4,050.00 3,340.75 709.25 9. Victor D. Kollie 4,050.00 2,665.75 1,384.25 10. Michael Draper 7,425.00 5,506.88 1,918.12 11. Thomas S. Casell 7,800.00 3,185.00 4,615.00 12. Harriet Peal-Keamu 38,400.00 15,680.00 22,720.00 TOTAL 236,010.00 159,188.31 76,821.69 � N V' t0 О f� г h о ° 00 г О U ° со о rn � v � о f� И ® � СР' 00 М г lt9 af? �_ �� й� смч_ � � м г lЧ М (О V' О М о М г о г ОО О Сл L� г �� ® ги r сио м v �� М М Г � � � h О _ с� cv и Г � Т � 1 1 1 1 1 1 1� 1 и � �' ^ с �- ау ° v а�э �� Е с �' и � а � ® � � � ® �� ®о йй г г и� °' с�о м � �'' с о г C5i С' с' б9 О�� О'1 ц? tf� г СО CD N fV � �� а�/i СО М N �О г L[) h О ��/� с�� г Г CV CV сл LL а Р q г Г � . о о о о о о о о о ш о °о °о о °о ® й й �� о � о о° ®о °о ° � м м �� д' о v � о о оо г г N г г М Q9 U _ с � w tл и �5 'й t�3 Q � � - сfбi �о п � s с ° � � а ш Q С �з � � ® io гs' � Ш +� г3э с гс °� 49 О �� �'' � U � _� U � iЛ � UD U с � � � С с � � О � t (6 �- � � (6 и U Ш а'' � С9 � с ® а� и с' ц � � � � � Й_ � й i и ® � с о � о � ° � � � ш� и с д� n и� а с� �® д�� с� и }' с� � � �� �ar U � � °�'s г°и о ш • � � йэ с � Е ®® го с о о ° ш о � с° г а -.! .� � с ш U > �U (� � � � р � � ° ® � �у � � т . св � с ��� с-° � о о� о о д г� � ,� � L q' � U U o�S (� � �, � �.' у ?' U � д.Э � � � и (6 ++ Q � а•�+ (�В (ll � °� � � � ® со � � � и с� о � � ® � и g С) д �г (Л � � C.i � F- О О с ,q� Q% ""� о � � � Z LL tD (` 00 PKF Liberia Accountants & business advisers INDEPENDENT AUDITOR'S REPORT ON THE STATEMENT OF EXPENDITURES To: The Donor of the Project Monrovia City Corporation (MCC) Project Financial Management Unit (PFMU) Report on the audit of the Financial Statements Opinion We have audited the Statement of Expenditures of the Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC) for the year ended June 30, 2018 including a summary of significant accounting policies and other explanatory notes. In our opinion, the Statement of Expenditures referred to above present fairly, in all material respect the authorized expenditures of the "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC) for the year ended June 30, 2018 in accordance with International Public Sector Accounting Standards (IPSAS) -Cash Basis. 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 Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC) and have fulfilled our other responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Public Sector Accounting Standards (IPSAS), 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 statement, management 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 reporting process. p Tel +231-886-513 986 , 231-886-510 603 231-886 835-784 Email: pkfliberia@pkf.com.1r pkfliberia@yahoo.com PKF Liberia - Randall Street 1 Lara Building 4 Fourth Floor ) Suite 41 P P.O. Box 10-3635 ? 1000 Monrovia 10 i Liberia contact Persons, Nim'ne E. Mombo Sr., Managing Partner, Prof. D. Ansu Sonii Sr., Partner & Steven D. Seimavula, Partner PKF-Liberia is a member firm of the PKIF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions of inactions on the part of any other individual member firm of firms PKF 11 Auditor's Responsibilities for the Audit of the Financial Statements The objectives of our audit 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 consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. We also: * Identified 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. * Obtained 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 entity's internal control. * Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Evaluated 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. * Obtained sufficient appropriate audit evidence regarding the financial information of the entity and business activities within the Foundation to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the entity 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, The engagement partner responsible for the audit resulting in this independent auditor's report is Steven D. Seimavula. KF-Libera Accountants &business advisers Monrovia, Liberia Date: . c 12 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CLUSP)" Statement of Expenditure ( Cost Categories) For the Year ended June 30, 2018 Amount EXPENDITURE: US$ Civil Works 674,070 Goods, Equipment and Vehicles 39,206 Consultants Services 395,144 Training 14,513 Operating Costs 379,487 1,.502,421 PKF Liberia Accountants & business advisers INDEPENDENT AUDITOR'S REPORT ON THE DESIGNATED ACCOUNT STATEMENT To: The Donor of the Project Monrovia City Corporation (MCC) Project Financial Management Unit (PFMU) Report on the audit of the Financial Statements Opinion We have audited the accompanying Designated Account Statement of the Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation for the year ended June 30, 2018 including a summary of significant accounting policies and other explanatory notes. In our opinion, the Project Designated Account Statements have been properly prepared, presented and accounted for and withdrawals were made for the purpose of the Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Government of Liberia through the Monrovia City Corporation (MCC) for the year ended June 30, 2018. 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 Project "Cheesemanburg Landfill and Urban Sanitation" implemented by the Monrovia City Corporation (MCC) and have fulfilled our other responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Public Sector Accounting Standards (IPSAS), 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 statement, management 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 reporting process. Tel +231-886-513 986 '231-886-510 603 231-886 835-784 Email: pkfliberia@pkf.com I- pkfliberia@yahoo com PKF Liberia Randall Street, Lara Building Fourth Floor Suite 41 P.O. Box 10-3635 1000 Monrovia 10+ Liberia contact Persons Nirine E. Mombo Sr., Managing Partner, Prof. D. Ansu Sonii Sr., Partner & Steven D. Seimavula, Partner PKF-LiLeria is a memner firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the acticns of inactions on the part of any other individual member firm of firms PKF 14 Auditor's Responsibilities for the Audit of the Financial Statements The objectives of our audit 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 consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. We also: * Identified 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. * Obtained 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 entity's internal control. * Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Evaluated 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. * Obtained sufficient appropriate audit evidence regarding the financial information of the entity and business activities within the Project to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the entity 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. The engagement partner responsible for the audit resulting in this independent auditor's report is Steven D. Seimavula. KF-Libera Accountants &business advisers Monrovia, Liberia Date: 15 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CL USP)" Designated Account Statement For the Year Ended June 30, 2018 Accounts No: 0011202584701 Account Title: Cheesemanburg Landfill and Urban Sanitation Project Bank: GN Bank Currency: USD July 1, 2017 to June 30, 2018 US$ Opening Balance - Transfer Reference -MFDP/CLUSP/001 700,000 Transfer Reference -MFDP/CLUSP/002 444,782 1,144,782 Add: Sale of - Bid Documents 152 Funds Available 1,144,934 Payments Accounted for to June 30, 2018 (903,815) Closing Balance as at June 30, 2018 241,120 16 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CLUSP) Designated Account Statement For the Year Ended June 30, 2018 Accounts No: Account Title: Cheesemanburg Landfill and Urban Sanitation Project Bank: GN Bank Currency: USD July 1, 2017 to June 30, 2018 US$ Opening Balance - Transfer Reference -CLUSP-GoL/001 100,000 Transfer Reference -CLUSP-GoL/002 100,000 Transfer Reference -CLUSP-GoL/003 150,000 Transfer Reference -CLUSP-GoL/004 150,000 500,000 Add: Sale of Bid Documents & Other Income 11,553 Funds Available 511,553 Payments Accounted for to June 30, 2018 (506,768) Closing Balance as at June 30, 2018 4,784 17 WORLD BANK FUNDED PROJECT Monrovia City Corporation "Cheesemanburg Landfill and Urban Sanitation Project (CL USP)" Designated Account Statement For the Year Ended June 30, 2018 Account Title: Cheesemanburg Landfill and Urban Sanitation Project Bank: GN Bank Currency: LRD July 1, 2017 to June 30, 2018 US$ Opening Balance - Transfer Reference -CLUSP-GoL/005 96,951 96,951 Add: Sale of Bid Documents & Other Income 2,478 Funds Available 99,429 Payments Accounted for to June 30, 2018 (96,468) Closing Balance as at June 30, 2018 2,961