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8/14/2019 IA-IMF 6 2011 Audit report IMF FINAL.pdf
http://slidepdf.com/reader/full/ia-imf-6-2011-audit-report-imf-finalpdf 1/12
CONFIDENTIAL
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INDEPENDENT AUDIT REPORT ON RECONCILIATION OF
THE GOVERNMENT ACCOUNTS
Ref.no. IA-IMF 6/2011
Reporting date: 15 February 2012
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I. INTRODUCTION
Based on the Attachment II Technical Memorandum of Understandig – Republic of Kosovo
Definitions and Data Reporting Requirements Under the 2010-11 SBA Arrangement with
the IMF , point 5 of paragraph I. it is performed the independent audit on reconciliation of the
government accounts.
II. SCOPE
The audit on reconciliation of the government account include the fourth quarter 2011, from 1
October 2011 until 31 December 2011, based on book date.It is a sixth independent audit report
on reconciliation of the government accounts.
III. OBJECTIVES
The audit on reconciliation of Government accounts is performed to give the reasonable
assurance that the data reported to the IMF are accurate and correct.
IV.FIELDWORK
1. We have selected 15 dates for the audit as following:
03 Oct 2011; 10 Oct 2011; 17 Oct 2011; 24 Oct 2011; 31 Oct 2011; 01 Nov 2011; 08 Nov
2011; 14 Nov 2011; 21 Nov 2011; 30 Nov 2011; 05 Dec 2011; 12 Dec 2011; 19 Dec; 23 Dec;30
Dec 2011.
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The reconciled treasury accounts were audited and double checked with the CBK accounting
system regarding the time deposits (CBK) and the interest paid from the commercial banks, also
it was verified and double checked through the commercial bank’s confirmation.
The audit report includes 6 tables as following:
Table 1.Matured time deposits at commercial banks – treasury booking ,
Table 2: Interest earned from Matured time deposits at commercial banks –
treasury booking
Table 3: Transfers from commercial banks to CBK treasury account held with
CBK
Table 4: Reconciliation check report(principal +interest PTK dividend)
Table 5: Reconciliation check report (time deposits, securities, current account
and outstanding deposits in the commercial banks)
Table 6:Reconciliation check report on end of day – daily automatic transfers
from sub to main account
The reconciled of the treasury data were checked and verified with the accounting system of the
CBK.
II. Audited figure of the reconciled time deposits at the Commercial Banks are stated in the table
1as following:
Table1. Represent the principal of matured time deposits during October 2010 as of the treasury
system based on booking date. The first column presents the references for each transaction
(principal) at commercial banks whereas the second column is principal amount, the third
column is description and the following columns are book date and source of information.
Table 1: Matured time deposits at commercial banks – treasury booking
Treasury
referencePrincipal Description Book date Source*
0.00
TOTAL 0.00
* FB = Free Balance – Treasury accounting system
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III. Audited interest paid to the Treasury by the Commercial Banks in name of the PTK
dividends. The data stated in table 2: shows the interest earned from matured time deposit at
commercial bank in the treasury reconciliation module of the treasury system. The first columnis CBK reference, in the second column is stated interest amount than the description and the
following columns are date and source of information
Table 2: I nterest earned from Matured time deposit at commercial bank – treasur y booking
Treasury
referenceInterest Description Date Source*
0.00
TOTAL 0.00
* FB = Free Balance – Treasury accounting system
IV.Audited transfer from commercial banks to the treasury account held with CBK. We checked
and verified the following data and found that the audited Treasury amount of principal + interest
is reconciled with the CBK statements. The data presented in the Table 3 were checked and
verified in the CBK’s accounting system .As it is stated in this table the first column represents
the CBK reference, whereas in the second column we represented principal amount + interestfrom the commercial banks for the PTK dividends that are entered in the CBK accounting
system as Incoming payments treasury-respective commercial bank(BPB in this case) and the
booking date. Also we checked the amounts of the principal + interest of commercial bank’s
through the bank’s confirmation, as following in table 3.
Table 3: Transfer f rom commercial bank to the treasury account held with CBK
CBK referencePrincipal +
InterestDescription
Booking
dateSource*
0.00
TOTAL 0.00
* CBK AS = CBK
Accounting System
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V. Reconciliation check report
The table 4.represent the audited principal of the time deposit of the treasury at the commercial
bank .We performed the audit and verified that the following data including the principal and the
interest earned form the commercial bank are in full compliance and shown in the bank accounts
of the Treasury. Referring to the sixth column of the table 4 stated that the difference is 0.00
(zero).
Table 4: Reconcil iati on check report (pr incipal +i nterest PTK dividend)
Principal
amountDescription
Interest
amountDescription
Principal +
Interest Difference
Treasury FB Treasury FB CBK AS*
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 €
Notice: As is shown in above 4 tables there is no any Matured time deposits, Interest earned, Transfer
from commercial bank to the treasury account and principal +interest PTK dividend.
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Table 5: Reconciliation check report (time deposits, securities, current account and outstanding
deposits in the domestic and foreign commercial banks) – Confirmation of the Treasury(MEF ).
No Date Account type Balance at CBK system
Balance at Treasury
system
1 03-Oct-11 Time deposits (CBK) 80,000,000.00 80,000,000.00
Securities(CBK) 114,692,418.00 114,692,418.00
Current Accounts(CBK) 96,343,129.00 96,343,129.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 291,035,547.00 291,035,547.00
2 10-Oct-11 Time deposits (CBK) 95,000,000.00 95,000,000.00
Securities(CBK) 114,692,418.00 114,692,418.00
Current Accounts(CBK) 63,169,450.00 63,169,450.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 272,861,868.00 272,861,868.00
3 17-Oct-11 Time deposits (CBK) 130,000,000.00 130,000,000.00
Securities(CBK) 79,782,718.00 79,782,718.00
Current Accounts(CBK) 77,880,902.00 77,880,902.00
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Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 287,663,620.00 287,663,620.00
4 24-Oct-11 Time deposits (CBK) 135,000,000.00 135,000,000.00
Securities(CBK) 79,782,718.00 79,782,718.00
Current Accounts(CBK) 79,508,525.00 79,508,525.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 294,291,243.00 294,291,243.00
5 31-Oct-11 Time deposits (CBK) 105,000,000.00 105,000,000.00
Securities(CBK) 79,782,718.00 79,782,718.00
Current Accounts(CBK) 119,903,336.00 119,903,336.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 304,686,054.00 304,686,054.00
6 01-Nov-11 Time deposits (CBK) 105,000,000.00 105,000,000.00
Securities(CBK) 79,782,718.00 79,782,718.00
Current Accounts(CBK) 95,815,751.00 95,815,751.00
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Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 280,598,469.00 280,598,469.00
7 08-Nov-11 Time deposits (CBK) 125,000,000.00 125,000,000.00
Securities(CBK) 79,899,748.00 79,899,748.00
Current Accounts(CBK) 77,120,175.00 77,120,175.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 282,019,923.00 282,019,923.00
8 14-Nov-10 Time deposits (CBK) 125,000,000.00 125,000,000.00
Securities(CBK) 79,899,748.00 79,899,748.00
Current Accounts(CBK) 59,865,635.00 59,865,635.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 264,765,383.00 264,765,383.00
9 21-Nov-11 Time deposits (CBK) 155,000,000.00 155,000,000.00
Securities(CBK) 49,949,593.00 49,949,593.00
Current Accounts(CBK) 71,205,237.00 71,205,237.00
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Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 276,154,829.00 276,154,829.00
10 30-Nov-11 Time deposits (CBK) 145,000,000.00 145,000,000.00
Securities(CBK) 49,949,593.00 49,949,593.00
Current Accounts(CBK) 72,888,020.00 72,888,020.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 267,837,612.00 267,837,612.00
11 05-Dec-11 Time deposits (CBK) 125,000,000.00 125,000,000.00
Securities(CBK) 49,949,593.00 49,949,593.00
Current Accounts(CBK) 68,252,085.00 68,252,085.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 243,201,678.00 243,201,678.00
12 12-Dec-11 Time deposits (CBK) 125,000,000.00 125,000,000.00
Securities(CBK) 49,949,593.00 49,949,593.00
Current Accounts(CBK) 68,359,499.00 68,359,499.00
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Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 243,309,092.00 243,309,092.00
13 19-Dec-11 Time deposits (CBK) 95,000,000.00 95,000,000.00
Securities(CBK) 0.00 0.00
Current Accounts(CBK) 151,431,173.00 151,431,173.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 246,431,173.00 246,431,173.00
14 23-Dec-11 Time deposits (CBK) 135,000,000.00 135,000,000.00
Securities(CBK) 0.00 0.00
Current Accounts(CBK) 49,972,653.00 49,972,653.00
Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 184,972,653.00 184,972,653.00
15 30-Dec-11 Time deposits (CBK) 105,000,000.00 105,000,000.00
Securities(CBK) 0.00 0.00
Current Accounts(CBK) 89,326,101.00 89,326,101.00
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Time deposits (outstanding)
in commercial banks 0.00 0.00
Total 194,326,101.00 194,326,101.00
Table 6: Reconci l iation check report on end of day – daily automatic transfers from sub to main
account
Date Amount at CBK Amount at Treasury No. of transactions
03-Oct-11 8,532,091.74 8,532,091.74 50
10-Oct-11 8,189,638.86 8,189,638.86 51
17-Oct-11 15,457,379.62 15,457,379.62 50
24-Oct-11 7,239,192,.69 7,239,192.69 52
31-Oct-11 15,903,468.81 15,903,468.81 52
01-Nov-11 8,427,102.90 8,427,102.90 52
08-Nov-11 8,341,115.45 8,341,115.45 55
14-Nov-11 5,846,179.58 5,846,179.58 54
21-Nov-11 8,683,009.44 8,683,009.44 52
30-Nov-11 7,562,289.71 7,562,289.71 53
05-Dec-11 6,454,919.57 6,454,919.57 52
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12-Dec-11 6,115,490.20 6,115,490.20 50
19-Dec-11 5,917,439.10 5,917,439.10 50
23-Dec-11 4,628,354.19 4,628,354.19 51
30-Dec-11 8,539,231.70 8,539,231.70 53
V. CONCLUSIONS
All the above mentioned data are reconciled by the Treasury Department of MF and agree with
the Treasury account balances held with CBK.