Noor & Co audit firm exonerates university management from any financial malpractices
By: Yusuf M Hasan
HARGEISA (Somalilandsun) – The University of Hargeisa has been certified as financial stable.
This was divulged in an auditor report by Noor & Co a firm of certified accountants that audited the institution’s financial records for the year ended 31st Dec 2013.
“Though the university has never been audited since inception almost a decade ago we found the institution to be in a stable status financially” read the Noor & Co report
Despite the thumbs up given the institution the auditors also established that the accounting department thence the Hargeisa University has never produced any financial statements since inception
Below is a statement from the auditing firm of Noor and Co
AUDITORS REPORT TO THE MANAGEMENT OF UNIVERSITY OF HARGEISA
We have audited the abovementioned financial statements of UNIVERSITY OF HARGEISA for the year ended 31 December 2013. The financial reporting framework that has been applied in their preparation is applicable International Accounting Standards of Generally Accepted Accounting Practice (GAAP) and Generally Accepted Auditing Standards (GAAS).
Our auditors have noted no material irregularities or other discrepancies in the financial records of the university despite the fact that university has not been able to produce financial statements over the years of its existence. In our opinion, all financial transactions of the university were fairly recorded and kept in separate files for year 2013. It should be noted, however, that it is necessary to attach costs to the university donated inventory and to bring university capital assets such as land and university buildings to current market values using properties’ appraisers and chartered surveyors. This action will enable us produce university financial statements that are prepared in strict compliance with the generally accepted accounting principles (GAAP). Auditors realise that university records are in violation of the Generally Accepted Auditing Standards (GAAS), the Generally Accepted Accounting Principles and the Standards of Reporting Practices (SORP). However, auditors exonerate any wrong doing from anyone of the superior officials of the university. Audit concludes that the university has to catch up with the fast moving world of educating the young and soon.