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[rpd] Fwd: Final - Re: Final Draft - Board observations on 2014 Audit and FS - Re: [Board-Discuss] Wordsmith for Audit Report

Dewole Ajao dewole at
Thu Jun 4 09:29:51 UTC 2015

Thanks for sharing, Chair.

I have not gone through the detailed financial statements but I have
some observations based on the Board's comments document. My first AGMM
was in Lusaka 2013 and I was shocked to learn that despite commissioning
Ernst and Young (which is one of the best and most expensive in the
world), simple deadlines were not met. Two years later, KPMG was also
(in summary) not able to deliver acceptable financial statements on time.

This leads me to think that the problem may not be with these audit
companies but the way that we deal with them as an organization. I see
from the commentary that an Audit committee does exist but IMHO, if it
is to be more effective, the committee *can not* wait until reports are
submitted on deadline dates before flags are raised about the quality of
work done. I confess that I don't have the solutions but I think Afrinic
needs to be able to track the progress of external auditors as they go
along. Milestones with timelines should also be set in such a way that
we have reasonable time to recover from any issues (which should be
trivial if we follow the process as it goes).

As we have now been bitten at least twice, I think the terms of
reference may need modification to reflect the uniqueness of Afrinic so
that capable audit organizations can be identified from the get go. It
need not be by possession of a big name.

Just my thoughts.

Talk to me about low-cost high-speed Internet access anywhere in Nigeria

On 6/3/2015 10:37 AM, Sunday Folayan wrote:
> Dear Members,
> Find attached the Revised version of the financial statements, and the
> Comments of the Board on the statements after considering the report.
> The website will be updated soon.
> Best Regards ...
> Sunday Folayan
> Board Chair
> _______________________________________________
> rpd mailing list
> rpd at

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