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Thanks for sharing, Chair.<br>
<br>
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.<br>
<br>
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). <br>
<br>
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.<br>
<br>
Just my thoughts.<br>
'Dewole.<br>
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<div class="moz-cite-prefix">On 6/3/2015 10:37 AM, Sunday Folayan
wrote:<br>
</div>
<blockquote cite="mid:556ECAC6.3050004@afrinic.net" type="cite">
<pre wrap="">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
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