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So I have gone through the audited accounts and I have a few reservations.
Before y’all start tearing anybody to shreds here, please keep in mind that I used to work in audit for a very tiny time before joining a company being audited by KPMG yearly.
Not my first rodeo. https://twitter.com/editieffiong/status/1390937376487247881">https://twitter.com/editieffi...
Before y’all start tearing anybody to shreds here, please keep in mind that I used to work in audit for a very tiny time before joining a company being audited by KPMG yearly.
Not my first rodeo. https://twitter.com/editieffiong/status/1390937376487247881">https://twitter.com/editieffi...
The purpose of an audit is to demonstrate accountability by management (the project managers which is FemCo in this case) to relevant stakeholders. This was a public cause, one where majority of the country and even some parts of the world were invested in.
This is not FemCo organizing distribution of sanitary pads to unprivileged women (a great cause btw). This was a cause that brought most of the country’s activities to a standstill. I think there is justification for saying we hold a stake in this, and deserve accountability.
But let me not digress.
First point of concern - the donations.
The audit report confirms this was received in different currencies (local, foreign and crypto). However, the numbers were not disclosed.
This does not help with public opinion given the previous BTC wahala.
First point of concern - the donations.
The audit report confirms this was received in different currencies (local, foreign and crypto). However, the numbers were not disclosed.
This does not help with public opinion given the previous BTC wahala.
There should be foreign exchange risk, somewhere on the face of the financial statements. This is absent.
I am not sure how crypto risk is translated in the FS, so i would not give opinion on that.
Experts please help me out here.
I am not sure how crypto risk is translated in the FS, so i would not give opinion on that.
Experts please help me out here.
On to another interesting point - audit fees, or the absence thereof.
Even if audit fees were not paid, a provision must be made for it as expenses must be recognized when incurred, not paid. (IAS200)
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No provision, no payment. Was this probono? Was independence compromised?
Even if audit fees were not paid, a provision must be made for it as expenses must be recognized when incurred, not paid. (IAS200)
No provision, no payment. Was this probono? Was independence compromised?
Contingent liability relating to Legal Aid Network’s fees to be received in future not disclosed properly in line with provisions of IAS 37.
Nature, timing, assumptions of said promised payment WAS SILENT? Why?
What was the basis used to arrive at the 15m? Fee/hr? Nada.
Nature, timing, assumptions of said promised payment WAS SILENT? Why?
What was the basis used to arrive at the 15m? Fee/hr? Nada.
Another point which the general public may overlook is the lack of ICAN stamp on the face of the Financial statements.
What this means is these accounts cannot be filed with the Corporate Affairs Commision, and will not stand if used in a legal perspective (say a law case ).
What this means is these accounts cannot be filed with the Corporate Affairs Commision, and will not stand if used in a legal perspective (say a law case ).
This looks like my neighbourhood’s monthly meeting’s minutes. No tangible information apart from the one you have been giving us on yellow paper. And certainly nothing new to actually show some accountability.
A complete farce.
But that’s just me sha, what do I know?
A complete farce.
But that’s just me sha, what do I know?
Okay so the point of the stamp being missing has been disproved tonight.
I can acknowledge my mistake, but multiple people had called this out - I’m just not interested in stirring shit up unnecessarily.
We still have bigger fish to fry. https://twitter.com/oluwa_nisola/status/1391113832047595522">https://twitter.com/oluwa_nis...
I can acknowledge my mistake, but multiple people had called this out - I’m just not interested in stirring shit up unnecessarily.
We still have bigger fish to fry. https://twitter.com/oluwa_nisola/status/1391113832047595522">https://twitter.com/oluwa_nis...
So this was the earlier copy the TL saw in the afternoon. Was this deleted and reuploaded ?
Up FemCo. https://twitter.com/connect_40/status/1391133946495254530">https://twitter.com/connect_4...
Up FemCo. https://twitter.com/connect_40/status/1391133946495254530">https://twitter.com/connect_4...
