LJ ADDIS ABABA UNIVERSITY ADDIS ABABA INSTITUTE OF TECHNOLOGY D n LJ AFRICAN RAILWAY EDUCATION AND RESEARCH I NSTITU RE (ARERI) D n FINANCED BY -THE WORLD BANK (CREDIT NO. 5794-ET) D LJ AUDITOR'S REPORT AND ACCOUNTS D FOR THE VEAR ENDED 07 JULY 2018 LJ LJ fR LECClE ~VlE D i iu 2 9 JAN 2019 ( D ' LJ Asrat, Gezahegn and Birberssa Audit General Partnership !D Chartered Certified Accountants (UK) and I u Authorised Auditors (Ethiopia) Mobile +251(0) 930 0135 63/4 Fax +251 (O) 114 66 4134 Tel. +251 (O) 114 16 23 71 P.O.Box.20038 Addis Ababa, Ethiopia email: info@asgbpartners.com I I LJ D u D ASRAT, GEZAHEGN AND BIRBERSSA AUDIT GENERAL PARTNERSHIP Chartered Certified Accountants (UK) and Authorized Auditors (Eth) Tel. Office +251(0)11416 23 71 Mobile +251(0) 930 0135 63/4 E-mail: info@asgbpartners.com D Fax +251 (0)114 66 4134 P. 0. Box 20038 Addis Ababa, Ethiopia INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS OF ADDIS ABABA UNIVERSITY, ADDIS D ABABA INSTITUTE OF TECHNOLOGY-AFRICAN RAILWAY EDUCATION AND RESEARCH INSTITURE (ARERI) D FINANCED BY -THE WORLD BANK (CREDIT NO. 5794-ET} n Qualified Opinion We have audited the accompanying financial statements of Addis Ababa University, Addis Ababa D Institute of Technology - Africa Railway Education and Research Institute project financed by World Bank through Credit Number 5794-ET, set out on pages 4 to 10, which comprise the statement of financial position as at 7 July 2018, and the statement of income, expenditures and fund balance and the statement of reimbursable eligible expenditure programs for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, except for the effects of the matter described under the basis for qualified opinion paragraph, the accompanying financial statements give a true and fair view of the financial position of n the project as at 07 July 2018 and of the income received and expenditures paid and reimbursable eligible expenditure programs for the year then ended in accordance with Government Accounting Procedures, the Financing Agreement and other applicable national laws. D Basis for Qualified Opinion D With respect to reimbursable eligible expenditure programs included in the report at a total amount of Birr 70,847,298; we are unable to obtain sufficient appropriate audit evidence showing the eligibility criteria set by the donor. As a result, we have been unable to ascertain whether the reported balance is eligible or not. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the project's Audit Terms of Reference. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are D independent of the Project in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants, together with other ethical requirements that n are relevant to our audit of the financial statements in Ethiopia, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis D for our qualified opinion. n 1 D Responsibilities of Management for the Financial Statements Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with Government of Ethiopia Accounting Procedures and the Financing Agreement, and for such internal controls as management determine are necessary to enable the preparation of u financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Project's ability to D continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Project or to cease operations, or have no realistic alternative but to do so. 0 Auditor's Responsibilities for the Audit of the Financial Statements D Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that D an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 0 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 0 As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: D • Identify and a,ssess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not D detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override D of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the project's internal control. D • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. D • Conclude on the appropriateness .of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. D If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or,)~s~6fclj~t0frl:!t:.~s are inadequate, .,.~~?~,§.,b<-:"'"'''-'b•l! cafli;j r.f::;-~ D . 2 ,// r;,.,s\'.'-"'tlW.f: •. n ~ : C : : ~ ~ I( ~ o· ~- ~;:-::-:-1·. s,~~ ,:,\ \ % 'i. ' ' ~ 'l l ifojiHji;) .; ' ··,'<'.\'!; ~l'.!rE·iflri!d A r.ou\\l'Lv'_ ~-::'.;Ii~,, ' . C, !\;_~\,,: -...-...._...,._ ---= .-,. r'\ ~ Ii ~:::~_l', ''Mciltc!i5•\ • "--~~.s~__.,. , to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Project to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we idg.nti-fy;cfur;irrg~u.r audit . ...·~.,,.,_,_ n"Z.Ub~ ..... hYo ~.Ha(:.,f 5J1·t·"4~ 0 /j / ,,.-~-iv-:~~1,vec11nrnl Partn~ ' r0?o;:~·-,, n ,J.tl· . _,, r,·- r,f'/"'~ ----.-;.!S/Jy, f/· ;,··3 J/) "' \ .., .. · f: \ ~- · Asrat, ez hegn ~h,iht_~b~~~¥fi~P~:;!\-.f j Chartered rtifie e •k }Lwlvs _ Ministry of Finance & Economic Development Public body:- Addis Ababa lnstitute of Technology Fixed Asset lnternal Transfer Form/FATF/ Transferred From Transferred To Area: AAiT Area: AAiT Building: B-Block Building: Samsung Floor: Ground floor Floor:1 5' Floor Detail Location: property and store Detail Location: ARCE Employee Name: Aryam Benkadu Employee Name: Mihret Mulugeta lD N_g: 75787 lD N,2: ···.· l pcs ·. ~~T~¥:"::\: Printer,HL-L6200DW AAiT-102-4531-06-ARCE-455 1 5,882.00 V.Good New 2 Desktop Computer,hp AAiT-102-4531-11-ARCE-309 CZ6648774K pcs 1 20,831.34 V.Good New 3 Laptop Computer,hp AAiT-102-4531-12-ARCE-296 SCD7257V9L pcs 1 20,778.45 V.Good New 4 External Hard Disk - WXR1AB79YK52 pcs 1 4,197.50 V.Good New 5 Fax Machine,canon AAiT-102-4531-25-ARCE-461 KYU34871 pcs 1 9,428.85 V.Good New 6 pcs 1 V.Good New Office Table AAiT-102-4531-01-ARCE-242 3,499.99 7 Swivel Chair AAiT-102-4531-03-ARCE-25 6 pcs 1 3,220.00 V.Good New 8 pcs 1 V.Good New Scanner AAiT-102-4531-25-ARCE-372 5,175.00 9 UPS,Turbo AAiT-102-4531-23-ARCE-231 1706200195 pcs 1 5,750.00 V.Good New lO Wooden Shelf AAiT-102-4531-04-ARCE-389 pcs 1 9,200.00 V.Good New ll Wooden Shelf AAiT-102-4531-04-ARCE-390 pcs 1 9,200.00 V.Good New 12 Smart W.Dispenser AAiT-102-4531-23-ARCE-232 pcs 1 10,999.99 \/.Good New 13 Safe Box AAiT-102-4531-04-ARCE-295 pcs 1 14,000.00 V.Good New 14 l the undersigned receipt, hereby, certify that l have correctly counted and received the items listed above FAMU Accountant Name And Signature ~' cU-LtD \ cl - - - - - - - ------- - '.llistry of Finance & Economic Development Public body:- Addis Ababa Institute of Teclmo1ogy Fixed Asset Internal Transfer Form/FATF/ Transferred From Transferred To Area: AAiT Area: AAiT Building: B - Block Building: Samsung Floor: Ground Floor Floor: l si Floor Detail Location: Property & Store Detail Location: ARCE Employee Name: Aryam Befekadu Employee Name: Tenagne Shiferaw IDNQ: 75787 ID NQ: TOl 139 t_;_c_:_:._:;_:~i~~~fJ; ·.~, 1--~-~~--F--'---"~---'"l-"--'--'--l-'-~-"'-"~-'-'-'"'-----I·--'-"-=----"'-"-·"".''--' Group Table (2 persons) AAiT-102-4531-04-ARCE-244 Pcs 00 New 57- Group Table (2 persons) AA iT-102-4531-04-ARCE-245 Pcs 28,400 00 V.Good New 58. 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Wooden Cupboard Pcs 8,900 00 V.Good New ------- -- Public body:- Addis Ababa Institute of Teclmo1ogy Fixed Asset Internal Transfer Form/FATF/ Transferred From Transferred To Area: AAiT Area: AAiT Building: B - Block Building: Samsung Floor: Ground Floor Floor: 1st Floor Detail Location: Property & Store Detail Location: ARCE Employee Name: Aryam Befekadu Employee Name: Tenagne Shiferaw IDNQ: 75787 ID NQ: TOI 139 23. Desktop Computer HP AAiT-102-4531-11-ARCE-324 CZ6487HOW Set 20,831 34 New 24. Desktop Computer HP AAiT-102-4531-ll-ARCE-322 CZ6487718 Set 20,831 34 V.Good New 25. Desktop Computer HP AAiT-102-4531-11-ARCE-316 CZ64876ZD Set 20,831 34 V.Good New 26. Desktop Computer HP AAiT-102-4531-11-ARCE-323 CZ6487736 Set 20,831 34 V.Good New 27. Desktop Computer HP AAiT-102-4531-11-ARCE-328 CZ64876XR Set 20,831 34 V.Good New 28. Desktop Computer HP AAiT-102-4531-11-ARCE-329 CZC64876Q9 Set 20,831 34 V.Good New 29. 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'·'l?h-~. \,~ 18,51i.71 4.2 4.3 4.4 Research publication and conference funding Incentive for students publication(for example editorial assistance) Recruiting expatriate professors - - 163,356.33 544,822.00 136,205.50 5)30,291.20 (544,822.00) (136,205.50) (5,066,934.87) - - 245,727.02 816,579.00 190,556.90 . 7,485,030.71 lf\l'il~9'.00J ,~"•nvo;r;,:_ \ f ( l!l();SSJ;!".fOJ (7,Z°S1l,303.69}' ,,way ·,·, ..•;;:; ;,..·- \ y,, 2~,727.02 '>/1, - * ('ll89l7Si'!it'Oi' i/19 i.,e.r.t:a t 4.5 4.6 Arranging annual workshop and seminar Establishing and running African Railway journal - - 245,169.90 136,205.50 (245,169.90) (136,205.50) - - 489,751.20 272,084.00 (n2!oM.QQf :..-. 1ift-(..,"" ~ .. - - 4.7 Purchase of railway laboratorv equipment - 10,896,440.00 (10,896,440.00) - 20,407,935.00 20,:tf17 9ilS.m>), 'i,s~'.:.', I ':-,. - - _.,r; . l - ~ 4.8 Deputy for Industrial research and laboratories 326,893.20 (326,893.20) 544,298.80 4.9 Publication with regional author - - - .-"'- ,-."i'', ~,f) 4.1 Publication with International author - - ··,;__ ,\n,, ;.,;- i!:-'t"' t.'--- f>J .... "' "V~ 10.5 Launching and inception workshop (2 days) . . . . 625,041.10 - ,. : ' Sub-Total 612,911.08 708,268.60 (95,357.52) 825,174.42 2,208,074.36 (l,3!12;3!19..lltll -~ ' ,"~ ·"'82~74.42 .... '9., "· i';ff'/ \l'?llW~'Y: Grand Total Uses of Funds 6,837,381.30 42,666,708.19 (35,829,326.89) 10,197,914.48 68,753,332.00 (51.,555,lil 2~52) '1.Clt.'l.97,!!14.48 : -4 >\'. I Ch~•"""''"' """ ·:) ~