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Financial report and audited financial statements for the year ended 31 December 2013 and Report of the Board of Auditors.

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Presentation on theme: "Financial report and audited financial statements for the year ended 31 December 2013 and Report of the Board of Auditors."— Presentation transcript:

1 Financial report and audited financial statements for the year ended 31 December 2013 and Report of the Board of Auditors

2  Assets $377.9m (2012: $390.6m ) Includes Cash, Investments, Receivables, Advances, Other assets, Inventory and Property, plant and equipment  Liabilities $79.6m (2012: $111.6m ) Includes Accounts payables, Employee benefits and Other liabilities  Net Assets $298.3m (2012: $279.0m ) IPSAS Financial Statements Statement of Financial Position

3 IPSAS Financial Statements Statement of Financial Performance  Revenue $288.5m (2012: $223.9m ) Includes Voluntary contributions, Assessed contributions, Investment income and Other revenue  Expenses $264.1m (2012: $238.6m ) Includes Employee benefits, Contractual services, Grants and other transfers, Supplies and maintenance, Operating costs, Depreciation, Finance costs and Other expenses  Surplus $24.4m (2012: Deficit $14.6m)

4 IPSAS Financial Statements Statement V – Comparison of Budget and Actual amounts ActivitiesFinal Budget (Millions of USD) Actuals (Millions of USD) Regular budget activities Development activities Management activities Change management-0.7 Total$312.5$260.5

5 Report of the Board of Auditors For the year ended 31 December 2013

6 Audit opinion issued by the UN Board of Auditors: “In our opinion, the financial statements present fairly, in all material respects, the financial position of UN-Women as at 31 December 2013 and its financial performance and cash flows for the year then ended in accordance with IPSAS.” Unqualified Audit Opinion

7 BOA ObservationsUN-Women Response Recognition and disclosure of revenue ($1m donor pledge for voluntary contribution which should have been recognized in financial year 2012) UN-Women has procedures to support the preparation of its financial statements. UN-Women reconfirmed and demonstrated that coordination between the Strategic Partnership Division and the Finance Section is regular and consistent. UN-Women had applied its revenue recognition policy in accordance with its Accounting Policy Manual correctly. UN-Women accounted for the revenue after receiving confirmation in April Significant Observations and Recommendations for 2013

8 BOA ObservationsUN-Women Response Limited scope of inventory recognition UN-Women had widened its inventory policy in its Accounting Policy Manual during 2013 in accordance with IPSAS 12, Inventories. Furthermore, the Programme and Operations Manual was also updated in line with the Accounting Policy Manual and IPSAS 12, Inventories. UN-Women will be broader in its 2014 year-end closure instructions with regard to inventory. Significant Observations and Recommendations for 2013

9 BOA ObservationsUN-Women Response Management of property, plant and equipment (PPE): identification and recording of assets UN-Women completed the migration of the assets to the newly created business unit codes to ensure accountability of the assets by each business unit rather than by the regional offices. As a result, the biannual asset certifications are completed and submitted on time and discrepancies noted during the physical counts are investigated and resolved. Significant Observations and Recommendations for 2013

10 BOA ObservationsUN-Women Response Long outstanding project advances UN-Women has put mechanisms in place to follow up outstanding advances and, as part of its month-end closure instructions, the review of outstanding partner advances and follow up are key tasks (50% reduction in long- outstanding advances as at 30 September 2013, noted during the interim audit, and as at 31 December 2013). Significant Observations and Recommendations for 2013

11 BOA ObservationsUN-Women Response Understaffing of the procurement unit and delegation of procurement authority With the expansion of the organization’s operations UN- Women re-examined the procurement function. The procurement section was restructured; two (2) temporarily new procurement specialists were recruited around mid 2014, additional three (3) G staff will be hired in This will ensure fit between demand and the procurement resources. It will also enable the Section to centralize the procurement function at HQ. The hybrid- centralization will strengthen the management of the function as procurement will be conducted by the subject matter experts. Significant Observations and Recommendations for 2013

12 Status of Implementation of Recommendations as presented in the Report Status2012 & 2011 Outstanding Recommendations #% Implemented1359% Under Implementation 941% Total22100% Note: In its report for the year ended 31/12/2013, UNBOA provided the implementation status of recommendations for the year ended 31 December 2012 and outstanding of 2011 as indicated in the table above. 5 recommendations related to 2011 and 17 to 2012 (total 22)

13 Status of Implementation of Recommendations - Progress to date 31 January 2015 (On Target) Status #%#% Implemented1588%867% Under Implementation 212%433% Total17100%12100% Note: Progress to be confirmed by the Board of Auditors during the final audit (May 2015)

14 Thank You Comments and Questions


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