Presentation on theme: "Financial report and audited financial statements"— Presentation transcript:
1Financial report and audited financial statements for the year ended 31 December 2013 and Report of the Board of Auditors
2IPSAS Financial Statements Statement of Financial Position Assets $377.9m (2012: $390.6m)Includes Cash, Investments, Receivables, Advances, Other assets, Inventory and Property, plant and equipmentLiabilities $79.6m (2012: $111.6m)Includes Accounts payables, Employee benefits and Other liabilitiesNet Assets $298.3m (2012: $279.0m)
3IPSAS Financial Statements Statement of Financial Performance Revenue $288.5m (2012: $223.9m)Includes Voluntary contributions, Assessed contributions, Investment income and Other revenueExpenses $264.1m (2012: $238.6m)Includes Employee benefits, Contractual services, Grants and other transfers, Supplies and maintenance, Operating costs, Depreciation, Finance costs and Other expensesSurplus $24.4m (2012: Deficit $14.6m)
4IPSAS Financial Statements Statement V – Comparison of Budget and Actual amounts ActivitiesFinal Budget(Millions of USD)ActualsRegular budget activities8.18.0Development activities251.9205.1Management activities52.546.7Change management-0.7Total$312.5$260.5
5Report of the Board of Auditors For the year ended 31 December 2013
6Unqualified Audit Opinion 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.”
7Significant Observations and Recommendations for 2013 BOA ObservationsUN-Women ResponseRecognition 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 2013.
8Significant Observations and Recommendations for 2013 BOA ObservationsUN-Women ResponseLimited scope of inventory recognitionUN-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.
9Significant Observations and Recommendations for 2013 BOA ObservationsUN-Women ResponseManagement of property, plant and equipment (PPE): identification and recording of assetsUN-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.
10Significant Observations and Recommendations for 2013 BOA ObservationsUN-Women ResponseLong outstanding project advancesUN-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).
11Significant Observations and Recommendations for 2013 BOA ObservationsUN-Women ResponseUnderstaffing of the procurement unit and delegation of procurement authorityWith 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.
12Status of Implementation of Recommendations as presented in the Report 2012 & 2011 Outstanding Recommendations#%Implemented1359%UnderImplementation941%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)
13Status of Implementation of Recommendations - Progress to date 31 January 2015 (On Target) 20122013#%Implemented1588%867%UnderImplementation212%433%Total17100%12Note:Progress to be confirmed by the Board of Auditors during the final audit (May 2015)