Auditor General's Report on the Public Accounts of Montserrat 2004

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GOVERNMENT OF MONTSERRAT – CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES A. General These are the specific principles, bases, conventions, rules and practices adopted by the Government of Montserrat in preparing and presenting public accounts. The accounting policies are based on the Finance (Administration) Act 2001- FMA - and comply with generally accepted accounting practices. The accounting policies have been applied consistently throughout the year. B. <strong>Report</strong>ing currency The reporting currency is the East Caribbean Dollar. C. <strong>Report</strong>ing period The reporting period for the Financial Statements is the financial year of the Government, which runs from 1 January to the next. D. Basis of accounting The financial statements comply with generally accepted accounting practices. The measurement base applied is historical cost. The cash basis of accounting has been used consistently during the year. Receipts are recorded when cash is received and payments are recorded when cash is paid. E. Revenues The Government of Montserrat maintains a Consolidated Fund into which all revenues and moneys raised or received for purposes of Government are paid (FMA S8). These accounts show the revenues collected and received in the year ended 31 December 2004. The revenues consist of tax collections, non tax collections, grants and loans as detailed in the accounts. 56
F. Expenditure Expenditure for Government of Montserrat consists of the expenditure made out of the Consolidated Fund in regard to payments made in the year ended 31 December 2004. G. Development Programme Account The Government of Montserrat maintains a Development Programme Account as part of its Consolidated Fund in accordance with FMA S15 into which are paid moneys collected and received to meet its development expenditure. H. Receivables As these accounts are maintained on the cash basis of accounting, the Statement of Assets and Liabilities does not include moneys receivable by the Government of Montserrat as at 31 December 2004. However, the amounts that are receivable by Government that can be identified are shown in the schedules to these accounts. The receivables include arrears of revenues. I. Liabilities The Statement of Assets and Liabilities does not include moneys owed by the Government of Montserrat as at 31 December 2004. Those amounts owed by Government that can be determined have been reflected in schedules to the accounts. J. Investments Investments held by the Government of Montserrat include those investments held as at 31 December 2004. The investments which include fixed deposits are shown on the face of the Statement of Assets and Liablities. However, in future years, in accordance with the cash basis of accounting such investments will only reflect those which are expected to be realized in near future. 57
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REPORT OF THE AUDITOR GENERAL ON TH
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TABLE OF CONTENTS ABBREVIATIONS USE
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REPORT OF THE AUDITOR GENERAL ON TH
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Description Amount (EC$) Consolidat
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CHAPTER 1 1.0 INTRODUCTION 1.1 <str
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1.4 Purpose of Audit Office 6. The
Page 13 and 14: 13. The first draft of the 2004 Ann
Page 15 and 16: 2.2 Movement of Assets and Liabilit
Page 17 and 18: of realism of the budget and the ex
Page 19 and 20: 38. Table 3 below provides a compar
Page 21 and 22: 43. The Inland Revenue and the Cust
Page 23 and 24: 55. The graph below highlights expe
Page 25 and 26: Emergency Department 168,587 Legal
Page 27 and 28: 2.5 DEVELOPMENT FUND 2.5.1 Statemen
Page 29 and 30: to be done to ensure that all accou
Page 31 and 32: that GOM should have been making co
Page 33 and 34: 3.1.4 Recruitment Process and Appoi
Page 35 and 36: 110. We therefore reiterate that it
Page 37 and 38: deposited or overpaid. Most of this
Page 39 and 40: Location Amount Outstanding 2004 EC
Page 41 and 42: areas. Management should therefore
Page 43 and 44: 3.13 PUBLIC LIBRARY 3.13.1 Trust Fu
Page 45 and 46: 4.7 Montserrat Electricity Services
Page 47 and 48: CHAPTER 5 5.0 THE OFFICE OF THE AUD
Page 49 and 50: Revenue 175. The positive variance
Page 51 and 52: Working Paper Preparation Systems-b
Page 53 and 54: ACKNOWLEDGEMENT AND APPRECIATION Th
Page 55 and 56: Montserrat, and the sums expended h
Page 57 and 58: APPENDIX 1 GOVERNMENT OF MONTSERRAT
Page 59 and 60: CONSOLIDATED REVENUE FUND - 2004 An
Page 61 and 62: GOVERNMENT OF MONTSERRAT DEVELOPMEN
Page 63: CASHFLOW STATEMENT 2004 (with compa
Page 67 and 68: 10. Advances to Other Government Ad
Page 69 and 70: APPENDIX 2 NO. 07 OF 2001 AUDIT ACT
Page 71 and 72: "Public Body" for the purposes of t
Page 73 and 74: Auditor General in
Page 75 and 76: (g) adequate regulations, direction
Page 77 and 78: audit or any duties incompatible wi
Page 79 and 80: the provisions of section 10 (1)(d)
Page 81 and 82: Government together with any reserv
Page 83: APPENDIX 3 OFFICE OF THE AUDITOR GE
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Auditor General's Report on the Public Accounts of Montserrat 2004

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