Annual Report 2005 - Institute of Policy Studies of Sri Lanka

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Financials__Report of the Auditor General52__________ Annual Report 2005
FinancialsManagement Response to the Audit ReportInstitute of Policy StudiesManagement Response to the Report of the Auditor General on the Accounts forthe Year Ended 31 December 20052.2 Comments on Accounts2.2.1 Accounting DeficienciesManagement Response:Assets transferred from other institutions refer to an amount of Rs. 2,144,144, which has been recorded asassets transferred, from previous years, going back to 1996. This is the value of assets transferred from Phase1 of this project. (Currently Phase IV is in operation). It should be noted that this is an item that was in thebooks since 1996. Due to the time period that has lapsed it is not possible to obtain the details required. Thishas been communicated to the auditors in previous years as well.2.2.2 Non Compliance with Laws, Rules and Regulations etc.Audit Report:(a) Sri Lanka Accounting Standards(i) Management Response:The investment income of Rs. 11,559,482 has not been shown in the cash flow statement as the investmentincome is re-invested. The cash and cash equivalents held for dealing purposes includes this amount. Thereforethis is as per SLAS 9. This was communicated to the auditors in writing.(ii) Management Response:Computers sold in the year have been disclosed in the final accounts. Please refer Note no: 2 of the “Notes tothe Accounts as at 31 st December 2005” of the final accounts.Management Response:The HPP Unit was not terminated. The senior researcher of the HPP Unit resigned in 2005. HPP work, inkeeping with the research agenda of the Institute is currently carried out by staff members of IPS.(b) Financial RegulationsManagement Response:The Institute of Policy Studies (IPS) was created as an autonomous research institute, by an Act of Parliament.The IPS was envisaged as a policy “think tank” that would have the operational freedom and resources toengage in socio-economic research requiring long term commitment. Although closely linked to the policymaking process, its financial and administrative independence enables it to be both constructive and critical.Therefore by its very nature the IPS is not required to administratively conform to obtaining the approval ofthe Ministry of Finance in its operations. The IPS does not come under the Government of Sri LankaAdministrative Regulations (ARS) and Financial Regulations (FRS).2.2.3 Lack of Evidence for AuditManagement Response:As already communicated and disclosed to the auditors all debtors are less than one year and all creditors areless than one year. Therefore an aged analysis is not relevant.Cont’d ..........................53__________ Annual Report 2005
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IPS Mission & Goals, Board of Gover
Page 5: Executive Director’s Overview2005
Page 8 and 9: IPS PeopleResearch StaffDushni Weer
Page 10 and 11: IPS PeopleAdministrative & Support
Page 13 and 14: IPS Research ThemesPost Tsunami Rec
Page 15: IPS Research ThemesInternational Ec
Page 21: IPS Research ThemesLabour, Employme
Page 24 and 25: IPS Research Themes__Public Enterpr
Page 26 and 27: IPS Research Themes__Agricultural E
Page 28 and 29: IPS Research Themes__Poverty & Soci
Page 30 and 31: IPS Research ThemesEnvironmental Ec
Page 32 and 33: IPS Research ThemesGovernanceIPS re
Page 34 and 35: Photo GalleryLaunch of IPS report o
Page 36 and 37: Linkages & NetworkingThe IPS has es
Page 38 and 39: IPS Support Services__LibraryDe-sel
Page 40 and 41: IPS Support ServicesInformation Sys
Page 42 and 43: Training & DevelopmentResearch Staf
Page 44 and 45: Conferences, In-House Seminars & ..
Page 46 and 47: Conferences, In-House Seminars & Bo
Page 48 and 49: IPS PublicationsPublications of 200
Page 50 and 51: IPS Publications__Publications of 2
Page 52 and 53: IPS PublicationsForthcoming Publica
Page 54 and 55: Financials__Report of the Auditor G
Page 58 and 59: Financials__Management Response to
Page 60 and 61: FinancialsIncome & Expenditure Stat
Page 62 and 63: FinancialsNotes to the Accounts as
Page 64 and 65: Financials__Notes to the Accounts a
Page 66 and 67: Two Decades at a Glance 1985 -20051
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Annual Report 2005 - Institute of Policy Studies of Sri Lanka

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