Annual general report of the controller and - Parliament of Tanzania
Annual general report of the controller and - Parliament of Tanzania
Annual general report of the controller and - Parliament of Tanzania
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1.3 Responsibilities <strong>of</strong> <strong>the</strong> Board <strong>of</strong> Directors <strong>and</strong> Chief<br />
Executive Officers<br />
The responsibility for <strong>the</strong> preparation <strong>and</strong> presentation <strong>of</strong><br />
<strong>the</strong> financial statements for audit purposes lies with<br />
individual Board <strong>of</strong> Directors <strong>and</strong> <strong>the</strong> Management <strong>of</strong> <strong>the</strong><br />
Public Authorities. International Financial Reporting<br />
St<strong>and</strong>ard (IFRS 1) <strong>and</strong> International Accounting St<strong>and</strong>ards<br />
(IAS 1) specifies <strong>the</strong> types <strong>of</strong> financial statements to be<br />
prepared. Public Authorities in <strong>Tanzania</strong> are required to<br />
prepare <strong>the</strong>ir financial statements in compliance with <strong>the</strong><br />
International Financial Reporting St<strong>and</strong>ards (IFRS) or <strong>the</strong><br />
International Public Sector Accounting St<strong>and</strong>ards (IPSAS)<br />
depending on <strong>the</strong> nature <strong>and</strong> objectives <strong>of</strong> <strong>the</strong> Public<br />
Authorities in question. This is in line with <strong>the</strong> decision<br />
taken by <strong>the</strong> National Board <strong>of</strong> Accountants <strong>and</strong> Auditors<br />
<strong>and</strong> endorsed by <strong>the</strong> Government that effective from July<br />
2004 <strong>report</strong>ing entities in <strong>Tanzania</strong> shall embrace <strong>the</strong><br />
International Accounting Reporting St<strong>and</strong>ards while<br />
auditing will be conducted in accordance with International<br />
St<strong>and</strong>ards on Auditing (ISA), INTOSAI st<strong>and</strong>ards <strong>and</strong><br />
guidelines <strong>and</strong> st<strong>and</strong>ards <strong>and</strong> guidelines issued by <strong>the</strong><br />
National Board <strong>of</strong> Accountants <strong>and</strong> Auditors (NBAA).<br />
The preparation <strong>and</strong> submission <strong>of</strong> Public Authorities<br />
accounts is a legal requirement as per <strong>the</strong> requirements <strong>of</strong><br />
<strong>the</strong> individual Public Authorities enabling Acts <strong>and</strong> <strong>the</strong><br />
Companies Act <strong>of</strong> 2002.<br />
Public Authorities annual <strong>report</strong>s provide information to<br />
assist citizens to assess <strong>the</strong> performance <strong>of</strong> <strong>the</strong>se entities<br />
<strong>and</strong> hold <strong>the</strong>m to account for <strong>the</strong>ir performance in <strong>the</strong> use<br />
<strong>of</strong> public resources. Timely information is necessary for this<br />
to occur. This is <strong>the</strong> whole essence <strong>of</strong> accountability in <strong>the</strong><br />
use <strong>of</strong> public resources.<br />
1.4 Internal Control System<br />
Internal controls refer to all means by which public<br />
resources are directed, monitored, <strong>and</strong> measured. Internal<br />
controls play an important role in preventing <strong>and</strong> detecting<br />
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Office <strong>of</strong> <strong>the</strong> Controller <strong>and</strong> Auditor General PA&oBs 2007/08 5