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Report of the Auditor General on the Financial Statements of Uganda Railways Corporation (Urc) for the Year Ended 31St December 2015

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Report of the Auditor General on the Financial Statements of Uganda Railways Corporation (Urc) for the Year Ended 31St December 2015 THE REPUBLIC OF UGANDA REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF UGANDA RAILWAYS CORPORATION (URC) FOR THE YEAR ENDED 31ST DECEMBER 2015 OFFICE OF THE AUDITOR GENERAL UGANDA TABLE OF CONTENTS List of Abbreviations...................................................................................................iii 1.0 BACKGROUND ................................................................................................. 1 2.0 RAILWAY CONCESSION .................................................................................... 1 3.0 NALUKOLONGO RAILWAYS WORKSHOP ............................................................ 2 4.0 ADMINISTRATIVE STRUCTURE ......................................................................... 2 5.0 AUDIT OBJECTIVES ......................................................................................... 2 6.0 AUDIT PROCEDURES PERFORMED .................................................................... 3 7.0 CATEGORIZATION AND SUMMARY OF FINDINGS ............................................... 3 7.1 Categorization of findings ................................................................................. 3 7.2 Summary of Findings........................................................................................ 4 8.0 DETAILED FINDINGS ....................................................................................... 4 8.1 Valuation of Property, Plant and Equipment ....................................................... 4 8.2 Un-serviced Long Term Loans ........................................................................... 5 8.3 Trade and other payables ................................................................................. 5 8.4 Financial analysis and assessment of going concern ............................................ 6 8.5 Proceeds from Disposal of non-core assets (Land) .............................................. 8 8.6 Payroll ............................................................................................................ 8 8.7 Expenditure ................................................................................................... 10 8.8 Budget performance....................................................................................... 12 8.9 Performance of RVRU Concession .................................................................... 16 8.10 Other Issues .............................................................................................. 27 ii List of Abbreviations CEO Chief Executive Officer IFRS International Financial Reporting Standards PFMA Public Finance and Management Act MoJCA Ministry of Justice and Constitutional Affairs MoWT Ministry of Works and Transport NSSF National Social Security Fund NRWL Nalukolongo Railway Workshop Limited PDU Procurement and Disposal Unit PPDA Public Procurement and Disposal Authority URC Uganda Railways Corporation RVR Rift Valley Railways UGX Uganda Shillings VAT Value Added Tax iii REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE UGANDA RAILWAYS CORPORATION FOR THE YEAR ENDED 31ST DECEMBER 2015 THE RT. HON. SPEAKER OF PARLIAMENT I am mandated by Article 163 of the Constitution of the Republic of Uganda, 1995 (as amended), and Sections 13, 15 and 19 of the National Audit Act, to audit the financial statements of Uganda Railways Corporation for the year ended 31st December 2015, comprising of the statement of financial position, statement of comprehensive income, statement of changes in equity, cash flow statement together with other accompanying statements, notes and accounting policies. Directors’ Responsibility for the financial statements Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and the requirements of the Uganda Railways Corporation Statute 1992 and the Public Enterprises Reform and Divestiture Act (Cap 98), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility My responsibility is to express an opinion on these financial statements based on conducting the audit in accordance with International Standards on Auditing. Because of the matters described in the Basis for Disclaimer of Opinion paragraph, I was not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Part “A” of my report sets out my Disclaimer of opinion on the financial statements. Part “B” which forms an integral part of this report presents in detail all the significant audit findings made during the audit which have been brought to the attention of management and will form part of my Annual Report to Parliament. iv PART “A” Basis for Disclaimer of Opinion Non-valuation of Property, Plant and Equipment - UGX. 100,555,627,000 The Corporation last revalued its items of Property, Plant and Equipment in 1988. IAS 16 requires assets to be revalued on a regular basis to take into account impairments. As such UGX.100,555,627,000 reflected in the financial statements at the close of the year as Property, Plant and Equipment is not fairly stated. Un-serviced Long Term Loans - UGX.22,067,482,000 The Corporation reflected long term loans in its books amounting to UGX.22,067,482,000. The balances have been outstanding in the Corporation’s records for over 28 years without any movement. I was not provided with any documentary evidence to support the outstanding amounts stated in the financial statements. As such I was unable to confirm that the amounts reflected in the financial statements as long term loans were fairly stated. Trade and other Payables - UGX.8,436,412,000 The payables balances were not supported by original documents such as Local Purchase Orders, Contracts, invoices, claims, demand notes and schedules. In absence of such documentation, I was unable to confirm that the Corporation’s payables were complete and accurate. Disclaimer of Opinion Because of the significance of the matters described in the Basis for Disclaimer of Opinion paragraph, I have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, I do not express an opinion on the financial statements. John F.S Muwanga AUDITOR GENERAL 22nd December, 2016 v REPORT OF THE AUDITOR GENERAL AND SUPPLEMENTARY INFORMATION PART “B” DETAILED REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF UGANDA RAILWAYS CORPORATION FOR THE YEAR ENDED 31ST DECEMBER 2015 This Section outlines the detailed audit findings, management responses, and my recommendations in respect thereof. 1.0 BACKGROUND Following the collapse of the East African Community (EAC) in 1977, Uganda Railways Corporation (URC) came into existence. URC is a Government parastatal under the Ministry of Works and Transport and is responsible for operating and managing railways and marine services in Uganda. URC’s system is rooted in the British colonial 1,000 mm (3 ft 3 3⁄8 in) gauge. Uganda Railway was transformed after World War I into the East Africa Railways Corporation (EARC). Its operation after the demise of the EARC had been hampered by civil war and inefficient management in Uganda. Only the 5 mile (8.0 km) line between Kampala and Port Bell and the 120 mile (190 km) main line from Kampala to the Kenyan border at Tororo remain in use. This is run by the Rift Valley Company that was given concessions by the Government of Uganda. 2.0 RAILWAY CONCESSION On April 8, 2006 the Government of Uganda and the Rift Valley Railways (U) Limited of South Africa signed a Concession Agreement providing for the leasing of the Corporation’s core assets to the investor. The core function of the concessionaire is to run and operate the railways for 25 years and give annual payments to the Corporation or its successor amounting to the equivalent of 11.1% of its gross revenue. The investor shall also be required to invest in the permanent ways and rolling stock (new locomotives and wagons) and ensure that the railway is managed professionally. The employees of the Corporation were paid their terminal benefits by the Government of Uganda during the year. The conceded assets were handed over to Rift Valley Railways (U) Limited in November 1, 2006. 1 3.0 NALUKOLONGO RAILWAYS WORKSHOP In September 2009, the Government of Uganda made Nalukolongo Railway Workshop Limited a subsidiary of the Corporation fully conceded to Rift Valley Railways under voluntary liquidation. The receivership is limited to the assets that were not taken over by Rift Valley Railways (the concessionaire), debtors and creditors. 4.0 ADMINISTRATIVE STRUCTURE The Governing Body of Uganda Railways Corporation is the Board of Directors appointed by the Minister of Works, Housing and Communications. The Managing Director is the Chief Executive Officer of the Corporation and is responsible for the day to day running of the Corporation. 5.0 AUDIT OBJECTIVES The audit was carried out in accordance with International Standards on Auditing. It included a review of the accounting records and documents relevant to the amounts and disclosures in the financial statements and procedures considered necessary. The audit aimed at establishing whether:- (a) The financial statements present fairly, in all material respects, the Corporation’s financial position as at 31st December 2015 and its operating results in conformity with International
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