Audited Financial Statements of The
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AUDITED FINANCIAL STATEMENTS OF THE Public Disclosure Authorized GUYANA PAYMENTS SYSTEM PROJECT FINANCING AGREEMENT X2. 5966-GY Public Disclosure Authorized FOR THE PERIOD 8 SEPTEMBER 2017 TO 31 DECEMBER 2019 Public Disclosure Authorized AUDITORS: AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA Public Disclosure Authorized AUDITED FINANCIAL STATEMENTS OF THE GUYANA PAYMENTS SYSTEM PROJECT FINANCING AGREEMENT NO. 5966 - GY FOR THE PERIOD 8 SEPTEMBER 2017 TO 31 DECEMBER 2019 TABLE OF CONTENTS PAGE I TRANSMITTAL LETTER 1 2 AUDITOR'S OPINION ON THE STATEMENT OF SOURCES AND USES OF FUNDS 2 STATEMENT OF CUMULATIVE INVESTMENT AND ASSET REGISTER 3 AUDITED STATEMENT OF SOURCES AND USES OF FUNDS 4 STATEMENT OF CUMULATIVE INVESTMENT AND ASSET REGISTER 4 AUDITOR'S OPINION ON THE ELIGIBILITY OF EXPENDITURE 10 5 AUDITOR'S OPINION ON THE DESGINATED ACCOUNT RECONCILIATION 12 6 AUDITED DESIGNATED ACCOUNT RECONCILIATION STATEMENT 14 7 AUDITOR'S OPINION ON COMPLIANCE WITH THE FINANCING AGREEMENT 15 AND THE RELEVANT LAWS AND REGULATION 8 COMPLIANCE WITH THE FINANCING AGREEMENT 17 9 MANAGEMENT LETTER 20 ~592-225-75S2, 6Cv592-226-725Z &//w,eabg 89/IDA: 21/1/2020 11 June 2020 Mr. Gobind Ganga Governor Bank of Guyana 1 Avenue of the Republic Georgetown. Dear Mr. Ganga, AUDIT OF THE RESOURCES MANAGED AND USED BY THE BANK OF GUYANA UNDER THE GUYANA PAYMENTS SYSTEM PROJECT CREDIT AGREEMENT N2 5966-GY FOR THE PERIOD 8 SEPTEMBER 2017 TO 31 DECEMBER 2019 I forward herewith two (2) copies of the audited financial statements for the above-mentioned Project for the period 8 September 2017 to 31 December 2019, together with the Report of the Auditor General and management letter thereon. Should you need any clarification or explanation, please do not hesitate to let me know. With kind regards. Yours sincerely, s. Dawn Pearson Audit Manager for-Auditor General I1 5PVA -ia1002,63P'y'4 6&W,ee cx7t&' eoyeo, uy~ SW ~9-225--769W, 09Fv- 5S2 -22C~-7257,4 /wa a~og 90 /IDA: 21/1/2020 11 June 2020 Ms. Patricia Caraballo Task Team Leader Human Development Department Latin America and Caribbean Regional Office World Bank. 1818 H Street N.W Washington D.C 20433 USA. Dear Ms. Yang, AUDIT OF THE RESOURCES MANAGED AND USED BY THE B_AN OF GUYANA UNDER THE GUYANA PAYMENTS SYSTEM PROJECT CREDIT AGREEMENT N2 5966-GY FOR THE PERIOD 8 SEPTEMBER 2017 TO 31 DECEMBER 2019 I forward herewith one (1) copy of the audited financial statements for the above-mentioned with the Report of the Project for the period 8 September 2017 to 31 December 2019, together Auditor General and management letter thereon. Should you need any clarification or explanation, please do not hesitate to let me know. With kind regards. Yours sincerely, Ms.Dawn Pearson V\X Adit Manager 1 2/Y.i /3-v1002, 6-3 QVXe,,Q rn Wweoi~wn, Vwp"~ &'-5.92-225- 75.92, 9 2 ' 27,~/wtao.~ AG: 53/2020-1 11 June 2020 REPORT OF THE AUDITOR GENERAL ON THE STATEMENT OF CUMULATIVE INVESTMENTS STATEMENT OF SOURCES AND USES OF FUNDS AND THE ASSET REGISTER OF THE GUYANA PAYMENTS SYSTEM PROJECT FINANCING AGREEMENT (CREDIT 2 5966-GY) FOR THE PERIOD 8 SEPTEMBER 2017 TO 31 DECEMBER 2019 Opinion I have audited the financial statements of the Guyana Payments System Project which comprise the Statement of Cumulative Investments for the period 8 September 2017 to 31 December 2019, the Statement of Sources and Uses of Funds, and the Asset Register for the period then ended, and notes to the financial statements, including a summary of significant accounting policies. In my opinion, the accompanying financial statements of the Guyana Payments System Project for the period 8 September 2017 to 31 December 2019 have been prepared in all material respects, in accordance with the financial reporting requirements of Section 4:09 of the General Conditions of Financing Agreement (Credit Agreement X2 5966-GY) dated 22 June 2017 between the Cooperative Republic of Guyana and the International Development Association. Basis of Opinion I conducted my audit in accordance with International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC), the International Standards of Supreme Audit Institutions (ISSAIs) and the Audit Act 2004. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Project in accordance with the ethical requirements that are relevant to my audit of the financial statements in Guyana, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Management's Responsibilityfor the FinancialStatements - Management is responsible for the preparation and fair presentation of the financial statements in accordance with the requirements established in Section 4:09 of the General Conditions of Financing Agreement (Credit Agreement X2 5966-GY) and for such internal control as management determines is necessary to enable the preparation of sthtements that are free from material misstatement, whether due to fraud or error. 2 Auditor's Responsibilitiesfor the Audit of the FiiancialStatements My objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and ISSAIs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of my audit in accordance with ISAs and ISSAls, I exercise professional judgment and maintain professional skepticism throughout the audit. I also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. AUDITOR GENERAL AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA 3 BofGayme Guyana Payments System Project (Pl59512) Statement of Soumes and Uses of Funds For the Period 8 pember, 2017 to 31st December, 2019. September 2017 to December 2018 January to December 2019 SeptCm mu 2017 to Dsvembe 2019 Casswatie USS GS US$ GS uss G5 RECEIPTS World Sak Dosignatd Acoount 648,000.00 133,812,000 200,000.00 41,700,000 848,000.00 175,512,000 Direct Payment - Other disbue-ment methods - - Total Receipts (A) 648,000.00 133,812,000 200,000.00 41,700,000 848,000.00 175,512,000 LESS EXPENDITURES BY COMPONENT Component I - Developing Payments - - 135,082.36 28,062,214 135,082.36 28,062,214 Swotem Infras mcturs, Component 2 - Capacity Buliding ofthe Bank of Guyana Component 3 -Project Implementation 7,965.71 1,644,919 29,374.97 6,118,728 37,340,68 7,763,647 Total Expenditures (B) 7,965.71 1,644,919 164,457.33 34,180,942 172,423.04 35,825,861 R lECEIPTS LESS EXPENDITUlE 640,034.29 132,167,081 35,542.67 7,519,058 675,576.96 139,686,139 Foreign Exchange Adjustment BANK BALANCES Opening Cash Bsalsces Designated Account 500,000.00 103,250,000 500,000.00 103,250,000 Project Account 148,000.00 30,562,000 140,034.29 29,197.149 1 Total Opening Balance 648,000.00 133.812,000 640,034.29 132,447,149 Closing Cash Balanees Designated Account 500,000.00 103,250,000 589,896.45 122,993,410 Project Account 140,034.29 28,917,081 86,180.26 17,796,224 Total Closing Bslane 640,034.29 132,167,081 676,076.71 140,789,634 Mr. I r n Khan Dr. Gobind G nga ProjectC ordinator - Governor Bank of Guyana Bank of Guyana The accompanying notes form an integral part of this statement. Bank of Guyana Guyana Payments System Project (P159512) Statement of Cumulative Investments For the Period 8 September, 2017 to 31st December, 2019. September 2017 to December 2019 September 2017 to December 2018 January to December 2019 Cumulative Categories US$ GS US$ GS USS GS Component I - Developing Payments System - 135,082.36 28,062,214 135,082.36 28,062,214 Infrastructure Component 2 - Capacity Buliding of the Bank of - - - - - - Guyana Component 3 -Project 7,965.71 1,644,919 29,374.97 6,118,728 37,340.68 7,763,647 Implementation Unit Total 7,965.71 1,644,919 164,457.33 34,180,942 172,423.04 35,825,861 Mr Khan Dr.