Over $13K variance seen in report

April 3, 2024 7:08 am

[File Photo]

The Lami Town Council has acknowledged findings from the audit of its 2015 accounts, which resulted in a modified audit opinion.

Acting Chief Executive Azam Khan highlighted a $13,700 variance in parking meter reconciliation during the Finance Standing Committee meeting.

Khan noted that this variance may have been caused by general revenue accounted for in the parking meter account.

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In response, the Council has implemented measures to strengthen reconciliations.

“The finance shall maintain a chart of accounts for all general and subsidiary accounts, any amendments or modification will require the endorsement of the council. Chair this has already been implemented upon. Every quarter, reconciliation of all accounts shall be carried out including subsidiary and balanced produced before the Council’s Finance Standing Committee signed off by the head of Finance.”

Khan says another guideline includes the monthly bank reconciliations which will also be produced at committee meetings, while daily banking activities will be overseen by the Head of Finance, with weekly reconciliation of online transactions.

These reconciliations align with the Finance manual issued by the Ministry for Local Government.