BNOC presents clean audit

The Botswana National Olympic Committee (BNOC) held its ordinary general meeting on Saturday morning PIC: KENNEDY RAMOKONE
The Botswana National Olympic Committee (BNOC) held its ordinary general meeting on Saturday morning PIC: KENNEDY RAMOKONE

The Botswana National Olympic Committee (BNOC) has presented a clean audit financial report according to an auditor from Grant Thornton Botswana. The audited financial report was presented during an Ordinary General Meeting (OGM) over the weekend.

The post balance sheet events have shown that the organisation will be able to exist in the next financial year. Steven Zgambo, a manager in the Audit Assurance Division said the procedure they did was done in accordance with the international standards of auditing and the procedures that they carried out included testing transactions to supporting documents, ensuring that procuring policies were followed accordingly as prescribed by the manuals that the BNOC Board has implemented in the organisation. “We also tested balances to ensure that those with obligations were complete. For those we had rights we did confirm that the other parties who were owing the organisation did confirm that indeed owe.

Having gathered sufficient evidence, we reviewed the financial statements to ensure that they comply with international financial reporting standards,” he said. Zgambo said after completing the process, they presented an audit opinion. He said the financial statements represent a true reflection of the financial position of the BNOC as of December 31, 2021. He said the opinion is unqualified. “However, the position of the organisation shows that the current liabilities do exceed current asserts. We did get support from the management to present these financials as a going concern because subsequent to the financial year ending, they have been able to secure funding to support the operations of the organisation.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

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