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.
