AUDITOR GENERAL'S REPORT On the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Grant No. TF A0929 For the year ended June 30, 2019 December, 2019 Yusador S. Gaye, CPA, CGMA Auditor General, R.L. Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 Table of Contents Opinion .................................................................................................................................................................... 3 Management’s Responsibility ............................................................................................................................... 3 Auditor General’s Responsibility........................................................................................................................... 3 2 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 AUDITOR GENERAL'S REPORT ON THE FINANCIAL STATEMENT AUDIT OF THE PREPARATION OF THE READINESS PLAN OF THE FOREST CARBON PARTNERSHIP FACILITY (FCPF) FINANCIAL STATEMENTS FOR THE FISCAL ENDED JUNE 30, 2019 We have audited the financial statements (Grant No. A0929) of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) which comprise the statement of Cash Receipt and Payments for the period ended 30 June 2019, the Statement of Comparison Budget and Actual Amounts and a summary of significant accounting policies and other explanatory information. Opinion In our opinion, the accompanying financial statements (Grant No. A0929) present fairly, in all material respects, the Statement of Receipts and Payments as at June 30, 2019, Statement of Comparison of Budget and Actual Amounts and a summary of other accounting policies and explanatory notes for the fiscal period then ended in accordance with International Public Sector Accounting Standards (IPSAS) Cash Basis of Accounting. Basis for Opinion We have conducted our audit in accordance with International Standards for Supreme Audit Institutions. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. We are independent of the entity in accordance with the Code of Ethics for Supreme Audit Institutions together with the ethical requirements that are relevant to our audit of the financial statements of the FCPF and we have fulfilled our ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management’s Responsibility Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards (IPSAS) Cash Basis of Accounting, 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. Auditor General’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards of Supreme Audit Institutions (ISSAIs). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. 3 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 STATEMENT OF RECEIPTS AND PAYMENTS FOR THE PERIOD ENDED JUNE 30, 2019 The notes found on page 9-14 are integral part of these financial statements 5 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 Statement of Fund Balance and Cash Status For the Period Ended June 30, 2019 The notes found on page 9-14 are integral part of these financial statements 6 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 STATEMENT OF CAMPARASION OF BUDGET AND ACTUAL AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 2019 The notes found on page 9-14 are integral part of these financial statements 7 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2019 The notes found on page 9-14 are integral part of these financial statements 8 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 NOTES TO THE FINANCIAL STATEMENTS 9 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 10 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 11 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 12 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 13 Promoting Accountability of Public Resources Auditor General's Report on the Financial Statement Audit of the Preparation of the Readiness Plan of the Forest Carbon Partnership Facility (FCPF) Financial Statements For year ended June 30, 2019 14 Promoting Accountability of Public Resources