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THRNI - Availability of the Accounts of the Republic of Namibia for the years ended 31 March 2019 And 31 March 2020
The Republic of Namibia
(Incorporated in the Republic of Namibia)
(Registration No. 1929/001225/06)
Company code: THRNI
(“Republic of Namibia” or the “Issuer”)
AVAILABILITY OF THE ACCOUNTS OF THE REPUBLIC OF NAMIBIA FOR THE YEARS ENDED 31 MARCH 2019
AND 31 MARCH 2020 RESPECTIVELY
THE ACCOUNTS OF THE REPUBLIC OF NAMIBIA FOR THE YEAR ENDED 31 MARCH 2019
The Issuer wishes to advise noteholders that the accounts of the Republic of Namibia for the year ended 31
March 2019 (the “2019 accounts”), as signed by the Auditor General, is available for inspection at the
registered office of the Issuer and has also been made available on the following website
https://oag.gov.na/web/oag/government-of-namibia.
Noteholders are also advised that the audit report on the 2019 accounts was unqualified however, the
following emphasis of matters were raised:
• Cash at Bank of Namibia – there was a difference between the cash balance in the Bank of Namibia
Statement of Fund balance and the balance in the Bank of Namibia GRN Assets (Execution Ledger);
• Revenue – certain revenue heads had negative budget amounts instead of positive amounts as per the
General Ledger (GLR009);
• Unauthorised expenditure – there was excess expenditure on 2 votes, which exceeded the approved
budget and both the office of the President and the Health and Social Services Ministry overspent their
revised budgets;
• Bills payable – these suspense accounts should have credit balances, which may be an indication that
reconciliations may not have been performed;
• Electronic Funds Transfer - these suspense accounts should have credit balances, which may be an
indication that reconciliations may not have been performed; and
• Rejection account - these suspense accounts should have debit balances, which may be an indication that
reconciliations may not have been performed.
Other matters that were raised in the 2019 accounts related to the Issuer’s financial reporting framework and
accrual-based accounting. The Auditor General noted that the State Finance Act 31 of 1991 (the “Act”) is not a
financial reporting framework, as it does not prescribe the set of criteria used to determine measurement,
recognition, presentation and disclosure of material items appears in the financial statements. The Auditor
General recommended that the Issuer should adopt International Public Sector Accounting Standards/Accrual
Based Accounting, and move away from Cash Based Accounting, which would provide a better picture of the
Issuer’s financial position at year-end.
The Auditor General provided an unqualified audit opinion on the subject matter, as in its opinion, the Issuer’s
financial performance and the use of appropriated funds is in compliance, in all material respects with the Act,
the Public Procurement Act 15 of 2015, the Treasury Instructions, the Appropriation Act 4 of 2018, the
Appropriation Amendment Act 15 of 2018 and the Public Procurement Regulations.
THE ACCOUNTS OF THE REPUBLIC OF NAMIBIA FOR THE YEAR ENDED 31 MARCH 2020
The Issuer wishes to advise noteholders that the accounts of the Republic of Namibia for the year ended 31
March 2020 (the “2020 accounts”), as signed by the Auditor General, is available for inspection at the
registered office of the Issuer and has also been made available on the following website
https://oag.gov.na/web/oag/government-of-namibia.
Noteholders are also advised that the audit report on the 2020 accounts was qualified, due to the Issuer’s
financial reporting framework and accrual-based accounting. The Auditor General noted that the Act is not a
financial reporting framework, as it does not prescribe the set of criteria used to determine measurement,
recognition, presentation and disclosure of material items appears in the financial statements. The Auditor
General recommended that the Issuer should adopt International Public Sector Accounting Standards/Accrual
Based Accounting, and move away from Cash Based Accounting, which would provide a better picture of the
Issuer’s financial position at year-end.
The following emphasis of matters were raised in the 2020 accounts:
• Bills payable – these suspense accounts should have credit balances, which may be an indication that
reconciliations may not have been performed;
• Electronic Funds Transfer - these suspense accounts should have credit balances, which may be an
indication that reconciliations may not have been performed; and
• Rejection account - these suspense accounts should have debit balances, which may be an indication that
reconciliations may not have been performed.
Key audit findings that were highlighted in the audit report included unauthorised expenditure and under
expenditure.
Furthermore, the Auditor General provided a qualified audit opinion on the subject matter, as in its opinion,
the Issuer’s financial performance and the use of appropriated funds is not in compliance, in all material
respects with the Act, the Public Procurement Act 15 of 2015, the Treasury Instructions, the Appropriation Act
2 of 2019, the Appropriation Amendment Act 3 of 2019 and the Public Procurement Regulations.
3 December 2021
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03-12-2021 01:33:00
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