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Ramallah
Jerusalem main street , close to the Palestinian Red Crescent.
P.O. BOX 755
Tel:-02-2972289/90
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Balance Sheet Audit

Balance Sheet Audit

The PNA financial statements report (balance sheet) is the most important reports released by SAACB, as both the financial bylaws of the State of Palestine and SAACB lawn 15/2004 state that Ministry of Finance shall prepare the draft balance sheet within one year from end of fiscal year, and shall also deliver it to the Bureau to consider and present respective observations to the parliament.

Until early 2010, MOF did not present financial statements on regular basis, but SAACB, with help from a number of donors, could guide MOF by virtue of its law and other laws that govern actions of SAACB and MOF to prepare balance sheet of 2008 and for the first time ever, and then deliver it to SAACB to undertake financial audit during 2010.

Even though, there is still a gap to date in preparing financial statements, as SAACB has received balance sheet of 2011 in early September 2015, for which initial report has been given out in early September 2015. However, the industrious coordination and cooperation between SAACB and MOF, under supervision of council of ministers, is currently underway according to a time schedule that requires effort and commitment of MOF in order to speed up consecutive preparation of balance sheets, so 2015 statements would be accomplished within two years from now.

SAACB allocates at least 15 financial auditors every year in order to audit financial statements of PNA once received from MOF. SAACB expresses opinion within six months from receipt, where key actions undertaken during the balance sheet audit include:

·         Review balance sheets, balances and financial positions of audited entities, with observations expressed on misstatements and shortcoming in enforcement of laws, regulations and decisions.

·         Check compatibility of financial transactions with accounting standards of the public sector.

·         Examine validity of accounting and financial operations of all financial transactions/documents and corroborating documents regarding revenues with regulating procedures, and expenses with spending procedures, and validity of financial orientation.

·         Review grants and donations presented to audited entities and procedures of disbursement.

·         Review accounts of loans, borrowing, public debt and credit facilities presented to State of Palestine.

·         Review bank accounts and reconciliations.

·         Undertake financial audit for grants, donations, advances, loans and credit facilities presented to PNA and audited entities.

·         Audit expenses regarding wages and salaries paid to civil servants at the State of Palestine.

 

It should be mentioned that opinion expressed by SAACB on financial statements in the last three years was qualified, which requires MOF to take SAACB recommendations into consideration, which would increase level of transparency and honesty fo public funds management, and guarantee sound financial management procedures.




 
         

 

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