Addu City, Maldives – The audit report of Addu City Council has shown that fixed assets worth MVR 5.5 million are missing from the institution.
The audit report of the council for the year 2018 showed showed fixed assets worth MVR 42,855,560 million. However, the financial report of the council included a fixed asset value of MVR 48,358742 million which the audit report marked as a false value. The report noted that MVR 5,503,182 million worth of fixed assets were missing from the council premises.
According to the 2018 audit report of Addu City Council, all assets gained as capital expenses from the state budget and are expected to be in use for more than one year, are to to be registered in the fixed asset registry of the state under section 11.03 (a) of the law regarding finances. The registry of the asset must include name, details, brand and serial number as well as the date of purchase, price and location where it is intended to be used.
However, the report highlighted that the above mentioned details of some of the fixed assets of the council taken for audit were missing and that these were not registered in the state registrar as well. The audit office has advised the city council to follow the law and to ensure all the required details of the assets are noted as required while noting that these arrangements must be checked once a year.