CH&PA’s finances gets clearance from Auditor General

Jun 20, 2017 News

The Auditor General of Guyana, Deodat Sharma, has cleared the financial statements of the Central Housing and Planning Authority (CH&PA) as of December 2015.

Auditor General is pleased with 2015 financial statements from CH&PA.

This was noted in the 2015 Audited Financial Statement of the CH&PA that was laid in the National Assembly last Thursday. According to Sharma, he has audited the accompanying financial statements of CH&PA which comprise the statement of financial position as at December 31, 2015.
He said that in addition the statement of the comprehensive income, statement of changes in equity and statement of cash flows for the year and a summary of significant accounting policies and other explanatory information were considered during the exercise.
Giving his opinion on the findings of the Authority, Sharma said that the financial statements give a true and fair view in all material respects of the financial position of CH&PA for that year.
He gave the same opinion for the financial performance and the Authority’s cash flows for 2015 that ended in accordance with International Financial Reporting Standards.
Within the audited information presented in the report it was stated that in 2010 and 2012, the Authority received $4.7B and $1.5B respectively as subvention from the government for infrastructural development in the housing sector. At the end of 2015, the balance remaining from those amounts was $734M.
Further, a subvention of $2B was received by the Authority from the government of Guyana for the establishment of a low income revolving fund loan facility. At the beginning of the year, the value of the fund was $2.1B and at the end of the year, the closing balance was $1.6B.
As it relates to income, at the end of 2015, the CH&PA recorded $5.3B. From the sale of land, the Authority made $2.5B; from rental $667,000; building application fees, $10M; Interest on current account, $1.2M; Bank interest, $131M; Transport processing fees, $50M; sale of low incomes houses, $67M; and profit from sale of houses from the 1000 Homes Project, $17M. These were some of the major income earners for the Authority during that period.
According to the Auditor General, he would have been provided with sufficient and appropriate information which informed his audit opinion for the CH&PA.

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