Nkurenkuru Town Council Receives Adverse Audit Report Amid Financial Irregularities

The Auditor-General’s latest report on the Nkurenkuru Town Council has issued an adverse audit opinion for the financial year ending 30 June 2023. Key findings include improper revenue recognition for land sales, overstatements in infrastructure projects, VAT discrepancies, and issues with trade receivables. Additionally, the Council implemented a travel allowance policy against ministerial advice. Recommendations were given to improve compliance with accounting standards and ensure accurate financial reporting.

November 1, 2024 12

World

Global regulator pushes for financial reports to include climate risk

The International Accounting Standards Board (IASB) has called for companies to include climate-related risks in their balance sheets and income statements, marking a significant departure from current practices. Bloomberg Africa reports that the IASB, which sets accounting standards for over 160 countries, announced a market consultation to ensure financial statements reflect the impact and uncertainties associated with climate change. In 2023, the IASB introduced IFRS S1, which outlines general requirements […]

August 1, 2024 19

Local

City of Windhoek’s clarity on the Debt Relief Programme approved by Council.

The City of Windhoek responds to statements made by Benestus Kandundu, a former City of Windhoek Councillor and Chairperson of the Katutura Residents Committee, regarding the recently approved debt relief programme. Contrary to Mr. Kandundu's claims, the City of Windhoek has been diligently working on a debt relief plan for over a year, even before the Katutura Residents Committee approached the City with their request. The Windhoek Municipal Council […]

December 15, 2023 21