SLEITI First Data Reconciliation Report
Download | Thursday, 26th March 2010 | 2.08 MB
Based on the scope of engagement, participating entities (mining companies and MDAs) selected, and revenue streams reported, the results of the first SLEITI reconciliation indicate:
Payments: total reconciled payments reported by Companies for 2006 was $5,947,732 and Le5,040,532,638 (Total payments converted equates to Le 22.7 billion* or $7.7 million); and for 2007 was $8,154,974 and Le6,924,436,631 (Total payments converted equates to Le 31.3 billion* or $10.6 million).
Revenues: total reconciled revenue reported as received by MDAs for 2006 was $5,727,578 and Le 4,524,753,182 (Total payments converted equates to Le 21.5 billion* or $7.2 million); and for 2007 was $7,919,824 and Le 6,808,606,723 (Total payments converted equates to Le30.4 billion* or $10.2 million).
After reconciliation procedures were conducted and adjustments to the reported amounts were made, the unresolved discrepancies for 2006 was $220,155 and Le 515,779,456 (Total payments converted equates to Le 1.2 billion* or $0.4million); and for 2007 was $235,151 Le 115,829,908 (Total payments converted equates to Le 818 million* or $0.3million).
The unresolved discrepancies of Le 1,167,658,174 in 2006 and Le 817,519,299 in 2007 represent discrepancies of 5.15% and 2.62% of total payments reported for 2006 and 2007 respectively. The main contributor of these discrepancies have been government entities not reporting revenue in their Templates or not being able to substantiate payments reported by companies. In few other instances some companies were unable to provide adequate supporting documentation for amounts reported as payments to government entities.
Note: *Converted amounts based on an exchange rate of Le 2961=$1 in 2006, and Le 2984 =$1 in 2007 (obtained from annual report and statement of account for yearend 2007 of the Bank of Sierra Leone).
This report serves as an opportunity to promote growth and stability based upon lessons learned and to utilize the recommendations to improve transparency and infrastructure of both government and organizational accountability and reporting. Detailed copy of the First SLEITI data reconciliation report is present below: