A probe into the financial statement of the UPSA Students’ Representative Council has revealed how a printer bought for use by the executives was stolen.
In page six of the Independent Auditor’s Report, the Auditors said the perpetrator of the act “has been found” but there has not been any attempt to retrieve the missing SRC asset from the person.
“The [theft] was partly possible because the office of the SRC [has] been left open for about five months now,” the eight-page report said.
The Independent Auditor’s Report was submitted to the SRC General Assembly on Thursday, February 13, 2020.
The Report has disclosed mind-blowing financial irregularities perpetrated by various officers of the student council, including SRC President Peter MwinZumah.
“Some executives entered into contracts without the prior knowledge and involvement of the Financial Controller and the Auditor which had serious financial implications and also value for money purposes could not be achieved,” the Auditors said.
The expected revenue of the SRC for the full academic year, the Report revealed was GHC 555,400 yet the Council spent a whooping sum of GHC 460,000 in the first semester.
“This poses a valid going concern threat to the SRC,” the Report said, adding: “The prudence accounting concept was not tested before budgets were approved. The prudence concept has been seriously breached especially in the preparation of the master budget leading to an unhealthy financial standing of the SRC.”
On the part of the Women’s Commissioner, the Report has disclosed amounts quoted on some of source documents did not tally with those recorded in the SRC financial statement without any clear explanation.
“There is a lack of source documents for some expenditure related transaction making it difficult to obtain evidence about the authenticity of the expenditure. 10% of the total remittance from the SRC for the Entrepreneurship Summit cannot be accounted for,” the Auditors said.