Title deeds for property belonging to the National Communications Network (NCN) with a net book value of $487.3 million were not available for the audit of the company’s 2016 financial statements and a fixed asset register was not maintained, according to NCN’s 2016 annual report.
As a result, Auditor General Deodat Sharma reported that chartered accountants Nizam Ali and Company, who audited the financial statements of NCN as at December 31st, 2016, issued a qualified opinion.
Apart from the unavailability of the title deeds and the failure to maintain the fixed register, the report noted that the company “only recognised annual depreciation charge on additions to fixed assets during the year.”
