At least N$148 million paid by the Namibia Students Financial Assistance Fund to local universities could not be verified, as there is no credible documentary evidence to support the payments.
The startling finding is contained in the fund’s audit report for the 2020/2021 financial year (FY).
The report, which was submitted to the National Assembly for scrutiny last week, was compiled by Junias Kandjeke, the auditor general (AG).
In it, Kandjeke gave the student fund an adverse audit opinion due to a barrage of financial ambiguities.
“The auditors observed that NSFAF made a total payment amounting to N$147 919 395 to local tertiary institutions, using Excel to settle student accounts,” Kandjeke said.
He continued: “Auditors could not ascertain the completeness and accuracy of the payments made to local tertiary institutions, as the student funding expenses are not supported by valid documentation”.
An adverse opinion is given when an entity’s financial statements are misrepresented, misstated and do not accurately reflect its financial standing.
NSFAF wrote off mobile devices, valued at N$9.7 million, without the board’s approval, an audit report shows.
He premised his findings on seven issues where the fund came short.
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