LEITI Reconciliation for the year 2012-2013
Description: LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Monrovia, 5 June 2016 Content The reconciliation process The reconciliation scope Reporting templates and instructions Lessons learnt from the previous reconciliation reports
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slide1. LEITI Reconciliation for the year 2012-2013
Stakeholder Workshop
Monrovia, 5 June 2016<br>
slide2. Content The reconciliation process
The reconciliation scope
Reporting templates and instructions
Lessons learnt from the previous reconciliation reports
Reconciliation issues LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 2<br>
slide3. The reconciliation process Phase I
Preliminary analysis & scoping Phase II
Capacity building Phase III
Data collection Phase IV
Reconciliation and analyses of discrepancies Phase V
Reporting Inception report Progress report EITI Report LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 3<br>
slide4. Activities
Understand the size of the extractive industry in Liberia and payment streams between extractive companies and Government Agencies
Determine which extractive companies and Government Agencies are to be included in the reconciliation exercise
Determine the list of taxes, fees and charges to be included in the reconciliation exercise
Update the reporting template
Conduct a training workshop for all stakeholders LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop The reconciliation process 4<br>
slide5. Activities
Dispatch the reporting package to extractive companies and Government Agencies
Reconcile all data submitted by extractive companies and Government Agencies
Identify and analyse discrepancies between reported amounts
Justify and explain if possible the discrepancies and operate the necessary adjustments
Produce the LEITI report LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop The reconciliation process 5<br>
slide6. The reconciliation scope LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop Extractive companies
75 extractive companies are included in the reconciliation process and will be required to submit a reporting template
The detailed list of extractive companies will be included in the instructions to reporting entities.
The remaining extractive companies are selected by the MSG to be part of the EITI scope through unilateral disclosure of government agencies. 6<br>
slide7. The reconciliation scope LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop Government agencies
9 Government Agencies will requested to send reporting templates for the receipts they collected from the extractive companies: 7<br>
slide8. Reporting Templates Content
New format, with introduction of new templates
Only one “Reporting Template” for Taxpayers and Government Agencies
Supporting schedules – compulsory
Audited templates – compulsory
Instructions for completing Reporting Templates LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 8<br>
slide9. Reporting Templates Summary of ReportingTemplates LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 9<br>
slide10. Reporting Templates Data Sheet 10 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide11. Reporting Templates Payment/Receipt Report 11 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide12. Reporting Templates Payment/Receipt Report 12 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide13. Reporting Templates Supporting Schedule Payment Flow Detail Social Payment Detail LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 13<br>
slide14. Reporting Templates Supporting Schedule LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop Production Detail
Exportation Detail<br>
slide15. Instructions for completing reporting templates 15 Payments et contributions to be included
Payment flows and contributions made during the period of reconciliation:
Financial flows:
1 July 2012 30 June 2013
The date to be considered is the one recorded on the official receipt. Payments and contributions LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide16. Instructions for completing reporting template 16 Payments et contributions to be included
Payments carried out by the company i.e. with the same Tax Identification Number
Extarctive companies : Payments made to the 9 Government Agencies
Government Agencies: Payments received from all extractive companies LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide17. Instructions for completing reporting template 17 Payments and contributions to be excluded
Payment flows made outside the reconciliation period
Taxes accrued and not paid during the period under review LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide18. Instructions for completing reporting template 18 Supporting schedule
Supporting schedules should be prepared for all figures reported in the Payment/Receipt Report using the format provided in the Reporting Template
The total of the supporting schedules should agree with the total of the Payment/Receipt Report
If more convenient, the supporting schedules can be prepared in another format or be in the form of computer print outs or typed lists. However, they must contain the same information LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide19. Instructions for completing reporting template 19 Payment receipt
All figures included in the reporting template and supporting schedules must be calculated on a strict cash basis
Originals or copies of official receipts are not requested with the reporting template
Official receipts should be made available in case further investigations are needed LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide20. Instructions for completing reporting template 20 Government agencies
Government Agencies should prepare a separate reporting template for each extractive companies
Government agencies treating with a specific sector are required to establish reporting template only for the entities belonging to this sector
For companies which did not carry out payments during 2012-2013, Government Agencies are required to send a nil reporting template LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide21. Instructions for completing reporting template 21 NOCAL
NOCAL should submit two types of templates:
The first template for payments made to Government Agencies. NOCAL will have to report all the payments and transfers made to the government agencies (one template)
The second type of templates for payments flows received from Oil & Gas companies. NOCAL will have the status of State Owned Company and should submit separate template for each Oil company LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide22. Instructions for completing reporting template 22 Attestations
Each template/supporting schedule must be signed off by Board level or senior level manager of extractive company / Government Agency
Reporting template must be certified by an External Auditor :
Extractive companies : Registered External Auditor
Government Agency: The Auditor General
The Auditor General is required to provide his certification applying agreed upon procedures based on international standards
Audited financial statements should be submitted by extractive companies LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide23. Lessons learnt from previous reconciliation reports Some stakeholders did not submit accurate data
The deadline set for submission of reporting templates was not respected
Taxpayers had some problems categorising the taxes and this led to several misclassifications in the reporting templates submitted
Some payments reported by extractive companies were accrued amounts and not cash payments
Several payments reported only in USD while the corresponding receipts were issued in Liberian Dollar. Discrepancies arose due to exchange differences
Lack of communication following the submission of reporting template. Difficulties to resolve discrepancies 23 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide24. Reconciliation issues Importance of appointing the appropriate person to prepare the reporting template (Accounts Officer, Tax Officer)
Importance of using correct company name
Importance to contact Auditors in order to plan their intervention before the deadline
Importance to coordinate wit the Auditor for the certification of reporting templates 24 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide25. Reporting Template Submission
Please provide your email addresses and contact details in the attendance sheet.
For any information or enquiries please contact us on: leiti@moorestephens.com 25 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide26. Dispatch of the Reporting Package Importance of sending soft copies of reporting template on time : Friday 19 June 2015
Soft copies (in Excel, not PDF) to be emailed to: leiti@moorestephens.com
Scanned copy of the audited financial statements to be emailed to leiti@moorestephens.com
Certified hard copies with original signatures to be sent in sealed envelope to LEITI Reconciler no later than Friday 19 June 2015:
Liberia Extractive Industries Transparency Initiative Secretariat (LEITI)
Old Bureau of the Budget Building
Capitol Hill
Monrovia, Liberia 26 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide27. Questions? LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
Stakeholder Workshop
Monrovia, 5 June 2016<br>
slide2. Content The reconciliation process
The reconciliation scope
Reporting templates and instructions
Lessons learnt from the previous reconciliation reports
Reconciliation issues LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 2<br>
slide3. The reconciliation process Phase I
Preliminary analysis & scoping Phase II
Capacity building Phase III
Data collection Phase IV
Reconciliation and analyses of discrepancies Phase V
Reporting Inception report Progress report EITI Report LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 3<br>
slide4. Activities
Understand the size of the extractive industry in Liberia and payment streams between extractive companies and Government Agencies
Determine which extractive companies and Government Agencies are to be included in the reconciliation exercise
Determine the list of taxes, fees and charges to be included in the reconciliation exercise
Update the reporting template
Conduct a training workshop for all stakeholders LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop The reconciliation process 4<br>
slide5. Activities
Dispatch the reporting package to extractive companies and Government Agencies
Reconcile all data submitted by extractive companies and Government Agencies
Identify and analyse discrepancies between reported amounts
Justify and explain if possible the discrepancies and operate the necessary adjustments
Produce the LEITI report LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop The reconciliation process 5<br>
slide6. The reconciliation scope LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop Extractive companies
75 extractive companies are included in the reconciliation process and will be required to submit a reporting template
The detailed list of extractive companies will be included in the instructions to reporting entities.
The remaining extractive companies are selected by the MSG to be part of the EITI scope through unilateral disclosure of government agencies. 6<br>
slide7. The reconciliation scope LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop Government agencies
9 Government Agencies will requested to send reporting templates for the receipts they collected from the extractive companies: 7<br>
slide8. Reporting Templates Content
New format, with introduction of new templates
Only one “Reporting Template” for Taxpayers and Government Agencies
Supporting schedules – compulsory
Audited templates – compulsory
Instructions for completing Reporting Templates LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 8<br>
slide9. Reporting Templates Summary of ReportingTemplates LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 9<br>
slide10. Reporting Templates Data Sheet 10 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide11. Reporting Templates Payment/Receipt Report 11 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide12. Reporting Templates Payment/Receipt Report 12 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide13. Reporting Templates Supporting Schedule Payment Flow Detail Social Payment Detail LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop 13<br>
slide14. Reporting Templates Supporting Schedule LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop Production Detail
Exportation Detail<br>
slide15. Instructions for completing reporting templates 15 Payments et contributions to be included
Payment flows and contributions made during the period of reconciliation:
Financial flows:
1 July 2012 30 June 2013
The date to be considered is the one recorded on the official receipt. Payments and contributions LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide16. Instructions for completing reporting template 16 Payments et contributions to be included
Payments carried out by the company i.e. with the same Tax Identification Number
Extarctive companies : Payments made to the 9 Government Agencies
Government Agencies: Payments received from all extractive companies LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide17. Instructions for completing reporting template 17 Payments and contributions to be excluded
Payment flows made outside the reconciliation period
Taxes accrued and not paid during the period under review LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide18. Instructions for completing reporting template 18 Supporting schedule
Supporting schedules should be prepared for all figures reported in the Payment/Receipt Report using the format provided in the Reporting Template
The total of the supporting schedules should agree with the total of the Payment/Receipt Report
If more convenient, the supporting schedules can be prepared in another format or be in the form of computer print outs or typed lists. However, they must contain the same information LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide19. Instructions for completing reporting template 19 Payment receipt
All figures included in the reporting template and supporting schedules must be calculated on a strict cash basis
Originals or copies of official receipts are not requested with the reporting template
Official receipts should be made available in case further investigations are needed LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide20. Instructions for completing reporting template 20 Government agencies
Government Agencies should prepare a separate reporting template for each extractive companies
Government agencies treating with a specific sector are required to establish reporting template only for the entities belonging to this sector
For companies which did not carry out payments during 2012-2013, Government Agencies are required to send a nil reporting template LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide21. Instructions for completing reporting template 21 NOCAL
NOCAL should submit two types of templates:
The first template for payments made to Government Agencies. NOCAL will have to report all the payments and transfers made to the government agencies (one template)
The second type of templates for payments flows received from Oil & Gas companies. NOCAL will have the status of State Owned Company and should submit separate template for each Oil company LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide22. Instructions for completing reporting template 22 Attestations
Each template/supporting schedule must be signed off by Board level or senior level manager of extractive company / Government Agency
Reporting template must be certified by an External Auditor :
Extractive companies : Registered External Auditor
Government Agency: The Auditor General
The Auditor General is required to provide his certification applying agreed upon procedures based on international standards
Audited financial statements should be submitted by extractive companies LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide23. Lessons learnt from previous reconciliation reports Some stakeholders did not submit accurate data
The deadline set for submission of reporting templates was not respected
Taxpayers had some problems categorising the taxes and this led to several misclassifications in the reporting templates submitted
Some payments reported by extractive companies were accrued amounts and not cash payments
Several payments reported only in USD while the corresponding receipts were issued in Liberian Dollar. Discrepancies arose due to exchange differences
Lack of communication following the submission of reporting template. Difficulties to resolve discrepancies 23 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide24. Reconciliation issues Importance of appointing the appropriate person to prepare the reporting template (Accounts Officer, Tax Officer)
Importance of using correct company name
Importance to contact Auditors in order to plan their intervention before the deadline
Importance to coordinate wit the Auditor for the certification of reporting templates 24 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide25. Reporting Template Submission
Please provide your email addresses and contact details in the attendance sheet.
For any information or enquiries please contact us on: leiti@moorestephens.com 25 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide26. Dispatch of the Reporting Package Importance of sending soft copies of reporting template on time : Friday 19 June 2015
Soft copies (in Excel, not PDF) to be emailed to: leiti@moorestephens.com
Scanned copy of the audited financial statements to be emailed to leiti@moorestephens.com
Certified hard copies with original signatures to be sent in sealed envelope to LEITI Reconciler no later than Friday 19 June 2015:
Liberia Extractive Industries Transparency Initiative Secretariat (LEITI)
Old Bureau of the Budget Building
Capitol Hill
Monrovia, Liberia 26 LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>
slide27. Questions? LEITI
Reconciliation for the
year 2012-2013
Stakeholder Workshop<br>