nami­bre fi­nan­cial re­ports too in­com­plete to au­dit

RISKAFRICA Magazine - - NEWS -

The only rein­sur­ance com­pany in Namibia, Namibia National Rein­sur­ance Cor­po­ra­tion’s (Nami­bRe) au­dit re­port for the 2012/13 fi­nan­cial year re­mains out­stand­ing. Man­age­rial in­com­pe­tence is sug­gested as the rea­son for the paras­tatal’s in­abil­ity to meet re­quire­ments.

Au­dit­ing firm Ernst and Young has qual­i­fied the rein­surer’s fi­nan­cials, mean­ing in­suf­fi­cient doc­u­men­ta­tion made it im­pos­si­ble to com­plete the au­dit. Ernst and Young started the process in April last year and should have fi­nalised the re­port for ap­proval by the Nami­bRe board by Septem­ber 2012.

Ac­cord­ing to cor­re­spon­dence be­tween Nami­bRe board chair­per­son, Maria Dax, and man­ag­ing di­rec­tor Anna Nakale-Kawana, the au­di­tor be­lieved there was a “sig­nif­i­cant break­down” of con­trols at the com­pany due to a lack of “dili­gence or lack of skills by man­age­ment”.

“The dis­claimer could, and prob­a­bly will, in­flu­ence the ex­cel­lent credit rat­ing of Nami­bRe which is AA na­tion­ally and A re­gion­ally. The rat­ing is aligned to Namibia’s sov­er­eign credit rat­ing,” com­ments Dax.

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