Bayba Financial Service Update Report Revised

Bayba Financial Service Update report
Key Audit findings on Accounting Issues
1. Software write-off
We were not provided with Board approval for the following write-offs
G/L Account Name Selected Selected transaction description per Selected transaction
transaction G/L amount per G/L
date per G/L
CHARGES AND WRITE- OFFS 30-Dec-2021 Write-off of Software 6,756,754.36
CHARGES AND WRITE- OFFS 30-Dec-2021 Write-off of Software (881,459.04)
2. Income Tax
No evidence of payment was provided for the following income tax payments.
# Month Amounts
1 January 710,419.10
2 April 191,417.47
3 July 206,199.91
4 September 217,521.01
5 October 209,437.68
3. Prepayment
We recomputed the prepayment schedule provided to us, a difference of D993,407.19 was noted
between our recomputed balance and amount recorded in the GL.
In collaborating the differences, we noted the following;
a. Prepayment schedule provided to us include expired contractual agreements and there were no
advance payments made by Bayba
b. Contract amounts in the prepayment schedule were not consistent with the contract
4. Other Assets (Work in Progress)
Transaction relating to expenses were noted in this account as highlighted in yellow in the below table
Included in the account are Assets which should have been capitalize as part of the fixed assets, these
are highlighted below in green.
Also included are transactions relating to money partners these are highlighted in blue
Date Naration Amount

15/03/2021 MASTER ASSOCIATES - 20% ADVANCE PAYMENT FOR BANK ONE
IMPLEMENTATIONPV|2021|1249 72,720.00
16/04/2021 Payment to Appzone (Bank One (1) Implementation10825/2021
1,359,273.00
11/05/2021 MASTER ASSOCIATES - Bankone implementation support 2nd
Instalment payment.PV|2021|1388 73,440.00
17/05/2021 JOHN LOPEZ - Executive Chairs for upstairs.PV|2021|1394
25,000.00
18/05/2021 SYSTEM INTEGRATION CO LTD. - COST OF 3 SET OF LENOVO
COMPUTERSPV|2021|1402 45,000.00
24/05/2021 PRIME STATIONERY LIMITED - COST OF VARIOUS EQUIPMNTS
AND STATIONERY FOR THE IMPLEMENTATION TEAMPV|2021|1407 29,455.00
24/05/2021 PA EBOU SOSSEH - PAYMENT OF CLOUD STORAGE FOR THE
DOMAIN baybafs.gmPV|2021|1415 6,273.00
27/05/2021 SYSTEM INTEGRATION CO LTD - COST OF 5 NEW COMPUTERS
(4GB RAM, 500GB dISK, 24'' MONITORS) FOR THE BANKONE 55,000.00
IMPLEMENTATION TEAMPV|2021|1424
03/06/2021 Prime Stationery Limited - 728 CARTRIDGE, PRINTER HP M28(FOR
THE IMPLEMENTATION)PV|2021|1443 28,000.00
09/06/2021 Master Associates - Bank1 implementation support 3rd
instalmentPV|2021|1523 73,440.00
25/06/2021 SYSTEM INTEGRATION CO. LTD - COST OF 1 DESKTOP,MONITOR
OPLAMA PROJECTORPV|2021|1561 31,000.00
30/06/2021 CASH WDL FOR BANKONE VISITORS $8,400*D51.0012412/2021
429,240.00
Wednesday, Being 5th installment Payment IFO Master Associates for Bankone
August 18, implementation support 73,440.00
2021
Tuesday, Bank1 implementation support 4th Inst. (Masters Association)
August 10, 73,440.00
2021
Friday, Reversal of (RVSL- Payment to AppZone (Bank One ) Implementation.)
August 13, 1,019,753.88
2021
Thursday, Imprest for Bank One visiting consultant (6/5/21)
September 20,000.00
9, 2021
Monday, Fund Transfer ( payment to Bankone for the Tokens 17.09.21 )
October 11, 177,562.20
2021
Monday, Fund Transfer ( payment to Bankone for the Final payment 02.09.21 )
October 11, 1,025,150.00
2021
Tuesday, Payment for the additional structures and modification of the Latrikunda
October 12, Bayba Branch 106,800.00
2021
17/05/2021 Provision for Implementation staff11161/2021
2,946.00
08/06/2021 Food & refreshment11802/2021
2,000.00
09/06/2021 Cost of food & refreshment11898/2021
1,320.00
10/06/2021 Payment for food & refreshment11807/2021
1,560.00
1,680.00
3,000.00
1,680.00
1,560.00
1,860.00
17/06/2021 Cost of refreshment & food11967/2021
1,560.00
18/06/2021 Cost of food & refreshment for Bank-One11971/2021
1,560.00
18/06/2021 MIMUNA CONTEH - COST OF FOOD & REFRESHMENT FOR
BANKONE STAFF TRAININGPV|2021|1548 20,000.00
18/06/2021 Transportation for Bank One Training12543/2021
950.00
25/06/2021 PRIME STATIONERY LTD - COST STATIONERY MATERIALS FOR
BANKONE IMPLEMENTATIONPV|2021|1560 700.00
25/06/2021 Cost of fixing of Bank One Hall12159/2021
2,000.00
25/06/2021 Payment of allowance for Bank One Training12160/2021
12,400.00
1,560.00
2,800.00
1,560.00
28/06/2021 Cost of food & refreshment-Dinner12153/2021
5,250.00
30/06/2021 Cost of fuel & food for Bank One12545/2021
10,240.00
Wednesday, FOOD AND REFRESHMENT (LUNCH)
July 7, 2021 1,560.00
Wednesday, FOOD AND REFRESHMENT (DINNER)
July 7, 2021 3,000.00
Wednesday, COST OF STAND FAN FOR BANKONE
July 7, 2021 2,600.00
Wednesday, VARIOUS STATIONARIES FOR BRANCHES
July 7, 2021 5,500.00
Wednesday, FOOD AND REFRESHMENT
July 7, 2021 1,560.48
July 7, 2021 2,700.00
July 7, 2021 3,800.00
Thursday, FOOD AND REFRESHMENT
July 8, 2021 3,000.00
Tuesday, Honorarium for staff working on Bank One implementation
August 10, 11,300.00
2021
Friday, July FUEL IMPRESS AS @07/07/21
16, 2021 3,000.00
Thursday, EXPENSE
August 12, 84,475.00
2021
Wednesday, Payment of venue for retreat/ training for all staf
August 18, 15,525.00
2021
Friday, HONORARIUM TO NAFFIE SONKO
August 27, 20,000.00
2021
Tuesday, Being 50% advance payment for review and update of draft operating
August 31, manuals 70,125.00
2021
Tuesday, Honorarium for staff for Bank One
September 500,000.00
28, 2021
Thursday, Jahua double network face plates with modules for New L/K bayba
October 21, branch for the network installation 4,125.00
2021
Tuesday, Pad locks for new Bayba L/K Branch
November 4,000.00
23, 2021
Friday, Been payment for the strategy planning training
November 117,000.00
26, 2021
Tuesday, Sales of $727.20@51.05
August 24, 37,123.56
2021
Thursday, Sale of $1823.86*D52.00
November 195,000.00
11, 2021
Thursday, Sale of $750.00*D52.00
November 39,000.00
11, 2021
5. Retained Earning
The below entries were posted in the retained earnings, however we were not provided with sufficient
explanation to support these entries
Description Amount
Sundry creditors opening balance difference 1,567,194.48
Prior period errors from impairment -1,009,344.00
6. Suspense Migration
Account balance of D2.2M to be discussed
7. Bank Reconciliation
The following long reconciling items were noted in the Access Bank GMD Account
Debit in cash book and not in the bank statement

Date Description Amount
1/10/2021 Funds Transfer (Payment to Bankone) 2/9/21 1,025,150.00
7/10/2020 Uploaded from MICRO-FINANCE System SYSTEM UPLOADED 788,847.00
1-/2/21 Uploaded from MICRO-FINANCE System SYSTEM UPLOADED 200,000.00
9/6/2020 Fee for NAWEC Cash power meter 130.00
Total 7,907,661.00
Credit in cash book and not in the bank statement

7/4/2021 Uploaded from MICRO-FINANCE System SYSTEM UPLOADED -600.00
11/2/2021 Uploaded from MICRO-FINANCE System SYSTEM UPLOADED -3,000.00
1/12/2020 Uploaded from MICRO-FINANCE System SYSTEM UPLOADED -1,009,550.00
Total 10,440,855.62
Debits in bank statement not in the cash book

30/06/20 Account Maintenance Fee - September 2020 300.00
31/10/20 Account Maintenance Fee - October 2020 300.00
30/11/20 Account Maintenance Fee - November 2020 300.00
31/12/20 Account Maintenance Fee - December 2020 300.00
31/12/20 Tax Deduction Fee - December 2020 45.00
31/01/21 Account Maintenance Fee - January 2021 300.00
31/01/21 Tax Deduction Fee - January 2021 45.00
28/02/21 Account Maintenance Fee - February 2021 300.00
28/02/21 Tax Deduction Fee - February 202 1 45.00
31/03/21 Account Maintenance Fee - March 2021 300.00
31/03/21 Tax Deduction Fee - March 2021 45.00
30/04/21 Account Maintenance Fee - April 2021 300.00
30/04/21 Tax Deduction Fee - April 2021 45.00
31/05/21 Account Maintenance Fee - May 2021 300.00
31/05/21 Tax Deduction Fee - May 2021 45.00
6/9/2021 TLX TRF IFO APPZONE LTD 1,023,421.50
6/9/2021 TLX TRF Charges 1,500.00
6/9/2021 VAT on TLX TRF Charges 225.00
17/9/21 TLX TRF IFO APPZONE LTD 175,837.20
17/9/21 TLX TRF Charges 1,500.00
17/9/21 VAT on TLX TRF Charges 225.00
30/9/21 Commission on Turnover 3,608.14
30/9/21 Value Added Tax Deduction 541.23
31/10/21 Account Maintenance Fee - October 2021 300.00
31/10/21 Tax Deduction Fee - October 2021 45.00
30/11/21 Account Maintenance Fee - November 2021 300.00
Total 1,210,518.07
8. Bayba Domestic (Send and Receive Account)
At any time given the Bayba domestic send account should not be below the domestic receive account,
however during our review we noted the domestic send account was understated as shown below
Bayba domestic send -27,631,219.40
Bayba domestic receive 28,172,073.88
Difference 540,854.48
9. Expense
No supporting documents were provided for the below transactions
G/L Account Name Selected Selected transaction description per G/L Amount
transaction
date per G/L
WATER & 3/31/2021 Charged for the month10196/2021 60,000.00
ELECTRICITY
COMPUTER 30-Jan-2021 Charged for the month8670/2021 39,950.00
MAINTENANCE
CHARGES AND 5/27/2021 CENTRAL BANK OF THE GAMBIA - BEING 25,434.33
WRITE- OFFS CBG FINES FOR OPERATING A BRANCH
WITHOUT PRIOR
APPROVALPV|2021|1422
DIRECTORS 3/26/2021 BOARD SECRETARY 3,500.00
SITTING
ALLOWANCES
10. Prepayment
Description Amount
Staff Medical (staff Expense) 636,813
Cash In Safe/Transit 58,938
Gamtel - Computer Maintenance 55,500.00
11. Fixed Asset (Deprecation)

During our review of the depreciation, we noted a difference of D381,629.00 between our expected
balance and amount recorded in the GL
12. Cash in hand

We noted a difference of D26,319.15 between the physical count counted and the amount recorded in
the GL
13. Payroll
We noted a difference of D217,545.00 between the payroll summary and the amount recorded in the GL
14. Receivable / Payable confirmation
We noted a significant difference between receivable confirmation and the amount recoded for Small
world
• Amount as per Confirmations ($8130.42 @52.52) = 427,009.65

• Bal as per GL =529,264.23
• Differences =102,254.57
We are yet to receive payable/ receivable confirmations for the following partners
• Ria Received
• KEMOSON MANAGEMENT ASSOCIATE
• MONEYGRAM
• AFRICAN DAILY MARKET
• EDI GPMG
• HUVEANE
• SAMBA TAKO BUREAU
• CASH POT
15. Bank Confirmations

We are yet to receive bank confirmations for the following bank accounts
• ACCESS BANK
• ECOBANK
• TBL COMMISSION A/C
• FIB
• ZENITH BANK
• TBL W/FIELD SAVING ACCOUNT
• SKYE BANK
• FBN BANK
• TRUST BANK /DOLLAR/DALASIS

Bayba Financial Service Update Report Revised

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Bayba Financial Service Update Report Revised

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Copyright:

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Bayba Financial Service Update report

Key Audit findings on Accounting Issues

In collaborating the differences, we noted the following;

Date Naration Amount

Debit in cash book and not in the bank statement

Credit in cash book and not in the bank statement

Debits in bank statement not in the cash book

11. Fixed Asset (Deprecation)

12. Cash in hand

• Amount as per Confirmations ($8130.42 @52.52) = 427,009.65

15. Bank Confirmations

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