Audit Report

September 27, 2023

Ethiopian Full Gospel Believers Church, Laga Tafo Harbu Guba Branch

Dear Members of Ethiopian Full Gospel Believers Church, Laga Tafo Harbu Guba Branch and
the Church Leaders,

Introduction:

We have audited the financial activities of Ethiopian Full Gospel Believers Church, Laga Tafo
Harbu Guba Branch for the year ended June 30, 2015 E.C. The purpose of this audit was to
provide an independent examination of the Church's financial system in accordance with auditing
standards for Not for Profit entities in our country.

Objectives of the Audit:

The primary objectives of our audit were as follows:

 To express an opinion on the fairness of the financial systems.

 To assess the internal controls relevant to the preparation of financial systems.
 To identify strengths and weaknesses in financial controls and reporting.
 To make recommendations for improvements where necessary.

Scope of the Audit:

Our audit was conducted in accordance with auditing standards for Not for Profit in our country.
We examined evidence supporting the amounts and disclosures in the financial statements. This
included a review of internal controls relevant to the financial reporting process.

Methodologies:

Our audit procedures included, but were not limited to, the following:

 Examination of financial records and transactions.

 Review of Bank statements.
 Review of internal control systems.
 Testing of accounting estimates and judgments.
 Assessment of compliance with applicable laws and regulations.
Findings:

Strengths Observed:

During the course of our audit, we noted several strengths in the Church's financial management:

 Strong Internal Controls: The Church has established effective internal controls that
provide reasonable assurance over the integrity of financial reporting.
 Transparency: Financial transactions and reporting are transparent, with adequate
documentation and supporting records.
 Compliance: The Church has demonstrated compliance with relevant laws and regulations
governing not-for-profit organizations.

Weaknesses Observed:

However, we also identified areas that require attention and improvement:

 Limited Documentation: In some instances, documentation supporting certain transactions

and accounting estimates could be more detailed and comprehensive.
 Cash Handling Procedures: The Church should consider implementing more robust cash
handling and reconciliation procedures.

Conclusion:

In our opinion, the financial statements of Ethiopian Full Gospel Believers Church, Laga Tafo
Harbu Guba Branch for the year ended June 30, 2016 E.C. present fairly, in all material respects,
the financial position of the Church and the results of its activities and cash flows in accordance
with accounting principles generally accepted in our country.

Recommendation:

We recommend the following actions to strengthen the Church's financial management and
reporting:

 Enhance documentation practices to provide greater transparency and support for

financial transactions and estimates.
 Review and improve cash handling procedures to reduce the risk of errors or
misappropriation.
 Continuously monitor and update internal controls to adapt to changing needs and
circumstances.
 Consider obtaining a periodic review of financial practices by an independent party to
ensure compliance and efficiency.
Our Audit Team:

Our audit team appreciates the cooperation and assistance of the management and members of
Ethiopian Full Gospel Believers Church, Laga Tafo Harbu Guba Branch throughout the audit
process.

If you have any questions or need further clarification regarding this report, please feel free to
contact us

Sincerely,

Megersa Hirpha & Tolera Gudeta (Audit Committee)