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List:       afrinic-announce
Subject:    [AFRINIC-Announce] Financial Statements and Audit Report for 2015
From:       AFRINIC Communication <comm-announce () afrinic ! net>
Date:       2016-05-26 11:35:58
Message-ID: BD07EBC9-E915-460E-9F7E-9F14F3C2392B () afrinic ! net
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Dear Colleagues,

The financial statements for the year ended 31 December 2015 have been prep=
ared and audited and approved by the Board.  They will be signed after appr=
oval by the members at the AGMM on 9 June 2016.  The unsigned financial sta=
tement and audit report are available at: http://afrinic.net/images/2015_af=
s.pdf

The following message from the Chair of the Board gives more details:


 -----
 =

Dear Members,
 =

I understand that the auditors don't want to sign the financial statements =
before two Directors (designated by the Board) sign. This is coming after t=
he Board has already designated two Directors to sign the Letter of Represe=
ntation (LOR) from the Auditors, which has since been returned to them.

Whereas the Board can authorise two directors to sign now, before the membe=
rship has approved the Financials, the bylaws suggest that it=92s not the r=
ight process. =

The Board, in turn doesn=92t want to sign before the membership approves at=
 the AGMM.

Whereas the Board understands the desire of members that the Financials sho=
uld be signed by the Auditors before it is presented, we need to break the =
loop.

Since the financial statements have been prepared, audited, and approved by=
 the Board;
they will not be signed by the auditors until after the Board signs, and th=
e Board will not sign until after the membership approves;

It is therefore reasonable that the membership will be presented with unsig=
ned financial statements to approve.

The Board has therefore asked the CEO to publish the unsigned financials AS=
AP.
 =

Best Regards ....
 =

Sunday Folayan

Chair, AFRINIC Board



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