Financial Statements and Auditors Opinion. As of December 31, 2011 and Final Report
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1 CLOSURE OF THE HUETAR NORTE FORESTRY PROGRAM Audit of Managed Resources For The Years 2010 And 2011 For The North Huetar Forestry Program, partially funded by the Non-Refundable Contribution No Of Agreement Between The Government Of Germany And The Government Of The Republic Of Costa Rica. Financial Statements and Auditors Opinion As of December 31, 2011 and 2010 Final Report
2 CONTENT INDEX Pages Remittance Letter and Executive Summary 3 Independent Auditors Report 9 Statement of Net Assets and Liabilities 12 Statement of Sources and Uses of Funds 13 Statement of Accumulated Investments 14 Notes to the Financial Statements 15 Contractual Clause Report 19 Internal Control Report 22 Una Firma, Un respaldo Web: 2
3 REMITTANCE LETTER AND EXECUTIVE REPORT Una Firma, Un respaldo Web: 3
4 May 8, 2012 Jorge Mario Rodríguez Zúñiga, Engineer Project Coordinator Huetar Norte Forestry Program (KFW Bankengruppe) This report presents the results of our audit of the Huetar Norte Forestry Program partially financed with funds from KFW Bankengruppe and the Government of Costa Rica. 1- Background Through the enactment of the Forestry Law No in 1990, the Government of Costa Rica started showing interest in promoting the recovery of the country s forest cover with the aim to maintain a sustainable development in the country. The law authorized the Dirección General Forestal (Forestry Department) to establish trust funds to finance forestry activities. Later, on April 16, 1996, Costa Rica approved a new Forestry Law (No.7575) that authorized the creation of the National Forestry Financing Fund (FONAFIFO by its Spanish acronym). FONAFIFO s main goal is to finance small and medium landowners, through loans and other mechanisms to promote forest management, both intervened and natural forests, in order to encourage forest plantation and reforestation processes, forest nurseries, agroforestry systems, the rehabilitation of deforested areas, and also to benefit from technological advances in the use and industrialization of forest resources. FONAFIFO also mobilizes funds to pay for the environmental services provided by forests, forest plantations and other activities to strengthen the development of the natural resources sector. The National Forestry Financing Fund (FONAFIFO), the body in charge of collecting, managing and implementing the Payment for Environmental Services program (PSA by its Spanish acronym) to benefit small and medium forestry producers, has negotiated, at a national and international level, technical and financial support from countries interested in enhancing the net balance of CO2 emissions through the protection and recovery of forest cover. The Government of Germany supported this initiative through the KfW Bankengruppe (the German Development Bank) and signed a Cooperation Agreement with the Government of Costa Rica. On December 21, 2000, the Government of the Federal Republic of Germany, through the KfW Bankengruppe, and the Government of Costa Rica, through FONAFIFO, signed the Cooperation Agreement No The Program s main goal is to enhance the net balance of CO2 emissions in Costa Rica and promote other positive effects derived from forests. Another goal of the program is to contribute effectively to enlarge and protect forests in the northern region of Huetar Norte. Una Firma, Un respaldo Web: 4
5 The estimated funding of the Cooperation Agreement No in the Program is with a budget distribution as follows: Components Strengthening the creation of markets for environmental services: PSA contracts 9,453,238 Strengthening the PSA program management and field monitoring: Acquisition of assets Strengthening organizations: Consulting services Total The Program s components are: Strengthening the creation of markets for environmental services: Directed at assuring financing of 70% of the payments that the Government of Costa Rica have committed to make under the Payment for Environmental Services program in the country s northern area. This will allow the Government of Costa Rica to fulfill its long-term obligations with private landowners who participate in the Payment for Environmental Services program. Strengthening the Payment for Environmental Services (PSA) program management and field monitoring: Contributes to cover the cost of equipping the Program s implementation unit and the regional offices of the National System of Conservation Areas (SINAC by its Spanish acronym) of the areas involved. Strengthening organizations: The Huetar Norte Forestry Program considers contracting an international consultancy firm, which will be in charge of monitoring the Program s advances, including monitoring the advance of the Program s goals, cost control, approval of disbursement requests, and verification of funds use. The National Forestry Financing Fund (FONAFIFO) acts as the Program s Implementing Unit, being responsible for its entire implementation including all tender processes, preparing statements of expenditure, account management, and preparing the Program s reports. Funds from the Agreement with the KfW Bankengruppe are managed through a trust fund at Banco Nacional de Costa Rica. Nonetheless, by order of the National Treasury, with the aim to comply with the single fund principle ( Principio de Caja Única ) established in Article 66 of the Financial Administration and Public Budgeting Law (No.8131), the first steps for resources to go directly to FONAFIFO have been taken. Una Firma, Un respaldo Web: 5
6 Program s Goals: The general goal of the Huetar Norte Forestry Program is to improve the net balance of greenhouse gas emissions in Costa Rica through carbon sequestration as well as promoting other positive external effects derived from forests and forest plantations such as the protection of soil and water resources through the expansion and preservation of priority areas. To expand and preserve 74,000 hectares of forest areas in the northern region of Huetar Norte in a period of seven years as of year Objective and Scope of the Audit The general objective of engagement was to conduct a financial and compliance audit of the Huetar Norte Forestry Project. Our audit was made in accordance with the International Standards on Auditing, the standards established by the International Federation of Accountants (IFAC) and by the Association of Certified Public Accountants of Costa Rica, and therefore, it included the internal control structure evaluation, the exam of the supporting documentation of the accounting records and other audit procedures that we consider necessary in the circumstances, in order to determine if: 1. The financial statements fairly present the financial position of the Project for the twelve-month period ended as of December 31, 2011 and 2010, and the income received and disbursements made for the periods then ended. 2. The expenses reimbursed through the statements of expenditures (SOE's) are eligible, and have the proper supporting documentation, and if accounting procedures and internal control used in their preparation of such SOE s are appropriate, and if the Project s funds have been used for those purposes. 3. The origin and application of the Special Account funds are reasonable. The principal audit procedures applied during our review to comply with the audit objectives established consisted of: 1. Confirming as of December 31, 2011 the funds balances disbursed by KfW Bankengruppe, and subsequently, verifying them with the physical documents provided by management. 2. Reviewing, on selective bases, the documents that support the account payable and documents that support the funds received and disbursements made, in order to determine if the transactions made are eligible, in accordance with the terms of the Loan Agreement and the acquisition of goods and services procedures established by FONAFIFO and KfW. Una Firma, Un respaldo Web: 6
7 3. Evaluating the internal control structure of FONAFIFO, in those matters related to managing and registering the Project s transactions, such as the acquisition, registration, and control of movable property and the hiring of consultants services. 4. Reviewing the statements of expenditures (SOE`s), in order to verify the accounting and internal control procedures used in their preparation, as well as to verify if the expenses included in these SOE s are properly supported and are eligible, in accordance with the terms and procedures for the acquisition of goods and services established by FONAFIFO. 5. Reviewing the statement of origin and application of funds from the special account, in order to verify the reasonability of the origins and application of the funds. 3- Audit Results Financial Statements In our opinion, the financial statements of the Huetar Norte Forestry Program partially financed through KfW Bankengruppe present fairly, in all material respects, the net assets and liabilities of the Project as of December 31, 2011 and 2010, as well as the sources and use of funds and accumulated investments for the twelve-month periods then ended, in conformity with the accounting policies indicated in Note 1 to the previously mentioned financial statements. Internal Control System We analyzed and evaluated the internal control structure of FONAFIFO, in those matters related to managing and registering the Project s transactions, in order to determine the scope and timeliness of our audit procedures, with the purpose of expressing an opinion on the fairness of the Project s financial statements, and not provide assurance on the internal control structure of FONAFIFO. Our consideration of the internal control structure would not necessarily disclose all aspects of the internal control structure that could be significant weaknesses under the standards established by the International Federation of Accountants (IFAC). During our audit, we did not identify material matters related to the internal control structure, which should be communicated to Management; however, we followed up recommendations and observations of previous auditors reports, which are shown in the accompanying report, indicating the current status and if the Implementing Unit took proper care. Una Firma, Un respaldo Web: 7
8 Review of the Statements of Expenditures The results of our tests indicate that the procedures used to prepare the statements of expenditures are appropriate, and that there is proper documentation supporting the expenses incurred for the items supporting such statements, and that these are eligible. Review of the Statement of Origin and Application of Funds from the Special Account In our opinion, the statement of origin and application of funds of the Special Account fairly presents the transactions with funds from the Special Account of the Huetar Norte Foresty Program for the twelve-month periods ended as of December 31, 2011 and Management s Comment We have submitted this report to the Project s Coordination Unit for their review and analysis. DESPACHO CARVAJAL & COLEGIADOS CERTIFIED PUBLIC ACCOUNTANTS Gerardo Montero Martínez Certified Public Accountant N 1649 Insurance Policy N 0116 FIG 3 Expires September 30, 2012 San José, Costa Rica, May 8, Exempt of law stamp number 6663 of the Association of Public Accountants of Costa Rica by provision of article 8." Una Firma, Un respaldo Web: 8
9 NATIONAL FORESTRY FINANCING FUND (FONAFIFO) Huetar Norte Forestry Program Partially Financed through KFW Bankengruppe INDEPENDENT AUDITORS OPINION Una Firma, Un respaldo Web: 9
10 Jorge Mario Rodríguez Zúñiga, Engineer Project Coordinator Huetar Norte Forestry Project (KFW Bankengruppe) We have audited the accompanying financial statements of Huetar Norte Forestry Project partially financed with funds from KFW which comprise the Statement of Net Assets and Liabilities as of December 31, 2011 and 2010, the Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments for the twelve-month periods then ended, as well as a summary of significant accounting policies and other clarifying notes. Management s Responsibility for the Financial Statements The Project s Implementing Unit is responsible for the fair preparation and presentation of the Statement of Net Assets and Liabilities, Statements of Sources and Uses of Funds, and the Statement of Accumulated Investments, in conformity with the accounting bases described in Note 1. This responsibility includes the design, implementation, and maintenance of the internal control regarding the fair preparation and presentation of the Statement of Net Assets and Liabilities, the Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments that are free of material misstatements, whether by fraud or error, the selection and application of proper accounting policies, and the preparation of accounting estimates that are reasonable in the circumstances. Auditor s Responsibility Our responsibility is to express an opinion on the Statement of Net Assets and Liabilities, Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments based on our audit. We conducted our audit in accordance with the International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Statement of Net Assets and Liabilities, the Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement of Net Assets and Liabilities, the Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the Statement of Net Assets and Liabilities, the Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the Statement of Net Assets and Liabilities, the Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments by the Project s Implementing Unit, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of the Project s management. Una Firma, Un respaldo Web: 10
11 An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the Statement of Net Assets and Liabilities as of December 31, 2011 and 2010, and the accompanying Statement of Sources and Uses of Funds, and the Statement of Accumulated Investments for the twelve-month periods then ended present fairly, in all material respects, the results of the Huetar Norte Forestry Program partially financed with funds from KFW Bankengruppe. Other Matters This report is for the sole use of the Ministry of Environment, Energy, and Telecommunications (MINAET), the National Forestry Financing Fund, and KFW Bankengruppe. This restriction does not intend to limit the distribution of this report. DESPACHO CARVAJAL & COLEGIADOS CERTIFIED PUBLIC ACCOUNTANTS Gerardo Montero Martínez Certified Public Accountant N 1649 Insurance Policy N 0116 FIG 3 Expires September 30, 2012 San José, Costa Rica, 8 de mayo del 2012 Exempt of law stamp number 6663 of the Association of Public Accountants of Costa Rica by provision of article 8." Una Firma, Un respaldo Web: 11
12 NATIONAL FORESTRY FINANCIAL FUND (FONAFIFO) (San José, Costa Rica) HUETAR NORTE FORESTRY PROJECT PARTIALLY FINANCED WITH FUNDS FROM KFW BANKENGRUPPE AND THE GOVERNMENT OF COSTA RICA STATEMENT OF NET ASSETS AND LIABILITIES As of December 31, 2011 and 2010 (Figures expressed in Euros) Notes ASSETS Payment for Environmental Services 70% Payment for Environmental Services 30% Goods and assets Consultancies Other (Satellite images) Total assets LIABILITIES Cash contributions -KFW Cash contribution domestic offsetting entry Contribution in kind Exchange rate differences (51.089) (51.089) Operating expenses (32.857) (32.857) Other income Total liabilities and stockholders equity The accompanying notes are an integral part of the financial statements Una Firma, Un respaldo Web: 12
13 NATIONAL FORESTRY FINANCIAL FUND (FONAFIFO) (San José, Costa Rica) HUETAR NORTE FORESTRY PROJECT PARTIALLY FINANCED WITH FUNDS FROM KFW BANKENGRUPPE AND THE GOVERNMENT OF COSTA RICA STATEMENT OF SOURCES AND USES OF FUNDS As of December 31, 2011 and 2010 (Figures expressed in Euros) Notes Twelvemonth period ended Twelve-month period ended Sources KFW financing Offsetting funds Total financing Disbursements PSA 70% PSA 30% Lessons learned Purchase of assets Consultancies Satellite images Total project s expenses Excess (deficit) of sources on uses of funds Net cash variation The accompanying notes are an integral part of the financial assets Una Firma, Un respaldo Web: 13
14 NATIONAL FORESTRY FINANCIAL FUND (FONAFIFO) (San José, Costa Rica) HUETAR NORTE FORESTRY PROJECT PARTIALLY FINANCED WITH FUNDS FROM KFW BANKENGRUPPE AND THE GOVERNMENT OF COSTA RICA STATEMENT OF INVESTMENTS For the year ended December 31, 2011 and 2010 (Figures expressed in Euros) Contribution from KfW Bank Contribution from Bank KfW Category Disbursed Budget Variation Disbursed Budget Variation Investment costs Payment for Environmental Services - 70% KfW funds Payment for Environmental Services - 30% offsetting funds Assets (institutional strengthening) (173) Lessons learned Consultancies Satellite images Subtotal The accompanying notes are an integral part of the financial statements. Una Firma, Un respaldo Web: 14
15 NATIONAL FORESTRY FINANCIAL FUND (FONAFIFO) (San José, Costa Rica) HUETAR NORTE FORESTRY PROJECT PARTIALLY FINANCED WITH FUNDS FROM KFW BANKENGRUPPE AND THE GOVERNMENT OF COSTA RICA NOTES TO THE FINANCIAL STATEMENTS As of and for the periods ended as of December 31, 2011 and 2010 (Figures expressed in Euros) Note 1. Organization and Summary of the Main Accounting Policies Organization This Program is financed through Law No of June 20, 2003 and implemented by the National Forestry Financing Fund (FONAFIFO), domiciled in the Republic of Costa Rica, an organization that belongs to the Ministry of Environment and Energy. The Program is financed by the Government of the Republic of Germany through the KfW Bankengruppe. Accounting records are kept in colones ( ), the official currency of the Republic of Costa Rica. The Program s main objectives are: - To improve the net balance of greenhouse gas emissions in Costa Rica through carbon sequestration. - To promote other positive external effects derived from forests and forest plantations such as the protection of soil and water resources through the expansion and preservation of priority areas. - To expand and preserve 74,000 hectares of forest areas in the northern region of Huetar Norte in a period of seven years as of year Note 2. Principal Accounting Policies Principal Accounting Policies The most significant accounting policies are detailed as follows: a. Accounting Basis The statements of accumulated investments, cash received and disbursements made, assets and liabilities are prepared on a cash basis where disbursements are registered when the payments are made, and income is recorded when cash is received. This is a comprehensive accounting basis, which is not in conformity with the International Financial Reporting Standards. b. Monetary Unit The accounting records are kept in Costa Rican colones ( ) which is the legal tender of the Republic of Costa Rica. The transactions in foreign currency are recorded at the exchange rate reported by the OANDA webpage. Una Firma, Un respaldo Web: 15
16 The exchange rate used for selling transactions as of December 31, 2011 and 2010 was and for 1,00 respectively. For purchasing transactions, it was as of December 31, 20100, while for 2010, it was c. Presentation Monetary Unit - The previously described financial statements are shown in euros. d. Currency Translation of Financial Statements The translation of income and disbursements to euros is made using the average exchange rate for each year in which payments were made. Balances of monetary assets and liabilities are translated to the current exchange rate as of the date of the statement of assets and liabilities. Note 3. Executed Budget The Project s financing is made in accordance with the following budget as of 2011 yearend: Used Percentage Payment for Environmental Services 87,94% maintenance Institutional strengthening ,75% Organizations strengthening ,62% Total ,31% Note 4. Accumulated Investments It includes the investments made for PSA, consultancies, and goods and services acquired according to terms of the approved budget. These are detailed in the Statement of Accumulated Investments. Note 5. Contributions Through Law 8355, the non reimbursable contribution of the Huetar Norte Forestry Program of the agreement between the Governments of Germany and Costa Rica is formalized, which at the same time is implemented by the National Forestry Financing Fund (FONAFIFO), and it is also financed with funds from the Government of the Republic of Costa Rica. Una Firma, Un respaldo Web: 16
17 The disbursements made for the Project for the 2009, 2010 and 2011 periods are detailed as follows: Disbursement Date Note 6. Investments of the Period Disbursement Number Amount 06/26/ /13/ /26/ /24/ /26/ /18/ /27/ The disbursements of the donation for the development of the Project were used in the 2010 and 2011 periods as follows: Expense Detail PES (PSA) Payments for Environmental Services Satellite Images Asset Purchase Lessons learned University of Alberta, Canada Altus Consulting S.A Arista de Costa Rica S.A Compañía Leogar S.A COSEY S.A GMG Eléctrica Costa Rica S.A Grupo Tundra de Costa Rica El Eléctrico Guilá Equipos Técnicos S.A Mueblería Diamond Purdy Motor S.A Satec Sistemas Convergentes S.A Per diem abroad- Convention on Climate Change Closing event - PFHN- Millennium Consultancies GFA- Consulting Group Edgar Ortiz Malavassi Ronny Ricardo Muñoz Comunicaciones Milenio S.A TOTAL EXPENSES Una Firma, Un respaldo Web: 17
18 Note 7. Remaining Funds At the end of North Huetar Forestry Program, the funds remaining or not paid is the sum of EUR 275,006.44, as recorded in the statement submitted by the KFW Bankengruppe. Una Firma, Un respaldo Web: 18
19 NATIONAL FORESTRY FINANCING FUND (FONAFIFO) Huetar Norte Forestry Program Partially Financed through KFW Bankengruppe REPORT ON COMPLIANCE WITH CONTRACTUAL CLAUSES Una Firma, Un respaldo Web: 19
20 Jorge Mario Rodríguez Zúñiga, Engineer Project Coordinator Huetar Norte Forestry Project (KFW Bankengruppe) We have audited the Statement of Net Assets and Liabilities, the Statement of Sources and Uses of Funds, and the Statement of Investments of the Huetar Norte Forestry Project partially financed by KfW Bankengruppe, implemented by the National Forestry Financing Fund (FONAFIFO) as of December 31, 2011 and 2010, and we issued our unqualified report on May 8, We conducted our examination in accordance with the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. Compliance with the financial-accounting and administrative clauses of the agreement are the responsibility of the Implementing Unit of the National Forestry Financing Fund. As part of our audit, and in order to obtain a reasonable assurance as to whether such financial statements do not contain material misstatements or errors, we performed tests on the compliance by the Program s Implementing Unit with the corresponding financial-accounting and administrative clauses of the Financing Agreement of the Huetar Norte Forestry Program. The results of our tests indicate that, for all evaluated clauses, the agreement denominated Huetar Norte Forestry Program partially financed by KFW Bankengruppe implemented by FONAFIFO complied, in all material respects, with the terms of contractual clauses therein indicated. For those matters that were not evaluated, nothing came to our attention to make us believe that the National Forestry Financing Fund has not complied with the terms of corresponding contractual clauses. Una Firma, Un respaldo Web: 20
21 This report is for the sole use of the National Forestry Financing Fund, and the bank denominated Kreditanstalt fur Wiederaufbau (KFW) Bankengruppe. This restriction does not intend to limit the distribution of this report, which along with the approval of the parties, is a matter of public interest. DESPACHO CARVAJAL & COLEGIADOS CERTIFIED PUBLIC ACCOUNTANTS Gerardo Montero Martínez Certified Public Accountant N 1649 Insurance Policy N 0116 FIG 3 Expires September 30, 2012 San José, Costa Rica, May 8, 2012 Exempt of law stamp number 6663 of the Association of Public Accountants of Costa Rica by provision of article 8. Una Firma, Un respaldo Web: 21
22 NATIONAL FORESTRY FINANCING FUND (FONAFIFO) Huetar Norte Forestry Program Partially Financed through KFW Bankengruppe INTERNAL CONTROL REPORT Una Firma, Un respaldo Web: 22
23 INDEPENDENT AUDITORS OPINION Jorge Mario Rodríguez Zúñiga, Eng. Project Coordinator Huetar Norte Forestry Project (KFW Bankengruppe) We have audited the Huetar Norte Forestry Project, implemented by the National Forest Financing Fund (FONAFIFO), which is partially financed by Kreditanstalt fur Wiederaufbau (KFW Bankengruppe) through the Agreement ratified by Law 8355 of June 20, 2003, and we issued our previous unqualified report on May 8, We performed our audit in accordance with the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement of Sources and Uses of Funds, Statement of Investment, and Statement of Net Assets and Liabilities are free of material misstatement. In planning and performing our audit, we considered the internal control related to the Program to determine our audit procedures for the purpose of expressing our opinion on the Statement of the Investment, Statement of Sources and Uses of Funds, and the Statement of Net Assets and Liabilities and not to provide assurance on the internal control. Management of FONAFIFO, as well as the Implementing Unit of the Huetar Norte Forestry Program, are responsible for establishing and maintaining an internal control to perform the Project s operation. In fulfilling this responsibility, estimates and judgments by Management are required to assess the expected benefits and related costs of internal controls policies and procedures. The objectives of the internal controls are to provide Management with reasonable, but not absolute assurance that assets are safeguarded against loss from unauthorized use or dispositions; transactions are executed in accordance with Management, and transactions are recorded properly to permit the presentation of the Statement of Sources and Uses of Funds, Statement of Investment, and Statement of Net Assets and Liabilities on the accounting basis described in note number 1 to the Project s statements on the accounting basis described in note number 2 to the financial statements. Because of inherent limitations in any internal control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of internal control of future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For purposes of this report, we have classified the significant policies and procedures of the internal control under the following categories: 1) acquisition of goods and services. 2) Payments for Environmental Services 3) cash control and management and 4) financial information. Una Firma, Un respaldo Web: 23
24 For the internal control cycles mentioned above, we obtained an understanding of the design of relevant policies and procedures, and we verified that they have been placed in operation, assessing control risk. We did not observe any matters related to the internal control and its operation that we consider to be reportable conditions. We only followed up on matters indicated in previous reports, which we detail below. This report has been prepared for the sole use of Management of the National Forestry Financing Fund and Kreditanstalt fur Wiederaufbau (KFW Bankengruppe). However, this limitation is not intended to restrict the distribution of this report, which along with the approval of the parties, is a matter of public interests. DESPACHO CARVAJAL & COLEGIADOS CERTIFIED PUBLIC ACCOUNTANTS Gerardo Montero Martínez Certified Public Accountant N 1649 Insurance Policy N 0116 FIG 3 Expires September 30, 2012 San José, Costa Rica, May 8, Exempt of Law 6663 revenue stamp of the Association of Certified Public Accountants of Costa Rica, upon provision of article number 8. Una Firma, Un respaldo Web: 24
25 NATIONAL FORESTRY FINANCING FUND (FONAFIFO) (San José, Costa Rica) HUETAR NORTE FORESTRY PROGRAM PARTIALLY FINANCED WITH FUNDS FROM KFW BANKENGRUPPE AND THE GOVERNMENT OF COSTA RICA Accounting and Administrative Internal Control Report As of December 31, 2011 and 2010 During the audit of the Huetar Norte Forestry Program as of December 31, 2011 and 2010, auditing procedures for the Program s critical areas were performed, as well as an analysis of the items shown in the financial statements as of the aforementioned dates. A. Evaluation of the Organization As a result of the audit planning process, we evaluate the following in each area: - Appropriate segregation of duties and assignment of responsibilities according to the existing hierarchical levels. - The existence of a proper, efficient, and timely flow of information among the different departments. - Personnel have a proper knowledge of the procedures and regulations that affect the Program s operations. B. Evaluation of the audit risk in each area During the evaluation of the audit risks in the areas of income and expenses, we evaluated whether the existing accounting and administrative internal control procedures for each area were appropriate to avoid and/or identify risks inherent to the Program. C. Application of audit procedures to verify the existence of internal control procedures and compliance with them We evaluated using compliance tests the existence and validity of the internal control procedures for the critical areas mentioned in paragraph B above. D. Analysis of book accounts We conducted substantive and analytical tests to verify the reasonability and adequate presentation of the main items of the Program s financial statements for the 12-month period elapsed from January 01 to December 31, 2011 and E. Analysis of compliance with contract rules We performed an analysis to verify compliance of the Implementing Unit with the Program s terms with the contractual standards. Una Firma, Un respaldo Web: 25
26 FOLLOW-UP TO INTERNAL CONTROL REPORTS OF PREVIOUS AUDITS FINDINGS 1. FINANCIAL STATEMENTS OF THE TRUST The financial statements of the Trust do not comply with the Chart of Accounts nor IPSAS standards mainly because these statements reflect an accounting typical of a finance sector trust fund and do not comply with the accounts nor the account use designated in the aforementioned manual and standards. In addition, the financial statements do not meet the financing information requirements established by the KfW Bankengruppe. The Chart of Accounts established by the Ministry of Financing does not meet the Program s requirements for financial statements and financial information. The Program requires all PSA payments and all contributions in kind to be reflected as investments. It also requires the financial information to show all sources and uses of funds and the different project stages in comparison with the budget. With regard to IPSAS, the Cash Basis IPSAS standard establishes accounting guidelines that are similar to the KfW s requirements. Current Status As of December 31, 2010, the Trust Fund s financial statements do not comply with KfW s requirements. The Program s Implementing Unit is responsible for keeping the accounting records, financial statements, and data sent to the KfW bank. 2. RECORDING OF CASH CONTRIBUTIONS The Trust Fund records contributions as income in the bank account, crediting contributions. Then, funds are transferred to the Caja Única del Estado (Treasury-administered single fund) and an account receivable from the National Treasury is recorded. Despite the fact that there is a specific account for the Program in the Caja Única, it is not shown in the Trust Fund s financial statements. Current Status As of December 31, 2010, the abovementioned practice is kept in the Trust Fund s financial statements but not in the Program s financial statements. 3. RECORDING OF CONTRIBUTIONS IN KIND The Trust Fund initially records cash contributions. In the case of the Program, KfW paid directly to consultants and included such payments as part of the Program s budget approved in the Agreement. Una Firma, Un respaldo Web: 26
27 These direct payments are shown in KfW s financial statements as contributions in kind, while the Trust Fund has not recorded said payments since it is not aware of them, nor was it notified of such payments or received any supporting documents of such transactions. However, official communications AD of September 06, 2004 and AD-I of December 23, 2005 sent by the Implementing Unit (FONAFIFO) contain instructions for the recording of consulting services. Said communications bear the acknowledgement of receipt of the Bank s Trust Department. Current Status As of December 31, 2009 and 2010, we did not identify situations as the one described above. 4. RECORDING PAYMENTS FOR ENVIRONMENTAL SERVICES (PSA) The Trust Fund records PSA payments as expenses and, at the end of each year, said payments together with the Trust Fund s results are recorded as part of the Trust Fund s equity. According to KfW s financial information requirements, PSA payments represent the project s investment and shall be presented as such, not as expenses. On the other hand, the project s equity shall be composed by both KfW and the local Government s contributions. Current Status As of December 31, 2010 the abovementioned practice is maintained in the Trust Fund s financial statements but not in the Program s financial statements. 5. RECORDING CONTRIBUTIONS AND INVESTMENTS OF THE OFFSETTING ITEM The Program s Agreement considers an offsetting item that shall be contributed by the Government. Said offsetting item is equivalent to 30% of the PSA value, as well as the administrative support provided by the Implementing Unit. The Trust Fund does not record Government contributions. KfW s financial information requirements consider these contributions as part of the Program s implementation evaluation. Current Status As of December 31, 2011 and 2010, all offsetting item contributions have been recorded in the financial statements of the program. Una Firma, Un respaldo Web: 27
28 6. RECORDING OF VEHICLES AND EQUIPMENT ACQUIRED BY CONSULTANTS Consultants acquired vehicles and equipment to perform their tasks using part of the funds provided by KfW. Upon contract termination, said assets were returned to the Program and were considered part of the Program s investment activities. The Trust Fund has not recorded these assets. However, the Implementing Unit provided instructions for recording assets acquired by consultants through official communication AD of July 20, 2007 which bears acknowledgement of receipt of the Banco Nacional de Costa Rica s Trust Department. Current Status As of December 31, 2010 and 2009, unrecorded assets were not identified. 7. ACCOUNTING TREATMENT OF THE PROJECT S VEHICLES AND EQUIPMENT The Trust Fund depreciates acquired assets according to the provisions set forth in the Income Tax Law Regulations. For the purposes of the Program s financial statements, acquired assets are part of the investment and are not subject to depreciation since said assets will be written off upon the Program s termination and donated to the Implementing Unit (FONAFIFO). After assets become FONAFIFO s property, they shall be depreciated in accordance with the regulations established by the Ministry of Financing. Current Status The Trust Fund s financial statements keep the practice of depreciating acquired assets. Nevertheless, no depreciation is recorded in the Program s financial statements as of December 31, 2010 and ACCOUNTING RECORDS THAT INCORPORATE ALL THE TRANSACTIONS OF THE PROGRAM Situation After checking the Program s financial statements, it was concluded that the accounting information reported by the trustee (Banco Nacional de Costa Rica) does not reflect the investment on the Payments for Environmental Services (PSA) contracts, assets acquired nor consulting services in accordance with the Agreement s budget. Una Firma, Un respaldo Web: 28
29 In addition, the reports prepared by the Program s Implementing Unit (UEP by its Spanish acronym) and sent to KfW include all investments. This implies that the information provided by the B.N.C.R. shall only be used to obtain the cash balance and the investment in securities. Recommendation Management should give instructions to Banco Nacional de Costa Rica, as trustee of FONAFIFO, to establish or implement, according to applicable guidelines, the process of recording and reconciling the bank account with KfW to improve the accounting records. Current Status According to our audit as of December 31, 2010, Banco Nacional s Trust Department only keeps records of the Trust Fund, not of the Program. According to the guidelines, FONAFIFO s Implementing Unit is responsible for keeping records.. 2. LACK OF A WRITTEN PROCEDURE TO PREPARE STATEMENTS OF EXPENDITURES Condition The procedure to request statements of disbursements to KfW is not defined in a manual or formal document. Cause Procedures exist, and Management knows and applies them. However, they are not formally documented. Effect There is not a reference framework about how to carry out a statement of expenditure request. Criterion All processes shall be documented in manuals of procedures that facilitate personnel replacement and serve as a reference framework to identify key controls. Recommendation Create a manual of procedures for the preparation of statements of expenditures for KfW. Current Status As of December 31, 2010, there is no manual for the preparation of statements of expenditures. The Program s Implementing Unit is in charge of this task. Una Firma, Un respaldo Web: 29
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