Bosso financials out, date set for meeting

THE audit process of Highlanders Football Club financials has been completed, with their presentation set for May 21 at the Bosso Club House.

Pressure was beginning to mount on the Highlanders executive who failed to produce audited financial statements at their January 29 Annual General Meeting.

The completion of the audit process should bring relief to the club members who will get to know the real financial position of their institution.

In an advert published yesterday, titled “Adjourned annual general meeting”; the May 21 gathering has three agendas, treasurer’s report to be presented by Busani Mthombeni, any other business where due notice has been given and the board chairman’s remarks.

“Notice is hereby given to member of Highlanders Football Club who are in good standing for the meeting of the adjourned AGM of the 29th of January 2023 to be held on Sunday, 21st May 2023 at the Highlanders Clubhouse — Masotsha Ndlovu/Fife Street at 10AM,” reads the notice.

Between January and May, a series of meetings involving the Highlanders board, executive and the auditors were held in a bid to try and bring their financials in the earliest possible time following pressure from members.

The delay in having the audit completed first started when the executive indicated that they needed four months to separate the US$ and local currency on their financials.

The sticking point of the audit, according to impeccable club sources, was on preferred functional currency, with the auditors demanding that since the club’s majority revenue or expenditure which is in the region of 70 percent was in United States Dollars, it was only proper that the financials are reported in foreign currency.

According to sources, the auditors reportedly argued that when there are options to use the US$, which is the major functional currency that the club uses, why should the club opt for local currency.
In their report to management, the Highlanders auditors indicated that there were some irregularities in Highlanders’ books, as some transactions were not backed by receipts.

The auditors have red-flagged Highlanders’ financials and issued an adverse opinion.
An adverse opinion means that the auditors cannot vouch for the authenticity of Highlanders’ financials as there might be fraudulent or cooked accounts.

This means that the financial statements do not fairly present the financial position, results of operations, and changes in financial position, as per generally accepted accounting principles.

But all this will be cleared when the club members meet on May 21.
It is at this meeting where Bosso members will also approve the budget for the 2023 season as well as get to know the financial standing of the club. — @ZililoR.