For the past three financial years, auditor general Junias Kandjeke has given the New Era Publication Corporation clean audit opinions, a feat its CEO attributes to good governance.
In his latest report, tabled in the National Assembly for scrutiny, Kandjeke once again gave NEPC an unqualified audit opinion.
This is to say NEPC’s financial statements have been fairly and appropriately presented, without any identified exceptions, and in compliance with generally accepted accounting principles, since 2019.
“In my opinion, the financial statements fairly present, in all material respects, the financial position of New Era Publication Corporation as at 31 March 2021,” Kandjeke says in the report.
Reacting to the feat, NEPC’s CEO, Christof Maletsky credited the results to the board of directors and management’s drive for good corporate governance.
“Since taking office, the board of directors and the management has emphasised the importance of the NEPC team knowing the overall goal of the corporation, our common values as well as norms to promote integrity and quality. Governance is a key pillar of our strategy and therein NEPC’s optimal performance in things such as a clean (unqualified) audit. We have done that consistently,” Maletsky said.
In the same report, however, the AG points out material uncertainty related to going concern.
During the period under review [2020/21], the entity recorded losses of N$62 million while its liabilities exceeded its assets by N$40 million.
These realities are historical, Maletsky hastened to say, while maintaining that they are working around the clock to address them.
“NEPC is battling historic debts with the Namibia Revenue Agency (NamRA). We were not paying over pay as you earn (PAYE) taxes and value added tax (VAT). The situation was compounded by high interest rates which grew at a phenomenal rate. We have since started paying it over but we are unable to settle the historic debts,” the veteran journalist stated.
Back in 2019, the corporation’s accumulated losses stood as N$43 million, while its total liabilities exceeded its assets by N$21.1 million.
NEPC is a 100% government-owned entity and owns local daily newspaper New Era and Kundana, a paper published in Oshiwambo.
-emumbuu@nepc.com.na