Report on the State-owned property still does not show the real value of the State property

Making a comment on audit conclusions the Auditor General Ms Rasa Budbergytė said: "Annually presenting Opinions on the Report on the State-owned property we state that they are drawn up following the valid requirements of legislation; however, we always note that they do not show a true and fair financial state of the State property. This issue, one among many, should be solved by the undergoing Public Sector Accounting and Financial Statement Reform. Implementation of the planned measures will create preconditions for disclosing all the State property in accounting for the public sector entities and in the set of consolidated financial statements. However, issues of registration and evaluation of property should be solved faster. Correction of accounting errors should happen faster as well".

The NAOL Opinion points out that the book value of the property reflected in the Report does not show the real market value of the property. Due to errors and shortcomings of property accounting, the auditors were not able to certify the data on the residue of fixed assets provided by some public institutions and bodies. The property comprises LTL 741 million, or almost 8 per cent of the residue of fixed assets managed on trust by public institutions, bodies, and organizations.

Notwithstanding the shortcomings detected during the audit, information on the State property and liabilities provided in the Report on the State-owned property could be beneficial for public institutions shaping general directions of policy on the State property management, use, and disposal of it.



Full opinion is available in Lithuanian:
Opinion on the Report on the State-owned property 2007