Apr 24, 2013, 8:54 AM
Ministry of Finance and Economic Affairs (MoFEA) and the Auditor General’s
department yesterday presented the Government Audited Accounts for 2012-2013 to
the Public Accounts and Public Enterprises Committees (PAC/PEC) of the National
Tabling the government audited financial statement for 2012-2013 before lawmakers, the Auditor General, Karamba Touray, said the debt database at the Ministry of Finance has the capability to capture domestic debt information.
However, he said, the ministry does not maintain any domestic debt information, but instead relies on the Central Bank for domestic debt information.
He said the discussions with officials at MoFEA revealed that management of domestic debt is delegated to the Central Bank through an MoU signed between the two institutions.
Evidence of the MoU was not presented for audit review, he said, adding that there was no evidence of periodic independent review by the Ministry of Finance of all domestic debt information provided by the Central Bank.
Mr Touray further made recommendations and the implications it would have on the above issues, saying: “There is a risk that domestic debt information by the Central Bank is not accurate and complete leading to misstatement of the financial statement.”
“We recommend that all domestic debt information is captured by the Ministry of Finance, and the documentation remained outstanding up to time of finalising the report.”
He made a detailed finding on section 158 of the Financial Instructions, stating that: “The originals of payment vouchers and supporting document will be filed in numerical order by month and year by the Treasury directorate, to be available for audit and other inspection purposes.”
He said payment vouchers and other documents (credit, memos, journals) amounting to D175, 466,433.64 for the year ended 2012 and payment vouchers amounting to D444, 208,111.44 for the year ended 2013 were not presented for audit.
“We recommend that all payment vouchers are filed in numerical order by month and year as required by the Financial Instructions,” he added.
The permanent secretary at the Ministry of Finance and Economic Affairs (MoFEA), Lamin Camara, who responded to all the queries and recommendations made, said the Ministry of Finance has started receiving domestic debt data since the beginning of 2015.
Furthermore, he added, they have established a taskforce to work on the backlog which shall be completed by the end of 2016, and the memorandum of understanding is available at the accounting unit of the Accountant General’s Department for review.
PS Camara also said they have reviewed the list of the unpresented payment vouchers and the analysis accordingly.
MoFEA authorities and the Auditor General are expected to return to the National Assembly today for consideration of the report on Government’s Audited Accounts for 2012-2013.