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Audit reveals billions in financial discrepancies

Oct 3, 2025, 12:27 PM | Article By: Jankey Ceesay 

A report from a recent audit of the Central Government's financial statements has revealed a massive discrepancy in the handling of public funds. The audit, covering the years 2021, 2022 and 2023, has uncovered billions of Dalasis in unreconciled transactions.

The audit revealed unreconciled items amounting to a colossal GMD8,104,435,139.08 for receipts and a staggering GMD (3,280,474,039.64) for payments.

The audit's findings highlight significant uncorrected items in the bank reconciliation statements prepared by the Accountant General, spanning cash and bank transactions from as far back as 2019. The implications of these discrepancies are far-reaching, potentially compromising the accuracy and completeness of the financial statements. This could lead to a misstatement of cash and bank balances, obscuring the true financial position of the government.

The audit further points to weaknesses in internal controls over cash and bank management, as evidenced by the long-outstanding reconciliation issues. These unresolved items could be hiding errors, irregularities or even fraudulent activities left unaddressed. The report emphasises the urgent need for corrective action, with a "high" priority assigned to resolving the issues.

The auditors have made several key recommendations. They urge management to promptly investigate, correct, and clear all unreconciled /non-reconciled items from 2019 to 2021. Furthermore, the Accountant General's Department is advised to improve its reconciliation process, ensuring timely identification and resolution of differences between the cashbook and bank statements.

The implementation of a robust monitoring system is also crucial to regularly review bank reconciliations and prevent future occurrences.