The auditors said a series of internal control matters reported by the internal audit team were still unclear at year end, with some recurring over multiple years.
They urged the Board and senior management to assign a responsible officer specifically tasked with closing all outstanding audit matters and drawing attention to repeat findings.
On tax compliance, the auditors noted that while PURA began withholding tax in line with the Income and Value Added Tax Act 2012, the deductions covered only payments made in December 2023.
An outstanding D104,358.24 in the withholding tax ledger had not been remitted to the Gambia Revenue Authority within the required 15 days after the month of deduction. Management was advised to ensure tax is withheld from all applicable contracts and remitted within the stipulated timeframe.
The audit further highlighted misclassification of expenses, repeatedly recommending that management and the Board clearly define what should be classified under Corporate Social Responsibility and Advertisement and Corporate Brand to avoid confusion in financial reporting.
A major red flag was raised over the construction of PURA’s new headquarters. Auditors observed that 40 percent of the contract sum, amounting to D76,346,581, was paid in 2023, yet progress has moved only slightly beyond foundation level. The building was expected to be completed and handed over in October 2025.
Based on a review of Board meeting minutes, auditors said there was little evidence of sufficient follow-up that could have prevented the slow pace. They recommended that the Board seek legal counsel, engage further with the contractor and prepare to initiate recovery of the advance payment.
Board governance also came under scrutiny. Required subcommittee meetings were not held as stipulated in 2024. Some committees met only once or twice instead of the required six times, with no explanation provided for the shortfall.
Auditors called for proper recording, approval and filing of minutes, and strict adherence to meeting frequency as outlined in committee terms of reference.
Additional concerns included lack of monthly reconciliation of staff loans, incomplete personal files, missing educational certificates and no performance appraisals conducted for Directors in 2024.
The Board was advised to enforce a structured annual appraisal system and withhold promotions or salary increases where evaluations are not completed.
Despite the concerns, PURA’s financial performance improved. Total income rose from D178,978,973 in 2023 to D206,434,733 in 2024, while expenses increased from D166,346,310 to D177,867,038. The surplus for 2024 reached D28,567,694, up from D12,626,710 in 2023.
PURA is scheduled to reappear on Monday afternoon for further consideration of the reports.
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