The committee thus tasked the Ministry of Finance and Economic Affairs (MoFEA) to provide records of these grant disbursements.
The report stated: “The Auditors noted differences of D26,000.00 between amounts disclosed in the financial statement and figures extracted from the IFMIS portal in respect of outstanding commitment at the year-end. They could not confirm the accuracy of these amounts as Accountant General did not provide the breakdown.”
The Auditors also noted an outstanding commitment of D351,693,000.00 in respect of Ministries, Agencies and Embassies at the year end.
The Auditors noted that disclosures relating to equity participation have been made under Purchase of Financial Instruments (Note 9b) and Consolidated Fund (Note 19b). “There were no adequate disclosures and explanations to enhance the understanding of Other Equity Participation.”
“The Auditors had requested for explanation but this was not provided. As a result, they could not confirm the classification and accuracy of disclosures made,” FPAC report reveals.
Looking into the differences between tax revenue receipted in the cash book report and the General Ledger, “the Auditors identified differences amounting to D6,108,377.63 between actual collections from domestic, customs and excise tax as per the cashbook report and the General Ledger,” it added.
“Further review of the revised Extended Trial Balance and Cashbook report provided, revealed a difference of D243,085,173.73 between total GRA collection as per cashbook and the figures disclosed in the financial statements.”
The committee recommends that reconciliation should be performed in respect of grants disbursed to individual projects on a regular basis; and the dictates of the Public Finance Act should always be adhered to.
It further recommended that Accountant General should provide the breakdown of the amount of outstanding commitments from ministries and should ensure that any difference is corrected by December 2023.
“Accountant General should liaise with Ministry of Finance to engage Accounting Officers to ensure funds commitments are not made when budgetary funds are insufficient and should ensure that outstanding commitments are cleared on monthly basis,” the report advised.
“The Accountant General should investigate the causes of the differences in tax collection amount disclosed in financial statement and details of findings should be forwarded to Auditors for confirmation.”
