National Assembly refers 2020 gov’t financial statement to FPAC

The move comes after Seedy Keita, minister for Finance and Economic Affairs, presented the audited Financial Statements of the Government of The Gambia for the Financial Year ended 31st December 2020.

Reading the statement, Minister Keita said the Financial Statements comprise accounts that are under the control of the Accountant General’s Department and do not include full transactions of the State-Owned Enterprises, Self-Accounting Projects and Local Governments.

Those entities, he added, are audited separately by external auditors, through the Office of the Auditor General.

The finance minister reminded that the financial statement comprises Consolidated Statements of Cash Receipts and Payments (International Public Sector Accounting Standard -IPSAS); Statements of Revenue and Expenditure – Consolidated Fund; Detailed Revenue and Expenditure Comparison, and Accounting Policies and Explanatory Notes.

“As you may be aware, there is a strong drive for Governments to adopt international best practices. Thus the Government of The Gambia adopted International Public Sector Accounting Standards as the basis for preparing its Financial Statements.”

The adoption of IPSAS, he added, is a necessary element in strengthening the governance framework and enhancing transparency. 

“Government has taken necessary measures to address the issues arising from the audit of the Financial Statements for the year ended 31st December 2020. Details of the actions taken are provided in the Management Letter of the Auditor General. Additional information/documents and further clarifications on the unresolved issues are being collated and will be shared with the National Audit Office,” he explained.

“The audit of the 2021 Government Financial Statements is currently on-going, while the preparation of the 2022 Accounts has just been concluded and ready for submission to the National Audit Office. This is a clear demonstration of our commitment towards the attainment of in-year reporting whereby, the Auditor General can perform continuous audit of Government activities.”