FPAC discovers D5B cash discrepancy in gov’t accounts
The discrepancy - identified during the committee’s review of the Auditor General’s Accounts for 2021-2024 and reports on audited financial statements, management letters and activity reports of public institutions and agencies - relates to differences between cash balances reported in the Statement of Financial Position and those contained in the Statement of Cash Receipts and Payments. Presenting the committee’s report, Chairperson and Member for Brikama North, Alhagie S. Darboe, said the inconsistency points to weaknesses in the government’s financial reporting system and requires immediate attention. “The Committee recommends that the AGD provide the Committee with a comprehensive plan with a timeline in resolving the reconciliation issues and report back to the Committee within 60 days after the tabling of the report,” the report stated. The committee also uncovered a negative balance of GMD352.4 million in the General Ledger and Cashbook for the Consolidated Revenue Bank Account. However, a bank statement for the same account showed a positive balance of D425.5 million. FPAC further noted that uncleared and misclassified transit accounts had inflated receivables by D1.07 billion and payables by D2.91 billion. According to the committee, “the accounts do not represent actual receivables or payables” and should therefore be investigated and cleared. The report also highlighted discrepancies amounting to D3.7 million between General Ledgers and Cashbooks, as well as a further D1.67 million difference between General Ledgers and balances disclosed under Note 15 of the financial statements. In addition, non-reconciled items dating back to 2019 remained unresolved, totaling to D9.46 billion in receipts and D16.59 billion in payments. “The Accountant General’s Department must enhance its reconciliation process to identify and resolve cash-book-bank statement differences on a timely basis,” the committee recommended. FPAC also expressed concern over 19 dormant government accounts held at the Central Bank and Zenith Bank that have remained inactive for more than five years but were not closed as required by regulations. The committee urged the Accountant General to close the accounts immediately and strengthen oversight mechanisms to prevent future lapses.
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The discrepancy - identified during the committee’s review of the Auditor General’s Accounts for 2021-2024 and reports on audited financial statements, management letters and activity reports of public institutions and agencies - relates to differences between cash balances reported in the Statement of Financial Position and those contained in the Statement of Cash Receipts and Payments.
Presenting the committee’s report, Chairperson and Member for Brikama North, Alhagie S. Darboe, said the inconsistency points to weaknesses in the government’s financial reporting system and requires immediate attention.
“The Committee recommends that the AGD provide the Committee with a comprehensive plan with a timeline in resolving the reconciliation issues and report back to the Committee within 60 days after the tabling of the report,” the report stated.
The committee also uncovered a negative balance of GMD352.4 million in the General Ledger and Cashbook for the Consolidated Revenue Bank Account. However, a bank statement for the same account showed a positive balance of D425.5 million.
FPAC further noted that uncleared and misclassified transit accounts had inflated receivables by D1.07 billion and payables by D2.91 billion. According to the committee, “the accounts do not represent actual receivables or payables” and should therefore be investigated and cleared.
The report also highlighted discrepancies amounting to D3.7 million between General Ledgers and Cashbooks, as well as a further D1.67 million difference between General Ledgers and balances disclosed under Note 15 of the financial statements.
In addition, non-reconciled items dating back to 2019 remained unresolved, totaling to D9.46 billion in receipts and D16.59 billion in payments.
“The Accountant General’s Department must enhance its reconciliation process to identify and resolve cash-book-bank statement differences on a timely basis,” the committee recommended.
FPAC also expressed concern over 19 dormant government accounts held at the Central Bank and Zenith Bank that have remained inactive for more than five years but were not closed as required by regulations. The committee urged the Accountant General to close the accounts immediately and strengthen oversight mechanisms to prevent future lapses.
