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Momodou
Denmark
11828 Posts |
 Posted - 04 May 2006 : 13:46:57
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SOS BALA GAYE CLARIFIES
By Abdoulie G Dibba
SOS Bala Gaye has indicated that the external Auditors of the Central Bank, Deloitte and Touche. Gambia Ltd, have completed the audit of the financial statements of the Central Bank of The Gambia for the years ending 31st December 2003 and 2004.
SOS Gaye made this statement when the minority leader Halifa Sallah asked him to throw light on the results of external auditing of the Central Bank and to further clarify whether the Bank’s authorities are aware of their obligation to submit annual reports of activities and reports to the National Assembly.
He went further to indicate that the results of the Auditors expressed qualified opinions on both audits. He said Auditors usually qualify their opinions if either of the following situations exists and the Auditor concludes that the effect of the matter is material: There is limitation on the scope of the Audit; there is a disagreement with management relating to accounting policies; adequacy of disclosures. SOS Gaye said that “Deloitte and Touche. Gambia Ltd’s” qualified opinion on the basis of a limitation was not material and pervasive as to require a disclaimer of opinion or an adverse opinion. SOS Bala Gaye pointed out that the Central Bank of The Gambia is well aware of its obligation to submit annual report of its Activities and Business to the National Assembly under section 162 (10) of the constitution. It is in that spirit he said, that the bank has attached copies of the annual reports for 1999 and 2000. He said the annual reports for the subsequent years shall be submitted to the National Assembly in due course.
Source:Foroyaa Newspaper Burning Issue
Issue No. 34/2006, 4-7 May, 2006
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A clear conscience fears no accusation - proverb from Sierra Leone |
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kobo
United Kingdom
7765 Posts |
Posted - 04 May 2006 : 14:47:51
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| We are now in 2005 to 2006 and with the investment in information technology and computerisation, why annual accounts are five years in arrears for presentation to the house and audit reviews? Am suspicious of foot dragging, lack of disclosure of the facts and paying for audit services limiting the scope of audit, negotiate or buy the audit certificate as some things happenning at the Central Bank would not be exposed to the public for political reasons. Corruption could be at all levels and money! money! money talks? Inflation rising drastically and the nation is sinking, it would be a serious economic crime committed by those presently steering including the SOS. Remember history will judge them as the information must come out in the future when they are not there. Nothing has been clarified yet, it is just a formal exercise to give the impression that things are working normal and acountability is there. |
Edited by - kobo on 04 May 2006 14:51:51 |
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kondorong
Gambia
4380 Posts |
Posted - 04 May 2006 : 19:40:43
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Kobo
State treasury has not bee audited for 10 years. Add that to your arsenal. Five years is very good by gambian standards. Sorry if i stepped on somebody's toes. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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kobo
United Kingdom
7765 Posts |
Posted - 06 May 2006 : 09:32:55
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Herewith culled from Allafrica.com is another version of SOS Gaye's clarifications.
Gambia: SoS Bala Gaye Discloses Auditors' Displeasure
The Gambia Journal (Banjul)
May 5, 2006
Posted to the web May 5, 2006
Speaking to the National Assembly recently, the Secretary of State for Finance and Economic Affairs, Bala Musa Gaye, revealed that the External Auditors who audited the accounts of the Central Bank of The Gambia have had disagreements with the bank's management. He indicated that the auditors and management disagreed on several points including accounting policies, scope of the account and adequacy of the disclosures. Mr. Gaye revealed this in answer to a question raised by Minority Leader, Hon. Halifa Sallah.
Mr. Gaye did not go deeper into speculations that maintained that over a billion worth of foreign currencies disappeared from the bank in early 2000 and 2001.
The audit exercise was conducted following requests by the IMF after discoveries of huge amounts of missing foreign exchange and other funds amounting to about D900 million in early 2005. Deloit & Touche-The Gambia were the auditors engaged for the exercise which only covered the two financial periods 2003 period and 2004. Only the audited financial statements of the Central Bank for the years 1999 and 2000, have yet been submitted to the National Assembly as required by Section 162, (10) of the constitution.
Source: Allafrica.com
As reported above, it appears the auditors did a good job and didn't compromise their professional integrity and maintained their independence. This is revealed in mentioning that "The External auditors have had disagreements with management" on scope and points highlighted as reported above. Looking at it also we could see that the there is diclosure to the National Assembly non-cmpliance with IMF instructions that santioned the investigative audit exercise to look for the D900 million plus, as the information that they were expecting covering 2004/2005 were not tenable. Nothing has been clarified or solved yet.
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Edited by - kobo on 06 May 2006 12:53:38 |
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