The Accountant-General's Department and Audit Service Serra Leone (ASSL) tend to disagree with each other on the exact amount of money the government of
According to the Deputy Auditor-General,
He told members of the Public Accounts Committee in Parliament yesterday that accounting for external public debt contains many inaccuracies, and that confirmation received from the
"Accrued interest on loans amounting to Le42 billion was not recorded in the financial statement," he revealed. "Exchange gains and losses in respect of external public debt recorded in the financial statements were incorrect as there were inconsistencies in the manner in which the amount disclosed in the public accounts was arrived at. I was unable to estimate a potential amount of the misstatement because of the insufficient information presented for audit inspection."
The Deputy Auditor-General further explained that their initial review of confirmation received from the
He added that when they attempted an alternative audit procedure to ascertain the existence of the above debts, only Le139 billion was substantiated by these procedures, leaving an amount of Le96 billion unaccounted for.
"When the Adjust Financial Statement, schedules and relevant supporting documents were reviewed, an amount of Le583 billion recorded as loan disbursement to project implementation unit was understated by Le846 million," he explained, pointing out that four debts totalling Le8.5 billion recorded in the Public Debt Management System were not disclosed in the financial statements.
In his response, Accountant-General,
"If the auditors want us to regress from credit to cash accounting system, we will wholeheartedly accept it," he said. "We owe
Members of the Committee asked the two institutions to go and reconcile their documents and report back with the correct figures that the government owes the
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