Lawmakers Receive Audit Report with N5trn Unsubstantiated Balance
The Auditor General of the Federation, Mr Adolphus Aghughu on Wednesday, submitted the 2019 Audit report to the Clerk to the National Assembly (CNA) Mr Ojo Amos. The presentation ceremony was held at the National Assembly Complex, Abuja.
Aghughu said the audit was carried out on the 2019 Federal Government Consolidated Financial Statement, which included unsubstantiated balances amounting to N4.973 trillion.
He however lamented that his office was incapacitated in so many ways from functioning effectively and efficiently as far as detection of mismanagement of public funds by the various Ministries, Departments and Agencies (MDAs) was concerned
“The N4.973 trillion unsubstantiated balances are above the materiality level of N89.34 billion set for the Audit. In auditing, materiality means not just a quantified amount but the effect that amount will have in various contexts. During the auditing planning process, the auditor decides what the level of materiality will be taking into account the entirety of the financial statements to be audited.”
Aghughu said that auditing of consolidated financial statements of the Federal Government on yearly basis would be expeditiously carried out as made available by the office of the Accountant-General of the Federation.
“You will recall that on March 25, Audit of Consolidated Financial Statement of the Federal Government for 2018 was submitted to this office for the required investigation of queries raised in it by the National Assembly.
“Just five months after, we are here again to make submission of the 2019 Audit Report,” he said.
He however decried that his office was not working the way it should due to myriad of factors crippling its operations and invariably giving room for all forms of financial infractions across the various MDAs.
He said that the problem incapacitating optimal functionality of the office’s mandate as far as thorough and appropriate l auditing of financial statements of the MDAs were concerned, was gross underfunding which was telling much on their efficiency.
“For example, the office is understaffed but there is no money for recruitment. Imagine many of our state offices having just two or three staff. Auditing is done by a team not by an individual.”
In his remarks, the Deputy Clerk to the National Assembly (DCNA), Mr Bala Yabani, who represented the CNA said the report presented would be submitted to both the President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila for the required legislative consideration.
He said that all the complaints made by the AGF would be tabled before the leadership of the National Assembly for required actions and solutions.
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” Your complaints are very germane. They will surely be conveyed to the appropriate quarters that will surely do the needful on them because the people heading the quarters have listening ears,” he said.
Lawmakers Receive Audit Report with N5trn Unsubstantiated Balance
