Monrovia — The National Housing Authority (NHA) of Liberia is facing intense scrutiny following the liberate of an audit file detailing well-known deficiencies in financial management for the fiscal year ending June 30, 2017.
The audit, masking the Duration July 1, 2016 to June 30, 2017, performed by the Overall Auditing Commission (GAC), has implicated the authority’s feeble management, led by Hon. Prince A. Wreh, who currently serves as the Govt Chairman of the Liberia Special Financial Zones Authority.
The GAC file highlights stark inconsistencies between the reported figures in the NHA’s financial statements and the accompanying explanatory notes.
For occasion, the audit file indicated that the entire licensed appropriation was acknowledged as $1,757,000, yet the notes recorded amounts of $1,758,046.Forty eight and $1,756,000. Furthermore, discrepancies had been current in reported wages, salaries, and employee advantages that did now not align with figures outlined in the notes.
Additional serious factors published by the audit consist of unsupported income technology, a failure to remit nationwide social security contributions, and a relating absence of a cashbook or overall ledger for the reviewed fiscal year. The NHA did now not conduct any bank reconciliations, ensuing in a staggering variance of over $6 million between reported cash outflows and steady figures.
The file moreover identified the absence of needed documentation, including expenditure facts and contracts, which the experiences indicated that are a must-private for the steady representation of the NHA’s financial activities. Moreover, the dearth of a handy audit committee and insufficient asset management insurance policies had been identified besides-known risks that undermined the authority’s financial integrity.
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In gentle of the findings, the then NHA management admitted to the errors and discrepancies raised in the audit, pledging to place into effect corrective measures. They dedicated to conducting an intensive evaluation of their financial statements and reconciling all identified discrepancies transferring forward.
The Auditor Overall in his file emphasised the significance of ongoing oversight to make certain that the implementation of the recommendations, underscoring that steady and respectable financial reporting is well-known to conserving public have confidence and effectively managing nationwide resources.
Because the NHA seeks to rectify these audit factors, the findings support as a poignant reminder of the pressing need for sturdy financial management practices within public institutions to make sure accountability and transparency.
