“Poor financial record keeping” poses challenges to audit state enterprises: AG
22 Dec 2013, 9:26 PM
Mariyath Mohamed
The Auditor General Niyaz Ibrahim has expressed concern over poor record keeping at State Owned Enterprises (SOEs), and said the public is entitled to know how much the state makes from an enterprise it owns or if the enterprise is making a profit or loss.
Speaking to Minivan News today, Niyaz said the independent audit office faces severe challenges in auditing SOEs, especially those in which the state is a minority share holder.
In some cases, even when a company is liquidated, there are no financial statements or audits, he said.
“As you know, there are over 80 companies in which the government owns shares, including minority share holding enterprises. While we don’t have adequate legal authority to appoint external auditors to the companies in which the state is a minority share-holder, the Audit Act allows us to do so with majority State-owned enterprises,” Niyaz explained.
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
