Audit report finds discrepancies in Economic Development Ministry finances
11 Jan 2012, 12:54 PM
An audit report of the Ministry of Economic Development for 2010 released this week found large discrepancies between the ministry’s internal records and the general ledger kept by the Ministry of Finance and Treasury.
The report noted that the Economic Development Ministry did not “identify and reconcile” discrepancies of over Rf6 million (US$389,105) in income and Rf8 million (US$518,806) in expenditure between its accounts and the finance ministry ledger.
In a recurring finding of audits of state institutions for 2010 recently completed by the Auditor General’s Office, the report noted that the ministry did not compile its financial statement in accordance with ‘International Public Sector Accounting Standards’ (IPSAS) as stipulated by regulations under the Public Finance Act, and as a result lacked important information such as detailed “disclosure notes”.
The annual financial statement did not specify how Rf1 million (US$63,850) allocated for the trade representative in Geneva was spent, the report stated.
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