In a release issued recently in Monrovia, the GAC said there were several misstatements in the financial statements gathered. According to the GAC, audit uncovered that the trial balance generated from the Integrated Financial Management Information System (IFMIS), which is the Government of Liberia accounting system used as the basis for the financial statements is out of balance. This, it added does not again agree with the reported cash amount where the overdrafts (liabilities) were netted off against the positive balances (assets). Excerpt of the audit report: “The GAC observed from the inspection of reported financial statements that only the current period receipts are disclosed. Without these details, the GAC could not recalculate the interestpaid.”The GAC said it further observed from the inspection of reported financial statements that only the grantors and current period receipts are disclosed.

Source: Front Page Africa November 25, 2019 16:29 UTC