By Omar Bah
The auditor general has urged board members and management of public institutions to prepare and submit their financial statements for audit by 31st March 2025.
In a statement shared with The Standard, the NAO said the late submission of financial statements continues to pose a significant challenge in executing its constitutional mandate.
“Consequently, the office has initiated the issuing of press releases to raise public awareness, in addition to formal letters sent to institutions scheduled for audit. This reminder also applies to public institutions whose audits have been outsourced by the NAO. They must ensure they submit their financial statements to their auditors by 31st March,” it added.
According to the NAO, institutions are also reminded to ensure that their financial statements are credible and prepared accurately in accordance with their institution’s adopted financial reporting framework.
The NAO said it is concerned about the persistent delay in accountability processes. (including the late or non-preparation of financial statements), which further leads to deficiencies in the National Assembly’s oversight responsibilities to the citizens on the use of public funds.
“Thus, in line with its mandate, the NAO will submit a special report to the National Assembly regarding, amongst others, the list of institutions that submitted their financial statements on time, those that submitted late, and those that have not submitted at all. These immediate corrective measures are required to restore accountability and safeguard public trust in public finance management,” it added.
The audit institution also reminded public institutions that financial reporting is a fundamental aspect of the public financial management (PFM) system, and audited financial statements are not just bureaucratic or legislative requirements but also vital tools to ensure transparency, effective use of public funds, and effective governance.
