Audit observed that the amounts recognized in some components of the Consolidated Financial Statements (Investment property, Land and Building, Property, Plant & Equipment (PPE), Receivables (Advances) and Overhead Cost) from four (4) MDAs were overstated by N153,356,305,815.28, while two (2) MDAs were understated by N2,068,937,675.96 from the amounts confirmed through circularization by the MDAs. Audit was unable to certify the accuracy and completeness of figures consolidated in the financial statements.
The Accountant-General of the Federation is requested to:
i. Justify the non compliance with the provisions of FRs 106 and 107, and
ii. Furnish reconciliation statement(s) between the figures consolidated for the above MDAs and that confirmed by them.
iii. Otherwise, sanction relating to provisions of FR 3129 should accordingly apply.
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