Audit observed that:
i. The Authority’s yearly audited accounts had fallen in arrears for five(5) financial years from 2015 – 2019.
ii. The last set of audited annual financial statements submitted in line with the requirement was for the financial year 2014, and
iii. Delays in compliance with financial reporting regulations and timeliness weaken the executive oversight function and deprive those charged with governance with timely information on performance and for decision making and deprive the full range of stakeholders, including the legislature, the executive of vital information on financial performance and stewardship.
The Managing Director is requested to:
i. Justify the failure to present audited financial statements for over 5 (five) years in contravention of FR 3210(v);
ii. Prepare and submit all the overdue audited financial statements (2014-2019) without further delay;
iii. Forward evidence of compliance to the Public Accounts Committees of the National Assembly, and
iv. Otherwise, apply sanctions relating to gross misconduct specified in paragraph 3129 of the Financial Regulations.
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