Audit observed that:
i. The Audit Committee of BOA recommended at its 39th meeting held on 13th September, 2011 and approved the appointment of a firm of Chartered Accountants to audit the books of accounts for the year 2011;
ii. The audit firm have spent a total of nine (9) years as at the time of the periodic checks in 2020 as appointed auditors of the Bank contrary to the provisions of the above stated Extant Circular from the Office of the Auditor–General for the Federation; and
iii. The tenure of 9 (nine) years for the External Auditors quoted from the CBN Regulations is in contravention of FR 3208 which states ”Except the enabling Act relating to a particular Parastatal provides otherwise, the provisions of Financial Regulations shall apply. Where any provision of the Financial Regulations conflicts with the Act relating to any particular Parastatal, the immediate advise of the Accountant General should be sought.”
The Managing Director is requested to:
i. Justify the retention of the External Auditors for more than five years as prescribed by the extant circular; and
ii. Otherwise, apply sanction relating to gross misconduct in paragraph 3129 of the Financial Regulations.
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