Audit observed that:
i. The FCT-IRS operation accounts domiciled with the Central Bank of Nigeria was not reconciled for the period January to December, 2019.
ii. The closing balance as at 28/02/2019 was 709,198,920.01 (Seven hundred and nine million, one hundred and ninety-eight thousand, nine hundred and twenty naira, one kobo) while on the 1st of March, 2019 the opening balance was reflected as 1,886,788,293.69 (One billion eight hundred and eighty-six million, seven hundred and eighty- eight thousand, two hundred and ninety-three naira sixty-nine kobo).
iii. Another closing balance as at 31st March, 2019 was 1,250,101,171.72 (One billion two hundred and fifty million one hundred and one thousand, one hundred and seventy-one naira seventy- two kobo), while 636,366,688.92 (Six hundred and thirty- six million three hundred and sixty-six thousand, six hundred and eighty-eight naira ninety-two kobo) was reflected as opening balance in the April Bank Statement, and
iv. Above in (ii) led to understatement of 613,734,482.8 (Six hundred and thirteen million seven hundred and thirty-four thousand four hundred and eighty-two naira, eighty kobo) in the bank balances
The management of FCT-IRS is requested to;
i. Furnish reasons why monthly bank reconciliation statements were not prepared as required by extant regulations.
ii. Recover the sum of 613,734,482.80 (Six hundred and thirteen million, seven hundred and thirty-four thousand, four hundred and eighty two naira, eighty kobo) and remit same to the Treasury.
iii. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
Otherwise, apply sanctions relating to failure to prepare Bank Reconciliation Statements prescribed by paragraph 3121 of the Financial Regulations.
N/A
N/A
Click to enlarge image
Seach for project by title, MDA, state, status, year…
Do you know of project(s) in your community that has been abandoned, not executed or poorly implemented. Our team is ready to help you track it and get government to act.
Value for Money allows you to track, report and act on audited development projects abandoned, not executed or poorly implemented in your community to ensure public funds are efficiently, effectively, and economically utilized to improve service delivery to you and other citizens in Nigeria
Stay in the loop, get all project updates straight in your inbox.
