Liberia’s Auditor-General has flagged more than $100 million in unsupported, undocumented or unaccounted-for transactions in the Government of Liberia’s Consolidated Funds Account for the period 1 January–31 December 2014, according to the GAC audit report.
Auditor-General P. Garswa Jackson has asked Finance Minister Augustine Ngafuan who prepared and signed the financial statements to explain funds missing from the government’s consolidated account at the Central Bank of Liberia and spending that took place without legislative approval.
The audit also found that in some instances revenue and expenditures were hidden from auditors.
The audit lists the following material findings, which together total US$115.6 million:
$2.9 million — prior period adjustments in the statement of receipts and payments with no evidence disclosing the nature of the errors behind the adjustments.
$12.5 million — receipts recorded on the face of the statement as “vendor shares” without a detailed schedule or supporting narrative.
$10.3 million — variances between expenditure reported in the consolidated funds account and amounts reported in the respective government entities’ financial statements.
$2.8 million — disbursements that exceeded approved appropriations in the national budget.
$78.2 million — funds not disbursed to 106 ministries and agencies as expected.
$2.8 million — disbursements made without adequate supporting documentation (no payment receipts, quotations, contracts, delivery notes or job completion evidence).
$6.1 million — variances between expenditures recorded in the IFMIS ledger and those in the published financial statements.
The Finance Ministry accepted the majority of the Auditor-General’s findings but attributed most instances to error. The Auditor-General has requested that Minister Ngafuan account for the missing and undocumented amounts and provide supporting documentation for questioned transactions. The audit report may prompt further review or action by oversight bodies.
