The National Social Security and Welfare Corporation (NASSCORP) has received an unqualified audit opinion on its financial statements for the year ended December 31, 2022 from the General Auditing Commission, marking the first clean audit for the agency in many years.
The unqualified, or “clean,” opinion indicates that NASSCORP’s financial statements fairly present its financial position and performance in all material respects and comply with Generally Accepted Accounting Principles (GAAP). The audit covered the statement of financial position, income statement, cash flows, budget-to-actual comparisons and accompanying notes.
Auditor General Garswa Jackson said the Commission’s review found the statements to be reliably presented: “In our opinion the accompanying financial statements present fairly the statement of financial position, statement of financial performance, cash flow statement, statement of comparison of the budget and actual amounts … in accordance with Generally Accepted Accounting Principles (GAAP).”
The clean opinion is widely viewed by investors and stakeholders as a strong indicator of sound financial reporting and effective internal controls.
For NASSCORP, the outcome could improve stakeholder confidence, support future funding or partnerships, and help the agency strengthen governance and transparency as it manages social security programs.
Established in 1975, NASSCORP administers social security benefits for Liberia’s formal sector through three main schemes: the Employment Injury Scheme (EIS), the National Pension Scheme (NPS) and a Welfare Scheme (WS). The agency provides benefits including medical and income support for work related injuries, retirement and survivor pensions, and other social assistance; the comprehensive Welfare Scheme has not yet been launched. NASSCORP also contributes to national disaster relief and recovery efforts.
While the clean audit reflects progress, sustained confidence will depend on NASSCORP’s ability to maintain rigorous financial controls, address audit recommendations, and continue timely, transparent disclosures for subsequent reporting periods.
