Reminder to Auditees on the Timely Submission of Financial Statements for Audit
Mr Modou Ceesay Auditor General
Banjul, The Gambia: December 23, 2024
The Auditor General (AG) wishes to remind Board members and Management of public institutions, of their statutory obligation to prepare and submit their financial statements for audit by 31 March 2025.
The late submission of financial statements continues to pose a significant challenge for the NAO in executing its constitutional mandate. Consequently, the Office has initiated the issuing of press releases to raise public awareness, in addition to formal letters sent to institutions scheduled for audit.
This reminder also applies to public institutions whose audits have been outsourced by the NAO. They must ensure to submit their financial statements to their auditors by 31 March.
Institutions are also reminded to ensure that their financial statements are credible and prepared accurately in accordance with their institution’s adopted financial reporting framework.
The NAO is concerned about the persistent delay in accountability processes (including the late or non-preparation of Financial Statements) which further leads to deficiencies in the National Assembly’s oversight responsibilities to the citizens on the use of public funds.
Thus, in line with its mandate, the NAO will submit a special report to the National Assembly regarding,amongst others, the list of institutions that submitted their financial statements on time, those that submitted late, and those that have not submitted at all. These immediate corrective measures are required to restore accountability and safeguard public trust in public finance management.
Public institutions are reminded that financial reporting is a fundamental aspect of our public financial management (PFM) system, and audited Financial Statements are not just bureaucratic /legislative requirements, but also vital tools to ensure transparency, effective use of public funds and effective governance.
The budget speech for 2025 highlighted the government’s reform agenda for the PFM system and we hope institutions will embrace the reforms to address the gaps in our PFM system, also identified in the AG’s audit reports.
As we approach the end of another financial year, we wish our stakeholders a prosperous New Year; and look forward to the support and proactive actions from all stakeholders regarding the audit report findings and implementation of recommendations.
Collaboration with stakeholders is crucial for achieving the desired impact of audits and maintaining the ongoing relevance of Supreme Audit Institutions (SAIs). This principle is emphasized by the International Organization of Supreme Audit Institutions (INTOSAI) in Principle 12: “Value & Benefits of SAIs: Making a Difference in the Lives of Citizens.”