An Audit? Why is This Important to Businesses?

An Audit? Why is This Important to Businesses?

Often times, audits are not a good thing.  They’re stressful, indicative of a problem, and occasionally just spiteful. So why is this audit special? It’s special because it means that Nigeria is taking responsibility, it’s special because a real corruption fighter in Ngoze Okonjo-Iweala is stepping up to promote sound business sense, and it’s special because it’s a sign that Nigeria is moving forward. 

Article below.

Nigeria: Minister Demands Urgent Action On Audit

Posted: Feb, 26 2014, 1:02PM
By SaharaReporters, New York

The Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has asked for urgent action with regard to an independent forensic audit of conflicting claims of unaccounted funds made by the Nigerian National Petroleum Corporation (NNPC) and the suspended Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamdio Sanusi.

“My position on this has been clear from the start,” a statement from her office said today.  “The Ministry of Finance’s reconciliation showed a shortfall of $10.8 bn in NNPC remittances to the Federation account. After this, the conflicting claims continued with new figures such as $20 bn being mentioned.”

She said she has therefore since 13th February called for an independent forensic audit.

“President Goodluck Jonathan indeed announced last night that there will be an investigation into whether there are any funds missing from NNPC,” the statement said.  “He also indicated that the correct process needs to be followed in this investigation and I understand that the entity that has the proper authority to initiate such an investigation is the Auditor-General of the federation.”

She said she would like to see the truth from an investigation under the auspices of the Auditor- General, undertaken as a matter of extreme urgency by independent external auditors.”

It is unclear if the government, given its high tolerance of malfeasance at the NNPC over the years, will truly push for such an investigation, especially by a body over which it will have no control, which could lead to unprecedented damage.  Many Nigerians want to see a forensic audit spanning the period since 1999.

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