Latest update April 4th, 2025 5:09 PM
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Forensic audit report reveals…NFMU boss never prepared/ submitted annual reports
A company’s Annual Report is extremely important and is needed for more than just compliance purposes. Financial Analysts argue that it is the indisputable display of a company’s accountability and communicates the kind of business ethics practiced in the entity.
But this was not a principle that was upheld by the National Frequency Management Unit (NFMU). According to forensic auditors at Ram and McRae, Chartered Accountants who investigated the NFMU’s accounts, they confirmed that no Monthly, Quarterly and Annual Reports are prepared by the NFMU and submitted for the subject Minister’s perusal.
The forensic auditors flagged this violation of company laws and recommended that monthly, quarterly and yearly financial and operational reports be prepared by the NFMU and submitted for the Minister’s evaluation.
Head of NFMU, Valmiki Singh
Forensic auditor,
Chris Ram
In its response to the auditors’ contention, the NFMU claimed that Annual Reports have been submitted “in the past”. The forensic audit team however noted that there is no evidence that any such report was ever tabled in the National Assembly.
Financial Analysts said that in Annual Reports, what becomes visible is the accountability of the entity’s actions for the year and how they effectively had a hand in company production throughout the period under review.
In a nutshell, the analysts stressed that this medium is needed to demonstrate a company’s adherence to a transparent process and elicits the trust that stakeholders and consumers are looking for in a company.
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