Latest update February 8th, 2025 6:23 PM
Latest News
- Soaring gold price entices Canadian company to renew permits in Guyana
- Terrence Campbell accuses Govt. of weaponizing Police Force after calls for accountability with oil revenues
- China slams US as Panama quits Belt and Road Initiative
- Guyana extradites fugitive to Canada
- AFC Leader Nigel Hughes welcomes any investigation into lands he acquired
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.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Due diligence on investments must become a priority
Peeping Tom… Kaieteur News- In 1985, the Forbes Burnham government looking for economic salvation, entered into a memorandum... more
OAS Secretary General Election and renewed OAS Consensus
Antiguan Barbudan Ambassador to the United States, Sir Ronald Sanders By Sir Ronald Sanders Kaieteur News- The upcoming election... more
Weekend Cartoon
