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From Rose Ejembi, Makurdi
Auditor General of the Federation, Adolphus Aghughu, has submitted the 2019 audit report to the Clerk to the National Assembly (CNA) Mr Ojo Amos.
The presentation ceremony was held at the National Assembly Complex, Abuja.
He said the audit was carried out on the 2019 Federal Government Consolidated Financial Statement, which included unsubstantiated balances amounting to N4.973 trillion.
He, however, lamented that his office was incapacitated in so many ways from functioning effectively and efficiently as far as detection of mismanagement of public funds by the various Ministries, Departments and Agencies (MDAs) was concerned
“The N4.973 trillion unsubstantiated balances are above the materiality level of N89.34 billion set for the Audit.”
“In auditing, materiality means not just a quantified amount but the effect that amount will have in various contexts.
“During the auditing planning process, the auditor decides what the level of materiality will be taking into account the entirety of the financial statements to be audited.”
Aghughu said that auditing of consolidated financial statement of the Federal Government on yearly basis would be expeditiously carried out as made available by the office of the Accountant-General of the Federation .
“You will recall that on March 25, Audit of Consolidated Financial Statement of the Federal Government for the 2018 was submitted to this office for the required investigation of queries raised in it by the National Assembly .
“Just five months after, we are here again to make submission of the 2019 Audit Report.”
He, however, decried that his office was not working the way it should due to myriad of factors crippling its operations and invariably giving room for all forms of financial infractions across the various MDAs.
