In the just released Audit report, Sierra Leone tax payers Loose over 140 billion leones in public funds.
The report state that several reasons for such loss can be attributed to so many things and one such thing could be public financial management MDAs.
The report pointed out that majority of the time funds allocated to some of the MDAs are not accounted for at all.
Report further went on to state that payments are made without adequate supporting documents with almost all the MDAs.
Monthly bank reconciliations are not carried out in some MDAs,which is a fundamental failure of internal control over cash and banking procedures and the control should also be undertaken by persons with no access to the physical cash or bank statements.
Another major reason for such loss in public funds is due to weakness in the management of revenue in most revenue generating entities. The reported cited one instance with NRA where majority of the time supplier and contractor owing the federal government in taxes evade the payments of taxes owned.
Furthermore several lapses in procurement procedures resulting in incomplete transaction cost tax payers to loose money through unsatisfactory delivery.
Also another major factor for loss of public fund the report cited ,was due to the fact that money intended to be managed by impurest accounts are not accounted for with the result that control over impurest accounts is weak and analyzing and posting for expenditure accurately to ledger accounts is seriously impaired the report stated.
Fixed assets,stores and fuel records are not adequately recorded in applicable registers and other records,the report highlighted. And in addition despite improvements made over the years , there are still reluctance in making available requested documents to audit department for review.
The report concluded by stating that many of the findings of the Audit report and recommendation are never implemented , this create lack of confidence that resources are managed optimally with due regard for the economy, efficiency or effectiveness or fully in accordance with parliament, the report concluded.