The Senate is working on a legislation to compel the Federal Government and its agencies to submit their accounts for audit as required by the 1999 Constitution. RegulatoryCompliance Senate Audit Nigeria
It was learnt that the new law prescribes a five-year jail term for defaulting government officials, in addition to the payment of N2 million fine.
To that effect, Ayine recommended that the National Assembly should withdraw the budgetary allocations of Ministries, Departments and Agencies who failed to get their accounts audited. The new Senate law, the bill of which has already been published in an official gazette, was sponsored by Senator Bomai Ibrahim Mohammed . It provides that an audit agency shall ensure and facilitate the prevention and detection of fraud.
“An internal audit unit established under subsection shall in accordance with this Act and standards and procedures provided by the agency, carry out an internal audit of its MDA and shall submit reports on the internal audit it carries out to the executive secretary of the internal audit agency.” the bill further stated.
“Overall, our findings are indicative of significant weaknesses in expenditure control, accounting, financial reporting and in the completeness and accuracy of the consolidated financial statements,” the auditor general said.
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