Business News of Thursday, 14 December 2017
Source: The Ghanaian Times
The failure of an accountant of the Tema Oil Refinery (TOR) to prepare monthly bank reconciliation statements has resulted in the loss of GH¢1,561,434,333.31 to the state, the Auditor General’s Report has established.
The amount which covered the period between January and September 2015 was said to have been debited to the petroleum revenue account without the knowledge of TOR management.
Among other things, the report identified that no explanation was provided for the withdrawal.
The 2016 Report of the Auditor-General on public accounts of Ghana including Ministries, Departments and other Agencies (MDAs) signed by Daniel Yaw Domelevo, the Auditor-General, copied the Speaker of Parliament, recommended that the withdrawal should be investigated and officials involved in the act sanctioned.
It further urged that the accountant should prepare monthly reconciliation statement to enable prompt action to be taken on such deviations.
According to the report captured under the heading:”Ghana Revenue Authority (GRA) Customs Division-Tema Oil Refinery (TOR),” the amount was debited to the petroleum revenue account at the Bank of Ghana.
The report formed part of the overall weaknesses and irregularities identified in the course of audit which amounted to GH¢2,165,542,375.14.
The irregularities occurred in the areas of tax, cash, outstanding debts/loans, payroll, contract, rent payment and stores/procurement.
In a related development, the report identified that 549 companies, business entities and individuals owed GH¢6,806,899.00 and $61,506.00 in corporate taxes for the 2015 year of assessment.
The companies, individuals and businesses were part of the 1,555 selected tax files reviewed from 10 domestic tax revenue points in the Greater Accra Region.
The Auditor-General has urged management to increase its enforcement role to collect all the outstanding tax revenues.
Meanwhile, the office of the Auditor-General has surcharged 62 organisations for receiving payments from the state without any documentation.