{"id":446882,"date":"2017-12-14T02:51:41","date_gmt":"2017-12-14T02:51:41","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/14\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\/"},"modified":"2017-12-14T02:51:41","modified_gmt":"2017-12-14T02:51:41","slug":"lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/14\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\/","title":{"rendered":"Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Thursday, 14 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>The Ghanaian Times<\/p>\n<p>2017-12-14<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/10\/91591033.295.jpg\" alt=\"TOR OIL\" title=\"TOR OIL\" width=\"295\" height=\"184\" \/><span class=\"image_caption\"><span>File photo<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125817929577\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125817929577\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1513219901_41_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\">The failure of an accountant of the Tema Oil Refinery (TOR) to prepare monthly bank reconciliation statements has resulted in the loss of GH\u00a21,561,434,333.31 to the state, the Auditor General\u2019s Report has established.<\/p>\n<p>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.<\/p>\n<p>Among other things, the report identified that no explanation was provided for the withdrawal.<\/p>\n<p>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.<\/p>\n<p>It further urged that the accountant should prepare monthly reconciliation statement to enable prompt action to be taken on such deviations.<\/p>\n<p>According to the report captured under the heading:\u201dGhana Revenue Authority (GRA) Customs Division-Tema Oil Refinery (TOR),\u201d the amount was debited to the petroleum revenue account at the Bank of Ghana.<\/p>\n<p>The report formed part of the overall weaknesses and irregularities identified in the course of audit which amounted to GH\u00a22,165,542,375.14.<\/p>\n<p>The irregularities occurred in the areas of tax, cash, outstanding debts\/loans, payroll, contract, rent payment and stores\/procurement.<\/p>\n<p>In a related development, the report identified that 549 companies, business entities and individuals owed GH\u00a26,806,899.00 and $61,506.00 in corporate taxes for the 2015 year of assessment.<\/p>\n<p>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.<\/p>\n<p>The Auditor-General has urged management to increase its enforcement role to collect all the outstanding tax revenues.<\/p>\n<p>Meanwhile, the office of the Auditor-General has surcharged 62 organisations for receiving payments from the state without any documentation.<\/p>\n<p><!-- uploaded by: 32 updated by: -1 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Thursday, 14 December 2017 Source: The Ghanaian Times 2017-12-14 File photo The failure of an accountant of the Tema Oil Refinery (TOR) to prepare monthly bank reconciliation statements has resulted in the loss of GH\u00a21,561,434,333.31 to the state, the Auditor General\u2019s Report has established. The amount which covered the period between January [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":425078,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-446882","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/14\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Thursday, 14 December 2017 Source: The Ghanaian Times 2017-12-14 File photo The failure of an accountant of the Tema Oil Refinery (TOR) to prepare monthly bank reconciliation statements has resulted in the loss of GH\u00a21,561,434,333.31 to the state, the Auditor General\u2019s Report has established. The amount which covered the period between January [&hellip;]\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016\",\"datePublished\":\"2017-12-14T02:51:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/\"},\"wordCount\":314,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/\",\"name\":\"Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016 - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-12-14T02:51:41+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/14\\\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016 - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2017\/12\/14\/lack-of-monthly-bank-reconciliation-cost-tor-ghc1-5bn-in-2016\/","twitter_card":"summary_large_image","twitter_title":"Lack of monthly bank reconciliation cost TOR GHC1.5bn in 2016 - Ghanamma.com","twitter_description":"Business News of Thursday, 14 December 2017 Source: The Ghanaian Times 2017-12-14 File photo The failure of an accountant of the Tema Oil Refinery (TOR) to prepare monthly bank reconciliation statements has resulted in the loss of GH\u00a21,561,434,333.31 to the state, the Auditor General\u2019s Report has established. 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