For Fiscal Year 2022 and Special Fiscal 2021 GoL gets First Qualified Opinions …A major milestone for PFM in Liberia

‘‘We have audited the Consolidated Funds Account financial statements of the Government of Liberia(GoL) for the fiscal year January 1, 2022 to December 31, 2022, which comprise the consolidated statement of Receipts and Payments, Statement of Comparison of Budget and Actual Amount and notes to the financial statements including summary of significant accounting policies.’’

‘‘We are independent of the MFDP Management in accordance with the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that evidence we have obtained is sufficient and appropriate to provide a basis for our QUALIFIED OPINION. ’’ Liberia’s Auditor General, P. Gaswa Jackson.

In his opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of this report, the accompanying financial statements present fairly, in all material respects the results of operations of the Consolidated Funds Account of the Government of Liberia for the Special Budget Year and of its financial performance and its cash flows for the year then ended in accordance with the IPSAS Cash Basis of Accounting (2017).

In a presentation during the Exit Conference for the FY2022 Audit of the GOL Consolidated Account , the General Auditing Commission indicated that even though challenges remain, great progress has been made in Public Financial Management in Liberia as summarized below:

1. Timely preparation and presentation of the Consolidated Funds Accounts Financial Statements

2. Accurate Reconciliation of opening Balances

3. No transaction without supporting documents observed (US$$88.98 Million transaction without supporting documents in FY 2017/2018)

4. Regularize the audit of the Consolidated Funds Account Financial Statement

5. Audit Report Improved from Disclaimer to Adverse and now successive “QUALIFIED ” Opinion

6. Publication of the audited Financial Statement on August 31 consistent with the PFM for the first time in post war Liberia.

Since post war Liberia, Public Financial Management Reforms, this the Audit Report is the best Opinion the Government of Liberia(GoL) has obtained from the General Auditing Commission.

During the Audit of the GoL Consolidated Fund Account for the Special Transitional Year(July to December, 2021), the GoL also Obtained a Qualified Opinion for the six Months of the Special Fiscal Year.

The Audit Report of the Auditor General made several recommendations to the GoL to ensure value for and accountability of public resources.

The GAC recommended robust action in ensuring remittance of GOL Withholding Taxes from State Owned Enterprises and Special Funds.

Meanwhile, the GoL has described the “ QUALIFIED OPINIONS” for FY2022 and SFY2021 as Great Milestones in the Government of Liberia commitment to adhering to the PFM Laws and ensuring value for Money for Public resources which will lead to the provision of social services such as education, healthcare, security and Infrastructure development in Liberia.