Friday, 14 August 2015

Briefly: KPMG, PwC To Audit NNPC, Customs, CBN, Others

The National Economic Council’s ad-hoc committee on the management of the Excess Crude Account proceeds and accruals into the Federation Account disclosed that two international audit firms – KPMG and PWC were yesterday appointed to examine the books of the Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies.


Edo State Governor Adams Oshiomhole, who chairs the committee, made the disclosure after the meeting of the committee of five set up by the Vice President Yemi Osinbajo. Governors Ibrahim Dankwambo (Gombe), Nasiru El-Rufai (Kaduna) and Udom Emmanuel (Akwa Ibom) are members of the committee.
The committee are to forensically audit the accounts of the Nigerian National Petroleum Corporation, Central Bank of Nigeria, Securities Exchange Commission, Nigerian Maritime Administration and Safety Agency, Department of Petroleum Resources, Federal Inland Revenue Service, Nigeria Customs Service, the Nigerian Petroleum Development Company, Revenue Mobilisation Allocation and Fiscal Commission, Nigeria Extractive Industry Transparency Initiative, Federal Ministry of Finance and Office of the Accountant-General of the Federation, among others.
Oshiomole said the revenue-generating agencies were supposed to remit their revenues to the Federation Account in line with Sections 80 and 162 of the 1999 Constitution, thus, the need for the audit to check compliance and sanction erring ones.
Oshiomole was quoted as saying "having looked at the size of the assignment and the issues that have been raised, we are convinced that we need a professional approach. And so, we have decided to appoint two audit firms including KPMG and PWC to carry out a forensic audit of all the agencies under reference and to establish all the facts that we need."
When asked if the development meant that the government would jettison the PwC report of the audit carried out on the NNPC under the last administration, Oshiomhole said that exercise was limited to the NNPC while the fresh audit would involve all revenue-earning agencies.
Sources: The Nation and Punch

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