CREDIBLE FINANCIAL INSTITUTIONS BREATH AUDIT

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August 24, 2019

No audit, no business and no survival for financial institutions, whether they are banks, ministries of finance or any other public and private entities handling public money and wealth.

Governments dealing with foreign financial institutions on regular basis must produce audited documents to be trustworthy. Failure to honor this financial rule is to prepare for closure of the business, and that too requires audited financial statements for those who lost money, including tax-payers.

Without sound and certified financial audit and system of paper trail, there is nothing one can do to assist Puntland rudimentary financial institutions attached to the Ministry of Finance. Deni Administration must act fast to show transparency in that regard before it becomes too late to rectify the situation of Puntland financial institutions. Auditor-General and Accountant- General must be empowered and set independent. No credible audit, no financial credibility and no business.

https://ismailwarsame.blog

@ismailwarsame

Author: Warsame Digital Media WDM

About the blogger: This blog is associated with the former Chief of Staff in Puntland State Presidency, 1998-2005. He also worked with the UN and World Bank Joint Secretariat for Somalia’s Re-construction and Development Program (RDP), 2005-2006, as a Zonal Technical Coordinator for Puntland and later as National Aid Technical Coordinator with the Transitional Federal Government of Somalia and European Union. He is now an independent political analyst and commentator on current issues and occasionally gives historical perspective on modern Somalia’s politics. He lives and works in Toronto, Canada. He can be reached at: ismailwarsame@gmail.com

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