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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.