The recent controversy surrounding the General Auditing Commission’s (GAC) rejection of crucial documents from the Central Bank of Liberia (CBL) during the audit of the CBL raises serious concerns about the integrity and transparency of Liberia’s auditing process. The GAC’s decision to reject these documents, citing a two-day delay in submission, not only undermines the credibility of the audit but also suggests potential political interference, which threatens the very purpose of auditing.
Audits are fundamental to ensuring accountability and transparency within financial institutions. The primary goal of an audit is to assess compliance and identify any financial malfeasance, a process that demands thoroughness, fairness, and impartiality. The GAC’s handling of the CBL documents, however, falls short of these standards. The rejection of vital documents, provided before the final report compilation, lacks fairness and raises questions about the GAC’s motives.
The sequence of events leading to the rejection is troubling. On July 18, 2024, the CBL submitted the requested documents to the GAC. Despite the documents being received and verification initiated by GAC official Daniella Berrian, Audit Lead Abraham T. Cooper abruptly halted the process, citing instructions “from above.” This abrupt cessation of verifying the documents, followed by instructions for the CBL to submit the documents to the Legislature when summoned, indicates an alarming breach of protocol and transparency.
What did the GAC seek to achieve by rejecting the documents? Does this action evince a fair audit process or show that the auditors had preconceptions before starting the process?
The CBL’s frustration is understandable. Previous agreements and email exchanges between CBL and GAC officials allowed for the submission and review of these documents, making the GAC’s sudden change in stance perplexing and unjustified.
Auditor General P. Garsua Jackson’s defense, blaming the CBL for not meeting the July 16 deadline, is contradicted by email evidence showing a request for submission by July 17. This discrepancy further erodes trust in the GAC’s objectivity in the audit of the CBL.
Many auditors have revealed that rejecting the documents was unnecessary and detrimental to the audit’s integrity. Experts have criticized the rejection as highly irregular and indicative of possible political manipulation.
The notion that the GAC would refer the CBL to the Legislature’s Public Accounts Committee instead of concluding the audit based on comprehensive evidence submitted by the CBL is absurd and undermines the auditing body’s role.
The implications of this controversy extend beyond the immediate audit of the CBL. They cast a shadow over the GAC’s broader role in promoting accountability and transparency within Liberia’s financial system. If political bias is allowed to influence the auditing process, it undermines public confidence in the institutions designed to safeguard the nation’s financial integrity.
Audits must be free from political influence to maintain their credibility and effectiveness. When political bias creeps into the auditing process, it skews findings, erodes trust, and ultimately fails to hold entities accountable for their financial practices.
The integrity of the auditing process is paramount. The GAC must adhere to principles of fairness and impartiality to ensure audits serve their true purpose –uncovering the truth, holding parties accountable, and fostering trust in financial oversight mechanisms. However, all of these cannot be achieved when auditors are conflicted.
The rejection of the CBL documents should be reconsidered, and a thorough, unbiased review should be conducted. This is not merely about one audit but about preserving the integrity of Liberia’s financial oversight mechanisms. The public deserves an auditing process free from political influence, where transparency and accountability are paramount.
The GAC must demonstrate its commitment to these principles to restore faith in its role as the guardian of financial integrity. The integrity of Liberia’s auditing process, and by extension, its financial system, is at stake. Political bias must be eradicated from the auditing process to ensure it remains a robust tool for accountability and transparency not a mechanism for a witch hunt.
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