Business

Final Report Of CBK’s Financial Audits Blocked By Vacancy At The Office Of The Auditor General

Loading...

The Central Bank of Kenya (CBK) cannot submit its audited books of accounts to Parliament due to the lack of a substantive Auditor-General to sign them.

Acting Treasury Secretary Ukur Yatani, in a letter to National Assembly Speaker Justin Muturi, cited the vacancy in the national audit office for the bank’s failure to submit certified financial statements for the year 2018/2019.

As a result, Mr Yatani said, the bank was also unable to publish the 2018/2019 Annual Report, as required under Section 55 of the CBK Act.

Mr Yatani, in the October 24 letter, told Parliament that the CBK had concluded the audit for the financial year 2018/2019 in all other aspects

Section 81 of the Public Finance Management Act, 2012 requires the accounting officer of a national government entity to, not later than three months after the end of each financial year, submit the financial statements to the Auditor-General amongst other constitutional offices and publicise the financial statements.

The position of the Auditor-General is currently vacant after the term of Edward Ouko ended in August 2019.

Loading...

As he exited office, Mr Ouko warned all unsigned audit reports would have to wait for the appointment of a new office holder, if the documents have to be legally binding. The recruitment of Mr Ouko’s successor is currently ongoing.

Mr Yatani, in the October 24 letter, asked the House to extend the time limit for the CBK to submit certified financial statements and annual report.

“Given the foregoing fact, the Cabinet Secretary is requesting the National Assembly to extend the time limit for submission of the report on the bank’s operations, pursuant to the provisions of Section 90 of the Public Finance Management Act 2012,” said Speaker Muturi in a communication to Parliament.

“This is a precedent-setting request. I, hereby, refer the request to the Public Investments Committee for consideration.”


There's no story that cannot be told. We cover the stories that others don't want to be told, we bring you all the news you need. If you have tips, exposes or any story you need to be told bluntly and all queries write to us [email protected] also find us on Telegram
Loading...

Related posts

Customer Feedback: Majority Feels Co-Op Bank Kenya Offers Pathetic Services

nairobi-exposed

KCB Bank Manager Arrested Over Sh22M Fraud

nairobi-exposed

Big blow to Shahbal as senators halt Buxton housing project

nairobi-exposed

A Reason To Rethink Using NCBA, KCB If You Owe Fuliza Loan

nairobi-exposed

KPMG Report Reveals That Domestic Violence Costs Kenya Sh5 Billion Annually

Nairobi Guru

The Risks Of Investing With NSE Listed Homeboyz Ent

nairobi-exposed

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More