By: Alphanso G. Kalama
Monrovia, Liberia – Liberia’s Auditor General, P. Garswa Jackson, announced a significant achievement in the country’s public financial management (PFM) on Friday, August 30, 2024. For the second consecutive year, the Office of the Auditor General has published the audited Fiscal Year 2023 Consolidated Fund Financial Statements, marking a crucial advancement in PFM reforms.
This accomplishment is particularly noteworthy given the context of previous deficits in Liberia’s financial auditing. When the current leadership of the Auditor General’s Office took charge in late July 2021, one of the major concerns highlighted by the International Monetary Fund (IMF) and the World Bank was the absence of audited Consolidated Fund Financial Statements for the preceding two years.
To address this gap, the Auditor General’s Office worked closely with the Ministry of Finance and Development Planning (MFDP) to ensure the timely submission of these critical financial documents. Thanks to this collaboration, the MFDP has consistently provided the unaudited Consolidated Fund Financial Statements by the required deadline of April 30 for the past two fiscal years, facilitating timely audits in accordance with the PFM Act.
These achievements reflect a significant improvement in Liberia’s financial management practices and are a testament to the collective efforts of the MFDP, development partners, and the dedicated team at the General Auditing Commission (GAC). The advancements are expected to positively impact Liberia’s Public Expenditures and Financial Accountability (PEFA) ratings and serve as a catalyst for addressing other unresolved issues within the PFM system.
Additionally, the Auditor General’s Office has released its first Status Report on the Implementation of Audit Recommendations. This report, supported by the Audit Follow-up Unit, highlights progress in implementing recommendations across various audited entities, including government ministries, agencies, and commissions. The unit provides technical support to expedite the implementation of audit recommendations, thereby enhancing systems, controls, and processes.
The Auditor General’s Office also showcased its progress to over 185 participants from auditor general offices across Africa and other partners through an online webinar. The presentation focused on the formation and operationalization of the Audit Follow-up Unit, reflecting Liberia’s commitment to improving financial accountability.
Furthermore, the Office has undertaken unprecedented systems reviews at the House of Senate, the Judiciary, and the Ministry of State. These reviews will serve as a foundation for strengthening systems, controls, and processes at these key entities, leading to more comprehensive audits in the future.
These developments mark a significant step forward in Liberia’s PFM reform journey and set a strong precedent for future advancements in financial accountability.
