Nexia Payce Consulting firm on Wednesday presented its 2021 audit report on NAWEC to the National Assembly’s Public Enterprise Committee(PEC) but the national water and electricity company disagreed with the findings.
According to the auditors’ report, the company’s audited financial statement did not present fairly the financial performance of NAWEC for the year 2021 under the local General Accepted Accounting Principles (GAAP).
The report also detects significant loss in foreign exchange.
NAWEC’s director of finance Betty Marong said the company has provided all the documents to the auditors since she cannot audit
Abiosseh George, an external auditor of Nexia PayceConsulting informed the committee that the stock that was lost was also mentioned in their report.
“We always look at the report of internal auditors,assess before we look at the reports of what they have prepared and see whether we can place reliance on the work that they have done or if they have raised anything that we believe is a high risk area for us to follow through and this is the process we have adopted,” she added.