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The reputable audit, tax, and advisory services firm KPMG has been appointed by President of the Republic Nana Addo Dankwa Akufo-Addo to carry out an immediate audit of the transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Ltd (SML).
The purpose of this contract was to improve revenue assurance in the downstream petroleum sector, the upstream petroleum production, and the value chain of minerals and metals resources.
The Terms of Reference of the Audit are as follows:
- conduct an audit to ascertain the rationale or needs assessment performed prior to the contract approval by GRA, and assess how the arrangement aligns with specific needs;
- assess the appropriateness of the contracting methodology, verifying compliance with legal standards and industry best practices in the procurement process for the selection of SML;
iii. evaluate the degree of alignment between current activities and the stipulated contract scope, identifying any deviations;
- evaluate the value or benefit that SML has so far offered to the GRA through this engagement;
- review the financial arrangements, including pricing structures, payment terms and resolution of any financial compliance issues; and
- submit a report on your findings on the above, together with appropriate recommendations.
KPMG has been given a two-week deadline by President Akufo-Addo to finish the task and provide the necessary recommendations to him.
The President has instructed the Ghana Revenue Authority (GRA) and the Ministry of Finance to give KPMG any support they will need to carry out the audit. In addition, the President has instructed the Ministry of Finance and the Ghana Revenue Authority to halt contract execution until the audit report which includes any payments currently anticipated under the terms of the agreement is submitted.
Eugene Arhin
Director of Communications
Source: Ghanatodayonline.com
