By: Fatou Krubally
The National Assembly’s Public Enterprises Committee has directed the Assets Management and Recovery Corporation (AMRC) to reconcile and explain a D207,500 discrepancy identified in its 2022 development loan revenue records by the end of September 2026.
The directive is contained in the Committee’s review of AMRC’s 2022 audited financial statements, which was presented to the National Assembly on Tuesday.
According to the audit findings, figures recorded by the cashier for development loan revenue did not match those reflected in the General Ledger maintained by the finance department.
The cashier’s records showed D14,262,295, while the General Ledger indicated D14,054,795, resulting in an unexplained variance of D207,500.
The Committee instructed AMRC’s Board and management to submit a full reconciliation of the discrepancy within the stipulated timeframe.
It also recommended that the Corporation institute monthly reconciliations between cashier records and the General Ledger to ensure accuracy and early detection of discrepancies.
Lawmakers said any significant variances should be promptly investigated in order to strengthen financial controls and improve the reliability of AMRC’s reporting system.
The directive forms part of broader observations arising from the Committee’s review of AMRC’s 2022 audited accounts presented before Parliament.