Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,205 members, 7,953,757 topics. Date: Friday, 20 September 2024 at 03:55 AM |
Nairaland Forum / Nairaland / General / Politics / Summary Of PWC Audit Report On NNPC- Expert Review (1537 Views)
PWC Audit:Kola Aluko And Jide Omokore Given $7bn Assets By Diezanni Madueke / NNPC Audit Report Exposes Double Subsidy Payments / Pwc Full Forensic Report On NNPC Download Here (2) (3) (4)
Summary Of PWC Audit Report On NNPC- Expert Review by Coolcash1: 5:49pm On May 03, 2015 |
PWC Report on Audit of the NNPC I have gone through the report and wish to comment as follows; With respect to the audit approach and procedures used by the audit firm, they carried out their work in line with international acceptable standards of auditing. Hence, the work done was of high quality and in line with best practice despite the auditee-imposed obstacles. Overview of their findings; beyond what was reported in the media which I will say it's just a minute fraction of the startling revelations contained in the report, I have dug out other salient and critical weaknesses or gaps from the report which I will share with you. In order not to bore you friends, I will be very brief and straight to point. The auditors were starved of information during the course of the investigation. Definitely, a deliberate attempt by the auditee to frustrate the exercise. This was mentioned in all their limitations page. NPDC the exploration and production arm of the NNPC did not submit its financial accounts for audit-page 13 NNPC enabling act gives it power to spend money without limit or control-page 16 NNPC sells DPK to bulk marketers in Nigeria at N40.90/liter as against ex-depot and regulated price of N34.51k/liter- page 18 NNPC sold its 55% interests in 8 OMLs to NPDC at an under valued amount of $1.85b. Out of this only $100m was paid by the buyer. By the auditors valuation using market basis, the actual value of the blocks should be $3.4b-page 22 NNPC does not have records of crude oil sales leading to variances in the records page 51 $13.673b being revenue from sale of domestic crude oil not remitted by the NNPC to federation accounts-page 57 Two different prices used by the NNPC to value crude oil lifted or sold. The price used to value the one going to government is lower than price paid by off-takers page 58 DPK subsidy claim over stated by $40m by the PPRA- page 71 PMS subsidy over stated by $36.05m by the PPRA- page 72 DPK subsidy over charged by $203.54m by the NNPC- page 73 Friends, these are just few of other salient findings in the report. I just hope the president-elect will call for a thorough probe to unravel other "mysteries" cleverly hidden by this rotten NNPC group and bring the perpetrators to book. 1 Like 1 Share |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Nobody: 5:51pm On May 03, 2015 |
Buhari won't do anytin Don't over hype d old man Else ya will be disappointed Temitemi1 ma role model Barcanista ma icon Tit ma legend |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by dahmie2013: 6:00pm On May 03, 2015 |
It is well! |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Islie: 6:01pm On May 03, 2015 |
More and more discovery keep raising its head up with the release of the report...... That shows that the actual money is more than what Sanusi did say..... God save this country |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Demdem(m): 6:04pm On May 03, 2015 |
All these mess under the watchful eyes of Jonah-daft...................The fool surely is a curse. Thank goodness he is on his way out. |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Nobody: 6:18pm On May 03, 2015 |
Great Analysis |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Sweetguy25: 6:24pm On May 03, 2015 |
... |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Coolcash1: 6:29pm On May 03, 2015 |
Keneking: Thank you sir. I am humbled. Moderator, please move this to front page |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by seunmsg(m): 6:49pm On May 03, 2015 |
OP, you have done a good job. Instead of people to urge the incoming government to take all necessary action to sanitise NNPC based on the audit report, they are ignorantly attacking PWC for doing their work. The findings in this report is enough for any serious minded government act accordingly. 1 Like |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by realman2015: 8:13pm On May 03, 2015 |
OP, nice job from you...I will recommend you for minister of finance to GMB...Lol Very articulate and intelligent. 1 Like |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Coolcash1: 8:39pm On May 04, 2015 |
Thanks sir. |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by Coolcash1: 8:16pm On May 16, 2015 |
I fault the submission of the member of house of rep calling for the in-coming government to probe the audit firm. Whilst I am not speaking for the latter, the auditors have protected themselves by inserting limitations faced in the conduct of the exercise. I want to state that it will only take an ignorant to make such a superficial comment. Our lawmakers need to ensure they understand issues in detail before rushing to press to comment. |
Re: Summary Of PWC Audit Report On NNPC- Expert Review by sammyj: 3:20pm On May 17, 2015 |
The oil beaSt economic leakage of this clueless corrupt government will be probe and surely brought to book by the incoming government by fire by force which will be pushed by we the people incase they decide to cover up for them!!!! |
(1) (Reply)
Wine Bottle With Senator Dino Melaye's Face On It... / Criminal Caught By UNIOSUN Students *photo* / Know About OYO State Ministerial Nominee Adebayo Shittu-Vanguard 2011
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 16 |