For the fiscal year 2021, the Guyana Extractives Industries Transparency Initiative (GYEITI) report highlights that there have been significant challenges in the audit processes of government agencies. Notably, several participating agencies lack current audited accounts, posing a hurdle to compliance with existing legislation.
To address this, the Multi-Stakeholder Group (MSG) is recommended to collaborate with the Audit Office and relevant Ministries, supported by representatives from key government bodies and to establish a timetable for bringing government audits up to date. This short-term initiative aims to ensure compliance with legislation, with a commitment to maintaining current audits thereafter.
Specifically addressing entities like the National Industrial and Commercial Investments Limited (NICIL) and the Guyana Gold Board (GGB), the report underscores the need for updated audited accounts. NICIL’s last accounts date back to 2013, and GGB’s 2021 audit reveals discrepancies in tax exemptions and unclear financial obligations. The MSG, alongside representatives from the Ministry of Finance and other bodies, was advised to engage with these entities to establish compliance and clarity.
Concerns were also raised about the workload on the Audit Office, especially with the growing demands of the oil industry. The report recommends a review of resources needed for timely government audits and proposes additional training on the oil sector for Audit Office staff.
To ensure transparency in government accounting for the extractive sector, the MSG is encouraged in the report to stay informed about the Audit Office’s activities related to EITI implementation.
