Tag Archives: KPMG

Arik’s new management hires KPMG to audit airline’s financial status

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The new management of Arik Air has appointed KPMG, one of the big four audit firms in the world, to undertake a forensic and diagnostic audit to ascertain the true status of its finances.

The audit will among other objectives cover “the position of assets and liabilities, and their utilisation; recording and utilisation of loans, propriety of third party transactions; fraud controls over Procure to Pay (‘PtP’), agents and business partners and financial reporting and Arik Air’s financial position as at January 31, 2017?.

The report is expected to be delivered within 12 weeks.

“We have hired KPMG to look into the financials of Arik with a tooth comb and advise us with verifiable facts on what went wrong with the airline. We need to do that because the outcome will help us plug the loopholes and stabilise the airline,” the new management said via a statement.

“The whole intention is to identify what went wrong with Arik to enable the new management to bring it back to full operations.”

The federal government, through the Asset Management Company of Nigeria (AMCON), intervened last week in the airline following complaints of huge indebtedness of the airline to various creditors and the frequent interruptions in its operations, and the concern to safety and security.

Buhari appoints PwC, KPMG to audit NNPC, CBN, FIRS, others

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The Federal Government has appointed renowned accounting and auditing firms, PricewaterhouseCoopers (PwC) and Klynveld Peat Marwick Goerdeler (KPMG) to audit Nigerian National Petroleum Corporation (NNPC) and other agencies.

 

This came after the National Economic Council’s ad-hoc committee on the management of the Excess Crude Account proceeds and accruals into the Federation Account on Thursday said it had hired two firms, the KPMG and the PriceWaterHouseCooper, to audit the accounts of all Federal Government’s revenue-earning agencies.

 

Also to be audited are Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Nigerian Maritime Administration and Safety Agency (NIMASA).

 

 

 

Others are Securities and Exchange Commission (SEC), Revenue and Mobilisation Allocation Federation Commission (RMAFC) Federal Ministry of Finance, Nigerian Ports Authority (NPA), Office of the Accountant General of the Federation, Nigerian Extractive Industry Transparency Initiative (NEITI) among others.

 

 

 

 

 

Buhari and his party, the All Progressives Congress (APC) had accused the Goodluck Jonathan led-administration of undermining previous audit of the agencies.

 

 

 

Hence, there has been tension in many of the agencies marked for investigation of corrupt practices.

 

 

 

Those still in office as well as former staff, including retired or sacked workers, are monitoring developments and anxious of contents of the audit report, it was leant.

 

 

 

Edo State Governor, the chairman of the National Executive Council-backed committee set up to investigate NNPC financial accounts had disclosed that the audit of affected agencies would cover the period between January 1, 2010 and June 30, 2015.