Business in Ghana

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Archive for September 29th, 2013

The Sun Always Rises From The East. Critical News, 29th September 2013

Posted by Business in Ghana on September 29, 2013

 

Sydney Casely-Hayford, sydney@bizghana.com

I remember as a rookie auditor with Deloitte, Haskins and Sells in the late 70’s we had the assigned task of reporting on the truth, Fairness or otherwise of the state of affairs of Ghana Water and Sewerage and State Construction Company.  With a financial audit, one of the key things you preserve is internal control procedures and safeguarding the assets of the company.

My task in 1977 was to audit the Central Stores and make a report on findings.  There is a procedure for doing this and I went through the paces.  Now, most importantly, you look for requisite authorized signatures, payment vouchers, copies of cheques, bank statements and evidence of payment for contracts etc.   But this is not an audit lesson, so here is the point.  I had a dilemma, because in my sample was a set of imported snow tires from Russia.  No documents to cover the purchase, but a payment to suppliers for delivery.  I had procedural problems and clear improper procedure.  The goods were part of my stock count and curious about when we would be able to use snow tires, I expanded my work to include any orders made from this supplier and subsequently all improper documentation, particularly any sole-signed documents by a key officer.  It was a messy affair.  I reported my findings to my manager, now an Omanhene, Osabarima Kwesi Atta II and received a most critical lesson in auditing. Read the rest of this entry »

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