Extensive reporting, auditing requirements included in Natural Resource Fund Act – ‘Green’ paper
─ Annual reports, budget, external audits by Auditor General to enable transparency in management of petroleum revenues
─ Annual Report will detail all deposits, withdrawals and investments, analysis of performance of the investments
─ comprehensive analyses to be made public
DPI, Guyana, Wednesday, August 29, 2018
Government, in its ‘Green’ paper on the Natural Resource Fund- NRF, says the reporting and auditing requirements of the NRF Act would be wide-ranging.
According to the document, titled “Managing Future Petroleum Revenues and Establishment of a Fiscal Rule and a Sovereign Wealth Fund” the Ministry of Finance will lay an Annual Report in the National Assembly each fiscal year and provide further reporting through the annual budget process which will include additional documentation.
Each instance, it notes, would see comprehensive analyses being made public. The reporting and audit requirements would ensure that all petroleum revenues are accounted for.
The Annual Budget will provide an explanation of the economically and fiscally sustainable finance amount.
The Annual Report will detail all deposits, withdrawals and investments, analysis of performance of the investments and audited financial statements and external auditor’s report.
The ‘Green’ paper further states that the Bank of Guyana will be charged with the responsibility of presenting quarterly reports and financial statements drafted in accordance with international financial reporting standards. The Bank would also need to conduct an internal audit annually.
An external audit of the accounts, records and other documents relating to the Natural Resource Fund will be undertaken annually by the Auditor General. The ‘Green’ paper says the Auditor General may engage an internationally recognised auditing firm.
Financial reports prepared by private investors will include a summary of investment performance that will be drafted as requested or agreed by the Bank of Guyana.
By: Stacy Carmichael.