{"id":54509,"date":"2024-03-10T18:18:15","date_gmt":"2024-03-10T18:18:15","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/pec-urges-nawec-management-to-retire-d1-5-m-imprest"},"modified":"2024-03-10T18:21:36","modified_gmt":"2024-03-10T18:21:36","slug":"pec-urges-nawec-management-to-retire-d1-5-m-imprest","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest","title":{"rendered":"PEC Urges NAWEC Management To Retire D1.5 M Imprest"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The National Assembly\u2019s Public Enterprise Committee (PEC) issued a directive on March 6, 2024, for the National Water and Electricity Company to settle an imprest of $1.5 million by March\u2019s end.<\/b><\/p>\n

In a session before the full assembly, the committee laid out their suggestions following a review of the National Water and Electricity Corporation\u2019s operations and audited financials for 2019-2020.<\/p>\n

The auditors\u2019 findings highlighted payments made as imprest without adequate documentation to confirm their settlement, leaving an unresolved sum of D1.5 million.<\/p>\n

The committee recommends that the board ensure that NAWEC\u2019s Management clears the imprest by March 2024. Should this not occur, the individuals who sanctioned the payments must return the funds forthwith. Non-compliance will lead to the involvement of the Inspector General of Police for inquiry and restitution.<\/p>\n

The report also disclosed a puzzling variance of D34.7 million between the trade payable ledger and the General Ledger, a discrepancy management failed to elucidate.<\/p>\n

\u201cIn reconciling the trade payable account by Management, the Auditors noted manual journal postings made into the account totaling D569,895,320 net Supporting evidence for samples of these postings were not provided to the Auditors for review,\u201d the report added.<\/p>\n

The committee additionally suggested that the Board and Management undertake an investigation to reconcile the variances identified between the listing and the general ledger.<\/p>\n

\u201cThe net variances of D34.7 million are investigated and adjustments to the books are made accordingly if necessary, the Board should investigate the manual journal postings made into the account totaling D569,895,320 net and provide supporting documents to those adjustments for verification,\u201d the committee recommended.<\/p>\n

The report indicates that during the Auditor\u2019s test on revenue from Electricity sales, they established an expectation. This was done by obtaining the monthly sales data from the billing system Galatee, multiplying it by the approved tariff, adding sales from cash power Suprema, and then subtracting NAWEC\u2019s consumption. This process revealed a variance of D199 million between their expectation and the amount recorded in the general ledger.<\/p>\n

\u201cAdditionally, they encountered limitations in testing the completeness and accuracy of revenue as the meter logbook was not provided and supporting evidence for revenue recorded for the agile NAWEC service connection amounting to D10,651,986 was not provided for their review,\u201d the report revealed.<\/p>\n

The Committee advises the Board to ensure that the variance between the anticipated revenue and the General Ledger figures is thoroughly investigated, reconciled, and adjusted as necessary.<\/p>\n

Furthermore, the Committee suggests conducting a comprehensive investigation into the underlying reasons for the understatement of revenue.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The National Assembly\u2019s Public Enterprise Committee (PEC) issued a directive on March 6, 2024, for the National Water and Electricity Company to settle an imprest of $1.5 million by March\u2019s end. In a session before the full assembly, the committee laid out their suggestions following a review of the National Water and […]<\/p>\n","protected":false},"author":84,"featured_media":54508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[2355,2361,260],"class_list":["post-54509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nPEC Urges NAWEC Management To Retire D1.5 M Imprest - Gambia<\/title>\n<meta name=\"description\" content=\"The National Assembly\u2019s Public Enterprise Committee (PEC) issued a directive on March 6, 2024, for the National Water ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PEC Urges NAWEC Management To Retire D1.5 M Imprest\" \/>\n<meta property=\"og:description\" content=\"The National Assembly\u2019s Public Enterprise Committee (PEC) issued a directive on March 6, 2024, for the National Water ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-10T18:18:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-10T18:21:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/03\/sm_1710082053.97811.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PEC Urges NAWEC Management To Retire D1.5 M Imprest\",\"datePublished\":\"2024-03-10T18:18:15+00:00\",\"dateModified\":\"2024-03-10T18:21:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest\"},\"wordCount\":439,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2024\/03\/sm_1710082053.97811.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/pec-urges-nawec-management-to-retire-d1-5-m-imprest\",\"name\":\"PEC Urges NAWEC Management To Retire D1.5 M Imprest - 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