{"id":4875,"date":"2024-04-24T13:48:51","date_gmt":"2024-04-24T13:48:51","guid":{"rendered":"https:\/\/sotnews.agency\/?p=4875"},"modified":"2024-04-25T13:18:57","modified_gmt":"2024-04-25T13:18:57","slug":"gra-sml-deal-akufo-addo-accepts-kpmgs-advice-to-halt-upstream-audit-services","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=4875","title":{"rendered":"GRA-SML deal: Akufo-Addo accepts KPMG\u2019s advice to halt upstream audit services"},"content":{"rendered":"
\n
\n \t<\/i> Read Time:<\/span>2 Minute, 55 Second <\/div>\n\n <\/div>

President Nana Addo Dankwa Akufo-Addo has accepted a recommendation by the accounting and auditing firm, KPMG to discontinue the upstream petroleum and minerals audit services previously provided to the Ghana Revenue Authority (GRA) by Strategic Mobilisation Limited (SML).<\/strong><\/p>\n

A statement issued by the Presidency on Wednesday, April 24 on the KPMG report stated that \u201cthe transaction audit and external price verification services may also be terminated. According to KPMG\u2019s findings, GRA obtained partial value or benefit for those services. This was also due to a lack of monitoring on the part of GRA to ensure that SML performed the services as stipulated in the contracts.<\/p>\n

\u201cKPMG\u2019s investigation found that GRA has introduced external price verification tools as part of ICUMS, among its other functions. This renders the reliance on SML for external price verification redundant.\u201d<\/p>\n

GRA-SML deal: Akufo-Addo acts on KPMG report; orders review of upstream petroleum audit<\/a><\/p>\n\n

President Akufo-Addo acted on the report presented to him by KPMG on the agreement between the GRA and the SML.<\/p>\n

The President made a number of directives upon reviewing the report.<\/p>\n

The statement highlighted the directives saying\u00a0 \u201cThe upstream petroleum audit and minerals audit services have not yet been commenced, and no payments have been made in respect of those services; therefore, they may be terminated.<\/p>\n

\u201cHowever, given that the upstream petroleum audit and minerals audit services could prevent significant revenue leakages, the President has directed that the Ministry and GRA conduct a comprehensive technical needs assessment, value-formoney assessment, and stakeholder engagements before implementing such services.<\/p>\n

KPMG report on GRA-SML deal: Akufo-Addo tells Ministry of Finance, GRA to act on his directives immediately<\/a><\/p>\n\n

\u201cThe transaction audit and external price verification services may also be terminated.
\nAccording to KPMG\u2019s findings, GRA obtained partial value or benefit for those services.
\nThis was also due to a lack of monitoring on the part of GRA to ensure that SML performed
\nthe services as stipulated in the contracts. KPMG\u2019s investigation found that GRA has introduced external price verification tools as part of ICUMS, among its other functions. This renders the reliance on SML for external price verification redundant.<\/p>\n\n

\u201cThere is a clear need for the downstream petroleum audit services provided by SML. GRA
\nand the State have benefited from these services since SML commenced providing them.
\nThere has been an increase in volumes of 1.7 billion litres and an increase in tax revenue
\nto the State of GHS 2.45 billion. KPMG also observed that there were qualitative benefits,
\nincluding a 24\/7 electronic real-time monitoring of outflow and partial monitoring of
\ninflows of petroleum products at depots where SML had installed flowmeters and six
\nlevels of reconciliation done by SML.<\/p>\n

\u201cThis minimises the occurrence of under-declarations. However, it is important to review the contract for downstream petroleum audit services, particularly the fee structure. Given the experience and proficiency of SML over the last four years of providing this service, the President has directed that the fee structure be changed from a variable to a fixed fee structure. Other provisions of the contract worth reviewing include clauses on intellectual property rights, termination, and service delivery expectations. SML\u2019s performance in any renegotiated contracts should be monitored and evaluated periodically to ensure that it meets expectations. Any renegotiated contract should be compliant with section 33 of the PFMA.\u201d<\/p>\n\n\n

\u00a0<\/p>\n

The post GRA-SML deal: Akufo-Addo accepts KPMG\u2019s advice to halt upstream audit services<\/a> first appeared on 3News<\/a>.<\/p>

\n
\n \n
\n \n \"Happy\"\n <\/a>\n
\n Happy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sad\"\n <\/a>\n
\n Sad <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Excited\"\n <\/a>\n
\n Excited <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sleepy\"\n <\/a>\n
\n Sleepy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Angry\"\n <\/a>\n
Angry<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n \n <\/div>\n <\/div>\n\n
\n \n \"Surprise\"\n <\/a>\n
Surprise<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n <\/div>\n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

President Nana Addo Dankwa Akufo-Addo has accepted a recommendation by the accounting and auditing firm, KPMG to discontinue the upstream petroleum and minerals audit services previously provided to the Ghana… <\/p>\n","protected":false},"author":1,"featured_media":4905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-4875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/4875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4875"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/4875\/revisions"}],"predecessor-version":[{"id":4907,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/4875\/revisions\/4907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/4905"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}