Friday, July 17, 2009: The General Auditing Commission(GAC) is conducting properties audit of all government assets, including land, buildings, plants and equipment and investments owned in and out of the country by the Government of Liberia.

According to GAC release issued today, the sole intent and purpose of the properties audit is among other things to establish a viable data base and Balance Sheet for the Republic of Liberia and to also assist the Government in instituting measures that will procure and prevent public properties from illegitimate ownership.

GAC says Liberia is moving towards an Integrated Financial Management System (IFMIS) and that the Government of Liberia has adopted International Public Sector Accounting Standards (IPSAS) and GAC needs this information to assist the Government attain a Balance Sheet information that will appropriately and proficiently enable the Government to produce financial statements.

Meanwhile, GAC is calling on the general public to assist the Commission with relevant information that will help the Commission to identify Government properties and investments.

The Commission also requests all those claiming ownership and title to Government properties and investment to be able to prove with preponderance of evidence that truly indeed they own said properties and investments.

Section 53.3 (c) of the 1973 Executive Law of Liberia states :” The Auditor General of the Republic of Liberia should perform audits of all property accounts and transactions of all Government agencies and Government organizations; that such audits shall be conducted as far as practicable at the place or places where the properties and records are located and shall include an evaluation of the effectiveness of internal control and other methods of safeguarding the assets of the Government.”

Signed:

____________________
Ernest S.Maximore
Chief Communication Officer (GAC)

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