Bank Governor, Dr. Ibrahim Stevens
Auditors from Audit Service Sierra Leone have uncovered that there are Differences Between Physical Cash in the Vault and the Trial balance at the Bank of Sierra Leone. During the review of currency management, it was observed that a difference of SLE4.096 million (4.096 billion old notes) was over the trial balance amount stated on the currency aggregated accounts.
It was further observed that no reconciliation was prepared for currency circulation movement from July to December 2022. Officials at the bank responded during the time of audit that “Work is currently ongoing by a special task force to reconcile the difference of SLE 4.096 million. Action was taken in March 2023 to reconcile currency circulation movement for July – December 2022. Reconciliation is currently done monthly, which is being reviewed by senior personnel”.
Auditors revealed that the reconciled difference SLE4.096 million(4.096 billion old notes) has not been resolved. During the Auditor verification process, bank of Sierra Leone officials provided the reconciliation prepared for currency movement for July 2022 to December 2022 and it was prepared in March 2023. However, auditors stated that the issue remains unresolved.
More details next edition!
