Ministry of Education says Ministry of Education and Youth at risk of fraud
the Alistener genergy Ddepartment says the Mministry of Etraining and Yesouth is at risk of fraud, unauthorized withdrawals and major banking errors.
He says this is due to Mthe inability of the department to prepare its bank reconciliation statements on a timely basis.
According to Alistener genergy Aannual Rreport for the financial year 2020/2021 which was published yesterday (January 11), bank reconciliation is one of the most important elements of an effective system of internal control and is necessary to prevent and detect fraud and help identify accounting and banking errors.
He says, however, that he found that the Etraining and Yesoutside Mthe insistence does not have systematically reconciled bank accounts for teachers’ salaries, general salaries and Ddeposit accounts for the period 2012/2013 to 2020/2021.
The report said, for example, that the Ministry reconciled these bank accounts during fiscal year 2018/2019, without reconciling previous years, which was inconsistent with good accounting practice.
As such, the department said it could not trust the bank balances reported in the reconciliation statements.
The lack of a monthly reconciliation would also have exposed the ministry to irregularities as evidenced by the $ 30 million fraud that occurred on the teacher’s salary bank account between June 2017 and August 2018. ‘
The Auditor General’s department says that despite requests, the Ministry of Education and Youth did not provide a complete list of the bank accounts it kept for the 2019/2020 fiscal year.
He said the ministry submitted a list of only six bank accounts and presented the corresponding bank reconciliation statements.
the Alistener genergy DDepartment said of the note, these bank reconciliation statements were prepared, examined and signed on the same date, JJuly 13, 2021, during the audit period.