The NEWS (Monrovia)
27 November 2008
Lack of annual stock-taking and the preservation of important documents such as revenue flag receipts as well as tax credits ledger led to US$28.1 million over due taxes, audit report released by the General Auditing Commission (GAC) reveals.
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It is good to hear that after all these many years of a disfunctional financial reporting system that finally the Liberian government has an auditing process that can work independently to show the actual picture (weaknesses) of public finances. This is a major tool to instill the necessary reforms that are long overdue in Liberia's fiscal policy formulation process. I hope the auditing bureau sees its role as an independent body that can work with public institutions to bring about the structural changes that are needed. BRAVO to all involved.