The Ministry of Finance has provided clarifications on recent media report that VOSCON Inc., a local auditing firm, was handpicked to conduct an audit of the ministry.

The Ministry in a statement said contrary to the report, the selection of the VOSCON was done "methodically, professionally and transparently."

The report claimed that the Ministry did not go through the right procedure Public Procurement and Concession Commission bidding processto select the firm as provided by law.

But the Ministry says" Contrary to the speculators' misrepresentation, VOSCON auditing firm was never singularly picked, nor did anyone within or outside the Ministry of Finance ensure that VOSCON be chosen for any other reason than VOSCON having been the most responsive bidders. This could never have happened; and did not happen."

The statement said three competent auditing firms in the country Panel Kerr Foster (PKF), Voscon, Inc., and MGI-Mombo & Company- were requested o submit both Technical and Financial Proposals to the Ministry of Finance, with closing date for submission set for October 20, 2008.

The Ministry said all firms submitted proposals as was requested by the Ministry, and following evaluations, VOSCON was ranked the best. See page 4 for full clarification as provided by the Finance Ministry.