12 November 2012

Liberia: NOCAL Plants Accountability Cornerstones - Sends Bid Out to Submit to External Auditors

Photo: James M. Garresen, II/Executive Mansion
President Ellen Johnson Sirleaf on an oil rig.

In its continued efforts to calm nerves and maintain public respect earned since its formation, the National Oil Company (NOCAL) is not letting any stone remain unturned in its way to infuse the ambers of transparency and accountability into its ranks and files. As The Analyst reports, indications are clear that NOCAL is keeping its promise of reform launched mid this year.

The National Oil Company of Liberia (NOCAL) has announced the status of its impending audit, a process that was initiated by NOCAL and a process that NOCAL remains steadfastly committed to.

In May of 2012, as part of the reform process, the new management of NOCAL, which was installed in March of 2012, requested that a collaborative audit of the 2008/2009, 2009/2010 and 2010/2011 fiscal years be conducted by the General Auditing Commission (GAC) and a yet to be identified international firm with a recognized and respected oil and gas accounting division.

NOCAL says it has received initial expressions of interest and requests for information from three international firms, namely Deloitte & Touche, Ernest & Young, and Pricewaterhouse Coopers.

In adherence with the laws of Liberia and, specifically, in compliance with the Public Procurement and Concessions Act (PPCA), a Procurement Committee has been appointed to conduct the tender process and will announce the winner upon its completion.

NOCAL stands committed and will continue to provide timely and precise information to our sole shareholders, the people of Liberia.

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