15 November 2012

Liberia: Who Audits NOCAL

The National Oil Company of Liberia (NOCAL), has announced another measure in furtherance of its commitment to transparency and accountability. NOCAL announced over the weekend that it has put forth a competitive tender for a general audit of its operations.

Already three reputable international auditing firms have expressed interest in response to the tender. The firms are Deloitte & Touche, Ernest & Young, and Pricewaterhouse Coopers. A Procurement Committee has been appointed to conduct the tender process. A winner will be announced later following completion of the tender process.

The procedure, according to NOCAL, is in adherence to the laws of Liberia and, specifically, in compliance with the Public Procurement and Concessions Act (PPCA).

The announcement, the company says, is in keeping with its effort to keep the general public regularly informed of the status of its impending audit, a process that was initiated by NOCAL and one that the Company 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 stands committed and will continue to provide timely and precise information to our sole shareholders, the PEOPLE of LIBERIA.

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