According to the 2011 audit report of Audit Service Sierra Leone (ASSL), a review of the treasury register of the Sierra Leone Commercial Bank (SLCB) branch at Siaka Stevens Street for the period under review revealed that cash held in vault, on several occasions, was in excess of the bank's Le10 billion as insurance cover. The report stated that there was no evidence of dual control for the period of 7th February to 23rd November 2011 of which the second signatory was not adhered to as only one signatory was found in the registry.

It was recommended by the auditors that cash held in the vault must be maintained within the insurance limit and there should be strict monitoring and adhering of controls by every bank personnel.

According to SLCB's acting Deputy Managing Director, George Taylor, the former Managing Director of the bank, Crispin Deigh, had stated that action had already been taken to regularise those exceptions but stressed that actions are yet to be taken on some of the recommendations made in the previous reports on the non-compliance with banking regulations on loans and advances classification. He stated that ensuring compliance with banking regulation was always at the forefront of their operations but that the management of liquidity was fraught with practical challenges relating to the timely availability of account statements and confirmation of available balances with the central bank.

"For the specific case mentioned, the breach was in relation to cash reserve ratio caused by a particular deposit for which we were entitled to receive value before the Bank of Sierra Leone cut of time of 4pm. But apparently, the value was given by the Bank of Sierra Leone after the cut off time," he explained. Mr. Taylor maintained that advances classification remains a fundamental component of their risk management practices and that as a bank, they continuously conducted periodic review of their lending portfolio. He added that with the extensive down-grading and re-classification of large exposures over the past four years, they were lately given attention to reviewing small lending with the view of making adequate provision as appropriate. Meanwhile, the committee recommended that since there are evidences as being stated by the bank's acting Deputy MD, the auditors should carry out verification at the bank to ascertain what Mr. Taylor had told them.