13 November 2013

Angola: Govt Names Deloitte to Audit Sovereign Wealth Fund

The Angolan government appointed Deloitte consulting company as the independent auditor of the Angola Sovereign Wealth Fund (FSDEA), aimed to ensure the highest level of transparency in all areas that the wealth fund operates.

"The nomination of independent auditors represents an important landmark in the development of the fund and it reinforces its responsibility in face of state and civil society. Through the construction of solid foundations, FSDEA shall fully play its role in the socioeconomic development of the country", reads the note from the wealth fund that reached Angop on Tuesday.

According to the note, the CEO of FSDEA, José Filomeno dos Santos, said that the team of FSDEA is happy with the appointment of external and independent auditors, aiming for the evaluation of its work objectively.

"We are still committed to all international standards of compliance, governance and transparency recommended for the sovereign funds. Deloitte has a lot of professional experience with the major sovereign funds of the world, which will be extremely profitable for the beginning of the activities of FSDEA investments", reads the document.

According to the document, Deloitte expects to review the accounts of the Fund of 2013 during the first semester of 2014. According to the regulation of FSDEA, the audited accounts must be published in the local press for the public divulgence. Moreover, the Parliament will annually evaluate the performance of the Fund, and the first evaluation is set for September 2014.

According to the note, the fund also appointed Artur Carlos Andrade Fortunato to the board of directors to oversee risk management.

The Angola Sovereign Wealth Fund (FSDEA) is a fund owned by the Republic of Angola. The Fund, established in accordance with the international standards of governance, will gradually diversify its investment portfolio in various sectors and classes of assets, according to its investment policy.

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