‘Our audit report not reliable,’ PriceWaterhouseCooper says

This was contained in an introductory letter addressed to Nigeria’s Auditor General within the 199-page report which was released on Monday, April 27, 2015.

Audit firm, PriceWaterhouseCooper has said that its report on the finances of the Nigerian National Petroleum Corporation (NNPC) does not comply with generally acceptable standards.

The letter reads in part:

“The procedures we performed did not constitute an examination or a review in accordance with generally accepted auditing standards or attestation standards.”

“Accordingly, we provide no opinion, attestation or other form of assurance with respect to our work or the information upon which our work was based.”

The company further stated that the report and all accompanying deliverables, were “solely for the Office of the Auditor-General for the Federation, for their internal use and benefit and not intended to, nor may they be relied upon, by any other third party.”

President Goodluck Jonathan ordered the audit into NNPC’s accounts after former Central Bank Governor, Sanusi Lamido Sanusi alleged that the company had failed to remit $20 billion into the Federation Account.

PwC however recommended in the report that the NNPC refund the sum of $1.48 billion.

Jonathan ordered the release of the report after President-elect, Muhammadu Buhari stated that his administration would probe the allegation of missing funds.

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