Mozambique Extractive: “Audits reveal failures in extractive industry control” – Court

Vale CoalThe Judicial Council of the Administrative Court says it considers that failure to conduct regular audits of extractive industry companies has led to a lack of knowledge of the actual costs of companies’ activities and other operating expenses.

During the 7th Ordinary Session of the Judicial Council in Maputo last week, the Administrative Tribunal emphasized that the National Petroleum Institute (INP) had not exercised control over costs designated as “pre-development” costs, which are included in the expenditure and revenues submitted by the concessionaires.

Likewise, quarterly recovery reports costs related to the extractive industry had not been submitted to the INP.  These are findings of three extractive industry audits of the Administrative Court carried out in 2017.

Within the framework of its Annual Activity Plan, the Administrative Tribunal carried out a total of 329 audits in the year just past, 103 of which were carried out by the State General Account Department and 226 by the Accounting and Auditing Department.Source:Notícias

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