‘It’s unethical for KPMG to audit GRA/SML contract’ – Benjamin Boakye

Benjamin Boakye, the Executive Director of Africa Centre for Energy Policy (ACEP) has raised concerns over the president’s direction for KPMG to audit a transaction between the Ghana Revenue Authority (GRA) and Strategic Mobilization Ghana Limited (SML).

The Executive Director of ACEP is of the view that, the move raises serious ethical concerns on the part of KPMG as the audit, tax and advisory services firm is a client of GRA.

“KPMG has its integrity at stake if it accepts this job. It is a client of GRA and its investigation against the leaders of one of its LARGE portfolios is exceedingly suspicious. Simply unethical,” Benjamin Boakye wrote on his official page on microblogging platform X, formerly known as Twitter.

In a statement signed by Director of Communications at the presidency, Eugene Arhin and dated January 2, 2024, President Akuffo-Addo appointed KPMG to with immediate effect audit a transaction between the GRA and SML, a contract which was entered into to enhance assurance in the downstream petroleum sector, the upstream petroleum production and minerals and metals resources value chain.

According to the President’s directive, KPMG is to do the following;

Conduct an audit to ascertain the rationale or needs assessment performed prior to the contact approval by GRA, and assess how the arrangement aligns with specific needs; assess the appropriateness of the contracting methodology, verifying compliance with legal standards and industry best practices in procurement process for the selection of SML.

Evaluate the degree of alignment between current activities and the stipulated contract scope, identifying any deviations.

Evaluate the value or benefit that SML has offered to the GRA through this engagement.

Review the financial arrangement, including pricing structures, payment terms and resolution of any financial compliance issues and submit a report on their findings on the above, together with appropriate recommendations.

EAN/OGB

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