Monday January 17, 2022
MOGADISHU (HOL) - The US-based multinational Deloitte & Touche LLP has given Somalia’s Central Bank a clean bill of health in a first following an audit of the bank’s 2020 Financial Statements.
According to a source privy to the report, the US multination had issued it with a ‘draft clean opinion’ following an audit of the FY2020 Financial Statement Audit.
“This result indicates that no material misstatements or errors were identified during the audit,” the source said, noting this was the first time the bank has received such opinion on its annual financial statements.’
They added that the report from Deloitte was ‘no small accomplishment’, especially in light of challenges such as the COVID-19 pandemic during that financial period.
“The CBS staff, Minister of Finance, other government officials, and other stakeholders including the World Bank and IMF should be proud of these accomplishments and should have the full confidence that the bank’s financial operations hav not declined despite the pandemic and revenue shortfall.”
Somalia's Central Bank was re-established in 2009 following the collapse of Somalia's central institutions during the civil war in the 1990's.