The Private Sector Commission (PSC) says it looks forward to a prompt and transparent audit process for ExxonMobil’s expense claims.
In a statement yesterday, the PSC said it expects the full and unqualified cooperation of ExxonMobil in the conduct of this audit.
The statement came in the wake of concerns that US$9.5b in oil and gas expenditure would not be scrutinised.
The PSC said that it welcomed the assurance by President Irfaan Ali that the government of Guyana will conduct forensic audits of the expenses claimed by ExxonMobil and its operations.
This assurance was given by the President to Stabroek News on November 17 by his spokesperson after widespread concerns that the government had allowed the period for the scrutiny of the US$9.5b to expire without appointing an auditing firm.
The PSC said that it welcomed and endorsed the government’s decision to coordinate a group of fully qualified Guyanese auditing companies to participate in conducting this audit.
The statement said that the PSC has taken note of the fact that the pre-2017 Audit was left outstanding for a lengthy period and expects that such a situation is not allowed by any government to ever occur again.
“The PSC wishes to emphasize the fact that the Oil and Gas sector is critical to Guyana’s national development and that every effort should be made by government to ensure its full accountability, including comprehensive and timely audits.
“The PSC, therefore, looks forward to a prompt and transparent audit process of the Exxon expense claims and the PSC expects the full and unqualified cooperation of ExxonMobil in the conduct of this audit”, the PSC said.
It encouraged all Guyanese audit companies to participate in this process by, where necessary, “acquiring sufficient capabilities through joint ventures and partnerships with their local or international counterparts”.
The PSC said it is committed to developing a robust and dynamic private sector as the engine of growth in Guyana, where local businesses are able to capitalize on the opportunities that are being presented in the Oil & Gas sector.
“We remain resolute in our support for all activities that will enhance our Private Sector businesses, national development and the wellbeing of the Guyanese nation as a whole”, the statement added..
