{"id":2105,"date":"2026-04-04T12:44:29","date_gmt":"2026-04-04T12:44:29","guid":{"rendered":"https:\/\/sfaict.com\/demo\/gssoag\/?p=2105"},"modified":"2026-04-11T04:06:23","modified_gmt":"2026-04-11T04:06:23","slug":"audited-consolidated-financial-statements-of-the-gss-2018-in-english","status":"publish","type":"post","link":"https:\/\/sfaict.com\/demo\/gssoag\/audited-consolidated-financial-statements-of-the-gss-2018-in-english\/","title":{"rendered":"Audited Consolidated Financial Statements of the GSS – 2018 – In English"},"content":{"rendered":"\t\t
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Audited Consolidated Financial Statements of the GSS – 2018 – In English<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The Annual Audit Report for the Financial Year 2018 presents the findings of the audit of the Galmudug State of Somalia\u2019s consolidated financial statements and public accounts. The audit, conducted in line with applicable legal frameworks and international auditing standards, assesses whether public resources were managed, utilised, and reported in accordance with established financial management principles.<\/p>

The Auditor General issued a qualified audit opinion, indicating that while the financial statements generally align with the required standards, significant limitations were identified. A substantial proportion of government expenditure lacked adequate supporting documentation, raising concerns about the reliability and completeness of financial reporting.<\/p>

The audit highlights persistent structural weaknesses in public financial management. Revenue performance declined during the year and remains constrained by manual collection systems, weak internal controls, and limited utilisation of available revenue sources. Gaps in reconciliation processes and incomplete coverage of revenue streams continue to expose the system to risks of error, leakage, and inefficiency.<\/p>

Expenditure management is affected by a heavy reliance on cash-based transactions, increasing the risk of misappropriation and reducing transparency. Budget execution was significantly below planned levels, with both revenue and expenditure falling far short of approved estimates, resulting in a fiscal deficit. This reflects challenges in realistic budgeting, revenue mobilisation, and overall fiscal discipline.<\/p>

Procurement processes were not consistently compliant with legal requirements, with instances of non-competitive practices and insufficient documentation. Asset management systems remain underdeveloped, with incomplete asset registers and lack of regular verification, limiting effective oversight of public assets.<\/p>

The audit further identifies critical weaknesses in information and communication technology governance. The absence of formalised ICT policies, procedures, and controls exposes systems to operational risks, including inadequate access management and lack of business continuity planning.<\/p>

A recurring concern is the limited implementation of prior audit recommendations. Most recommendations from previous years remain unaddressed, indicating weak follow-through and insufficient accountability mechanisms within government institutions.<\/p>

Overall, the report concludes that while a legal and institutional framework for public financial management exists, compliance is inconsistent and enforcement mechanisms are weak. Strengthening internal controls, improving revenue mobilisation, reducing reliance on cash transactions, enforcing procurement regulations, enhancing asset management, and institutionalising accountability for audit recommendations are critical priorities for improving governance and ensuring effective use of public resources.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The Annual Audit Report for the Financial Year 2018 presents the findings of the audit of the Galmudug State of Somalia\u2019s consolidated financial statements and<\/p>\n","protected":false},"author":1,"featured_media":2107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_angie_page":false,"page_builder":"","footnotes":""},"categories":[24],"tags":[],"class_list":["post-2105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2018-audit-financial-statements"],"_links":{"self":[{"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts\/2105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/comments?post=2105"}],"version-history":[{"count":7,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts\/2105\/revisions"}],"predecessor-version":[{"id":2415,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts\/2105\/revisions\/2415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/media\/2107"}],"wp:attachment":[{"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/media?parent=2105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/categories?post=2105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/tags?post=2105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}