{"id":2200,"date":"2025-08-27T13:46:39","date_gmt":"2025-08-27T13:46:39","guid":{"rendered":"https:\/\/sfaict.com\/demo\/gssoag\/?p=2200"},"modified":"2026-04-11T04:09:44","modified_gmt":"2026-04-11T04:09:44","slug":"audited-consolidated-financial-statements-of-the-gss-2024-in-english","status":"publish","type":"post","link":"https:\/\/sfaict.com\/demo\/gssoag\/audited-consolidated-financial-statements-of-the-gss-2024-in-english\/","title":{"rendered":"Audited Consolidated Financial Statements of the GSS – 2024 – In English"},"content":{"rendered":"\t\t
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Audited Consolidated Financial Statements of the GSS – 2024 – 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 ended 31 December 2024 presents the findings of the audit of the Consolidated Financial Statements of the Galmudug State of Somalia (GSS). The audit was conducted in accordance with ISSAI standards and the Public Financial Management Act 2018, with the objective of assessing the accuracy of financial reporting, compliance with statutory requirements, and the effectiveness of internal control systems.<\/p>

The Auditor General issued a qualified audit opinion<\/strong>, indicating that while the financial statements broadly reflect the State\u2019s financial position, material weaknesses significantly affect their reliability.<\/p>

The audit reveals persistent and systemic weaknesses across core areas of public financial management. Revenue performance was undermined by the non-collection of budgeted revenues amounting to USD 296,936<\/strong>, alongside unsupported revenues of USD 1,617,603<\/strong> lacking receipts or verifiable documentation. Weak reconciliation practices between revenue records, banking systems, and financial systems further reduce transparency and increase the risk of revenue leakage.<\/p>

Expenditure management remains weak, with USD 1,355,236 in payments processed without supporting documentation<\/strong> and USD 343,205 misclassified under incorrect budget lines<\/strong>, undermining the integrity of financial reporting. Payroll management systems are incomplete, with non-civil servant salaries recorded as lump sums in the Bisan FMIS, manual reconciliations lacking documentation, and unexplained payroll variances of USD 11,624<\/strong>.<\/p>

Procurement practices exhibit significant non-compliance, including USD 235,726 spent without competitive bidding<\/strong> and USD 925,664 through unjustified sole-sourcing or contract amendments<\/strong>, reflecting weak adherence to procurement regulations. Intergovernmental transfers of USD 337,046<\/strong> were made without supporting accountability reports.<\/p>

Debt management practices were also deficient, with USD 111,000 borrowed without parliamentary approval<\/strong>, absence of statutory debt reporting, and lack of a formal debt management strategy. Asset management systems remain largely absent, with no central asset register, no tagging or verification processes, and USD 3.6 million in capital assets unrecorded<\/strong>, exposing public assets to loss and misuse.<\/p>

From a fiscal perspective, the State recorded total revenue of USD 27.36 million<\/strong>, largely driven by external grants, alongside domestic revenues and limited borrowing. Expenditure was primarily concentrated in goods and services (46%), employee compensation (38%), and capital investment (13%), reflecting the State\u2019s operational and development priorities.<\/p>

Implementation of prior audit recommendations remains weak, with only two out of six recommendations addressed<\/strong>, indicating limited progress in strengthening financial governance.<\/p>

The report concludes that Galmudug State continues to face significant structural weaknesses in financial management, compliance, and internal controls<\/strong>. Urgent reforms are required, including strengthening documentation and reconciliation processes, enforcing procurement regulations, modernizing financial systems such as Bisan FMIS, and improving accountability mechanisms. Addressing these issues is essential to safeguarding public resources, restoring public trust, and enhancing fiscal discipline within the State.<\/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 ended 31 December 2024 presents the findings of the audit of the Consolidated Financial Statements of the<\/p>\n","protected":false},"author":1,"featured_media":2202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_angie_page":false,"page_builder":"","footnotes":""},"categories":[20],"tags":[],"class_list":["post-2200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2024-audit-financial-statements"],"_links":{"self":[{"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts\/2200","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=2200"}],"version-history":[{"count":10,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts\/2200\/revisions"}],"predecessor-version":[{"id":2424,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/posts\/2200\/revisions\/2424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/media\/2202"}],"wp:attachment":[{"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/media?parent=2200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/categories?post=2200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sfaict.com\/demo\/gssoag\/wp-json\/wp\/v2\/tags?post=2200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}