Private Sector Commission urges local firms to bridge capacity deficits for cost-recovery audits

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OilNOW
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Guyana’s Private Sector Commission (PSC) on Saturday called on local audit firms to acquire sufficient capabilities to conduct cost-recovery audits for the government, through joint ventures and partnerships with local and international counterparts.

The PSC’s statement follows assurances from President Dr. Mohamed Irfaan Ali and Vice President Dr. Bharrat Jagdeo that the government will audit ExxonMobil’s costs, and that it finds it necessary to have local auditors involved.

The PSC welcomed this statement and applauded the decision by the government to assemble a group of qualified locals to get the job done.

“The PSC 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 and 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,” PSC said.

The umbrella business organisation said it 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 the government to ensure its full accountability, including comprehensive and timely audits.

It noted that the audit of Exxon’s pre-2017 costs was left outstanding for a number of years, adding that no government should allow that to happen again.

“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 business group said.

ExxonMobil has said audits are just one part of a comprehensive framework of controls established by the government which the company fully adheres to.

Media and Communication Manager, Janelle Persaud told OilNOW last week the company is fully transparent with the government on its budgets and cost banks for each block, and that it has implemented extensive cost controls in line with its contracts and Guyana’s laws.

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