Gambiaj.com – (BANJUL, The Gambia) – The National Audit Office (NAO) has issued a firm deadline of 31 March 2025 for public institutions to submit their financial statements for audit, reinforcing its stance on transparency and accountability in financial management.

This directive aims to address persistent delays in financial reporting, which have long hindered the National Assembly’s oversight of public funds. According to the NAO, the timely submission of credible financial statements is crucial for ensuring effective governance and maintaining public trust in financial management.

In a statement shared with The Standard, the NAO reiterated that institutions failing to comply with the deadline risk being named in a special report to the National Assembly, detailing their submission status.

“Referencing the press release issued in December 2024, the Auditor General (AG) wishes to once again remind those charged with governance of public institutions (i.e. Board and Management), of their statutory responsibility to prepare and submit their financial statements by 31 March 2025, for audit. This reminder also extends to public institutions whose audits are currently outsourced to private audit firms,” the NAO stated.

As part of ongoing efforts to improve compliance, the NAO announced that the Auditor General’s annual report to the National Assembly will now include a dedicated section on financial reporting status. This section will classify institutions based on whether they submitted their statements on time, after the deadline, or failed to submit altogether.

Furthermore, the NAO urged institutions to ensure their financial statements are accurate and align with the required financial reporting frameworks. The submission of incomplete or substandard financial statements, it warned, could delay the commencement of audits.

“The Auditor General seeks the cooperation of all institutions and reassures stakeholders that the audit service delivery is intended to enhance accountability and transparency in the country’s public financial management system,” the statement concluded.

With the deadline fast approaching, public institutions are now under pressure to comply, as failure to do so may have direct consequences on their credibility and financial oversight.