The 2021 audit report has revealed that the National Social Security and Insurance Trust (NASSIT) has unpresented cheques totalling Le8,060,254,332.56 which were recorded by the Trust on several accounts.
The reports however stated that these transactions might have overstated the Trust’s records of creditors. And has recommended that the stale cheques be investigated and reversed (if required) and necessary adjustments made to the books of accounts and revised financial statements submitted to the Audit Service.
In the audited report the Management notes that the concerns of the auditors and its associated risks and recommendations are valid. The management stated that the Reconciliation is an ongoing process and considering the volume of transactions the Trust processes every day, they added that most of these unpresented cheques are mostly pensions/benefits cheques paid out to beneficiaries who have not presented them to the banks, and they become stale in the process.
Management has also stated that these cheques will be reversed as recommended and rewritten when the claimant shows up and appropriately verified. They also said that, A stakeholders consultative meeting, comprising Managing Directors from various banks, will be organised to jointly map out the way forward in clearing the long outstanding unreconciled items.
The Auditors said that the Management’s comment is noted. However, evidence of actions taken to remedy this situation was not submitted for verification. Therefore, this issue remains unresolved.
