Independent Auditors Issue Disclaimer on Gambia Ports Authority’s D49.9 Million Investments

The independent audit firm, DT Associates, has issued a disclaimer of opinion on the D49.9 million investments of the Gambia Ports Authority (GPA).

The firm, hired to audit the 2022 financial statements of the GPA, was unable to obtain sufficient appropriate audit evidence after reviewing the accounts.

Presenting the disclaimer report at the Legislative Assembly, a representative from DT Associates, Aji Penda Sankareh, informed the assembly that the lack of an opinion on the accompanying financial performance of the GPA was due to the significance of the matters described in the basis for the disclaimer of opinion section of the report.

They were engaged to audit the financial statements of the Gambia Ports Authority (GPA), which comprise the statement of financial position as at 31st December 2022, the statement of profit or loss, the statement of changes in equity, and the statement of cash flows for the year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.

One key basis for the disclaimer of opinion is the issue of the D40 million and D9.9 million equity investments of the authority, as she stated that the investments have not been consolidated by the GPA. She highlighted the non-consolidation of the Gambia Ferry Services Company Limited and the Banjul Shipyard Limited.

In respect of generally accepted accounting principles, she indicated that the Gambia Ports Authority has practical control over these entities and should therefore consolidate the financial statements of both companies.