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Subsidy Probe: Akintola Williams Deloitte, Adekanola to Face ICAN Panel

By on April 23, 2012

The two accounting firms terminated by the Ministry of Finance for their failure to properly audit the companies involved in the fuel subsidy scheme will soon face a panel at the Institute of Chartered Accountants of Nigeria (ICAN).

Messrs  Akintola Williams Deloitte, and Adekanola and Company were implicated by the adhoc committee’s fuel subsidy report as well as a report prepared by KPMG for being culpable in the subsidy scam.

A statement released by the Ministry of Finance recently said, “The services of the audit and accounting firms responsible for certifying the documents and claims of marketers before payment have been terminated. The companies are Akintola Williams and Co and Adekanola and Co.”

However that may only be the beginning of the trouble for the accounting firms as indicators are pointing to the formulation of a panel at ICAN to embark on a peer review of the companies in view to establishing the degree of wrongdoing the firms were involved in.

Allegations point to some level of collusion between members of the audit firms and companies involved in the subsidy scam in order to inflate amounts payable to them by government and enjoy subsidy payments that were not justified.