Angola’s Transport Ministry demands sector companies present their accounts on time

7 March 2013

The public companies responsible to the Angolan Transport Ministry must present all their up-to-date audited accounts by 2014, under the terms of a decision made at a seminar held in Luanda, Angolan news agency Angop reported.

The decision is included in the final statement from the meeting promoted by the Transport Ministry and is the result of considerable delays in closing accounts for 2012, as well as an evident weakness in the quality of accounts presented by transport sector companies.

According to the statement, the Ministry has set 2014 as the “zero tolerance” year for all companies to present their accounts within normal parameters, and it was also decided that state transport sector companies would have to start using integrated management systems that will interact with the Ministry’s system in the future.

The Transport Ministry will also work with the Finance and Economy Ministries to establish rules and procedures for processing and registering public assets and other assets that are that belong to state transport sector companies.

In order to make public companies in the sector a model of financial organisation, the respective boards of directors by 31 March will have to put forward a programme for updating accounting processes as well as implementing the management control system this year and proposing actions such as hiring accounting specialists, additional financial training and evaluation of the external auditing team. (macauhub)