Angola’s state companies need to improve accounting systems

30 July 2013

The accounting systems of Angola’s state companies need to be improved to overcome deficiencies found in the accounts of a number of companies, the Economy Minister said in Luanda Monday.

At a session to approve the accounts of a number of state companies, Abraão Gourgel said it was also important to consolidate the partnership with the Finance Ministry and other state bodies to resolve current problems and make restructuring more effective as well as potentially to recapitalise private sector companies that require adjustments.

“Both in 2011 and 2012, these deficiencies, such as delays and weaknesses in accounting records that prevent balance sheets from being drawn up and accounts presented on time and certified by independent auditors, should be avoided,” said the minister, cited by Angolan news agency Angop.

Gourgel noted that accounts for 2012 had seen improvements in terms of meeting deadlines and other legal requirements.

At the session, the Economy Minister approved the accounts of 29 state companies of the 54 that presented their reports and accounts for 2012. (macauhub)