- Strategic Mobilisation Ghana Limited (SML), a Ghanaian audit and revenue assurance firm, has defended its business practices following a recent audit by KPMG.
- They believe this omission misrepresents the financial picture.
Strategic Mobilisation Ghana Limited (SML), a Ghanaian audit and revenue assurance firm, has defended its business practices following a recent audit by KPMG.
Upholding Ethical Standards
While acknowledging some complexities raised in the report, SML emphasizes its commitment to ethical practices and contributing to Ghana’s economic prosperity. The company maintains the highest ethical standards and upholds transparency, according to a statement from its Director of Support Services.
Disputing Compensation Figures
The KPMG report raised concerns about SML’s contract with the Ghana Revenue Authority (GRA), including compensation and contract terms. SML contests the reported compensation amount, arguing it doesn’t account for taxes paid, interest payments, and investments made by SML. They believe this omission misrepresents the financial picture.
Contractual Issues Addressed
SML also denies claims of a $100 million annual payment and a 10-year contract length. Additionally, they refute suggestions that proper procedures weren’t followed when awarding the contract.
Defending Service Delivery
SML rejects criticisms of its service delivery. They point to their initial contract and the awarding of a separate downstream petroleum audit contract as evidence of their value. They also highlight their role in providing oversight within the customs sector.
Data Disagreement
SML disagrees with how the audit measured the impact of their services on revenue collection. They argue the audit used incorrect data and that their work significantly increased taxable volumes and tax revenue. SML believes the auditors relied on inaccurate data, leading to flawed conclusions.
Focus on Results
Despite these disagreements, SML acknowledges that the KPMG report recognizes their performance-based, self-financed contract with GRA. The company remains focused on delivering high-quality services that demonstrably benefit Ghana’s economy.
Positive Role Acknowledged
SML finds it encouraging that both KPMG and the government acknowledge their critical role in plugging revenue loopholes and contributing to national development initiatives.
