Mining, Upstream Oil and Gas identified as possible areas of application of SML Ghana’s audit processes

Strategic Mobilisation Limited (SML) Ghana, a revenue and assurance audit firm, has received the commitment of the Ghana Revenue Authority (GRA) to support its gatekeeping services expansion beyond the petroleum downstream sub-sector. The announcement was made during a stakeholder engagement between the GRA Board and SML Ghana, with Board Chair Dr. Anthony Oteng-Gyasi praising SML Ghana’s success in implementing effective digital and innovative controls that resulted in fewer and smaller restatements and increased revenue generation for the government.

With the tax authority increasingly seeking to apply data in revenue collection efforts, Commissioner-General of GRA, Dr. Ammishaddai Owusu-Amoah, indicated that the authority will explore other sectors where SML’s audit processes can be applied to help close the country’s revenue gap. Among the sectors identified for possible application of SML Ghana’s technology are mining and upstream oil and gas.

Since the commencement of the working relationship between SML Ghana and GRA in 2020, the former’s efforts have been instrumental in aiding the tax authority to meet and surpass its targets. Last year, the GRA successfully mobilised GH¢75.5bn in domestic revenue – exceeding its collection target by GH¢3.6bn, representing a five percent increase over the previous year’s target of GH¢71.94bn. The Customs Division, which includes the petroleum downstream sector, surpassed its target by GH¢2.06bn to achieve revenue of GH¢22.26bn last year, thanks to the technology deployed by SML Ghana.

With possible expansion on the horizon, the Commissioner-General urged SML Ghana to continue investing in innovative measures used in carrying out their daily activities to forestall any potential future shortfalls. He also encouraged the audit company to sustain its ongoing relationships with key stakeholders and deepen others, saying it will enrich the audit quality and improve the nation’s revenue mobilisation processes.

For his part, Managing Director-SML Ghana, Christian Tetteh Sottie, explained that the engagement’s purpose was to provide the Board with a detailed methodology of how SML Ghana is leveraging technology to improve the sector and establish a foundation for both sides as partners. He thanked the Board for their present and ongoing efforts to facilitate SML Ghana’s daily operations, adding that SML Ghana will continue to implement the necessary measures and processes to ensure a smooth audit process.

Looking ahead, Mr. Sottie announced that further interactions will be held to keep stakeholders informed of all developments aimed at improving the economy. “We will continue to hold these meetings on a regular basis, and we will institutionalise them so that any updates can be communicated to them subsequently in these engagement meetings,” he said.

Overall, the GRA’s commitment to supporting SML Ghana’s gatekeeping services expansion beyond the petroleum downstream sub-sector is an encouraging development that promises to enhance the country’s revenue collection efforts. As the tax authority continues to seek innovative ways to apply data in revenue collection, it is clear that SML Ghana’s audit processes will play a pivotal role in helping the authority to close the revenue gap in other sectors. With the two entities committed to sustaining their partnership and exploring more opportunities for collaboration, the future looks bright for Ghana’s revenue mobilisation processes.

Source: NORVANREORTS.COM