Kampala, Uganda | THE INDEPENDENT | An Audit of the Exodus SACCO, the Uganda police force savings and credit cooperative society has failed to trace books of accounts for the past six years.
This was revealed on Friday by the SACCO Chairperson, Henry Kalulu during the Annual General Meeting. The missing financial records date from 2007 when the bank was started to 2012.
The SACCO has of recent been characterized by lack of accountability and delayed access to savings and loans by its members.
Following the irregularities, Kalulu, reported to the State Minister for Cooperatives, Fredrick Gume Ngobi, seeking advice. The Minister would later order for an Audit to have the reconstruction of all financial statements of the SACCO.
Kalulu told members that an audit was conducted by the Auditors from Dickson Associates but no single financial record could be traced.
He says that the failure to have the records have affected the financial position of the SACCO to the extent that they are operating without interests and having imbalances in the ledgers and schedules.
Dickens Turyahabwe, of Dickson Associate, certified Accountants, who carried out the audit said that the missing financial records had caused a difference in the accounts worth 867 million shillings that was treated as an expense causing a 79% decline in profit after Tax.
Speaking at the Annual General Meeting, the State Minister for Cooperatives, Fredrick Gume Ngobi, asked SACCO members to pass by-laws that will manage the operations of the SACCO.