Six government-owned corporations have so far failed to meet a deadline to publish their financial results for the year ended June due to a vacancy in the Auditor-General’s office.
This includes Kenya Power, KenGen and East African Portland Cement Company (EAPCC) which are listed on the Nairobi Securities Exchange (NSE).
Other State entities affected are the Central Bank of Kenya (CBK), the Capital Markets Authority (CMA), and the Ethics and the Anti-Corruption Commission (EACC).
The NSE-listed companies had sought the approval of the CMA to extend publishing of their results to November 30, 2019 or next Friday on grounds that they must secure approval for reporting their financial results from the auditor-general.
However, with this date fast approaching, it appears that the firms once again risk contravening market rules for posting their results. It is a breach of the law for these institutions to violate statutory timelines of submitting audit reports.
For this reason, President Uhuru Kenyatta must move with speed to name a successor for Edward Ouko who retired in August. Additionally, there shouldn’t have been a vacuum in the first place since it was known that Mr Ouko would be retiring this year.
In future, the State must ensure that the process of replacing key government office holders such as the Auditor-General is started in a more timely manner to ensure seamless flow of government business.
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