I have been going through a special audit report by the Office of the Auditor General (OAG) on some 39 commercial loan agreements we contracted between July 1, 2010 to December 2021 and this is what I find most revealing.
The OAG carried out a standard audit test called creditor circularisation. You write to all banks and creditors asking them as follows: give me details from your own records to enable me have an independent confirmation of outstanding balances, principal, interest and other charges.
