The new management of Arik Air has appointed KPMG to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true status of its finances.
The Asset Management Corporation of Nigeria (AMCON) in a statement, said the review will among other objectives cover the position of assets and liabilities, their utilisation; recording and utilisation of loans, propriety of third party transactions; fraud controls over Procure to Pay (‘PtP’), agents and business partners .
The statement added that the audit will also cover financial reporting and the airline’s financial position as at January 31 this year. The report is expected to be delivered within 12 weeks.
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