NSSF Boss Makes Maiden Appearance Before House Committee To Respond To Audit Queries
Some of the committee members during the session
By PSCU
The National Assembly’s Public Investments Committee on Social Services Administration and Agriculture had a sitting with the new Managing Trustee of the National Social Security Fund (NSSF) David Koros together with his departmental heads to review the Auditor General’s report on the books of accounts for Fund’s for the Financial Year 2019/2020.
The members questioned them on the several outstanding balances for receipts in bank statements not reflected in cash books and payments in cash books not reflected in bank statements.
Further, the MPs sought an explanation regarding payments in bank statements not replicated in cash books.
The committee asked Koros why the outstanding balances had not been cleared.
In his response, he told the committee that reconciliation is a continuous process. He noted that the fund has autimated the bank reconciliation process which has reduced the time taken to clear effects.
MPs Mary Wamaua (Maragua) and Martin Owino (Ndiwa) raised concerns on why the fund could not invest in a system that can do the reconciliation that results to timely updates to reduce any suspicious transactions.
Weighing on the same matter, Jackson Kosgey who is a nominated MP asked why the responses from the NSSF management had not taken care of the auditors concerns.
“Your response only indicates some reform intentions but does not clear the question of why you did not provide sufficient documentation at the time of audit,” held Kosgey.
The committee chairman Emanuel Wangwe from Navakholo constituency sought information regarding fixed deposits of over Sh200 Million held in two banks that have since been closed and therefore auditors were not able to confirm the balance.
Committee members including Wambugu Wainaina of Othaya constituency further raised the issue of members’ contrubutions to the Fund following the auditor’s revelations that deductions from employers take time to be updated. After a detailed perusal of the report, committee members suggested that the delayed update of contributions be investigated.
Having been at the helm of the organisation for one month now, the Managing Trustee asked the committee to allow him time to deal with historical issues in the Fund as he strives to put things in order by deploying stringent management systems.
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