MRA funds to be audited

Business, Normal

The National, Thursday October 10th, 2013

 MINERAL Resources Authority (MRA) has contracted PriceWaterhouseCoopers (PWC) to conduct an internal audit on the K98.8 million spent over a five-year period.

The deal was signed on Monday in Port Moresby for PWC to begin the audit process.

MRA said it engaged PWC to conduct an internal audit of the authority’s management and disbursement of Public Investment Programme (PIP) funds from 2008-12 of about K98.8 million.

PWC was engaged to do the job after MRA called for bids a few months back.

Under the MRA Act 2005, the MRA is tasked with the responsibility to administer PIP funds relating to development projects such as classrooms and health centres in areas impacted by mining and host provinces of mining projects in the country. 

PIP funds are monies allocated by the National Government according to its commitments in mining projects.

These monies are allocated through the annual general budget allocation process.