Guyana has signed an agreement for accounting and consulting services for the cost recovery audit and validation of the Government of Guyana’s Profit Oil Share.
The consortium of Ramdihal and Haynes Chartered Accounting and Professional Services Firm, Vitality Accounting and Consultancy Inc., and Eclisar Financial & Professional Services have been contracted for the audit. The three will be working with the Oklahoma-based Martindale Consultants Inc.
The signing took place today during a government-sponsored forum on Guyana’s Local Content policy this morning.
According to Floyd Haynes of Ramdihal and Haynes Chartered Accounting, the auditor’s job is to verify Exxon’s spending. The information will be shared with the public.
“Our job is to verify the legitimacy and validity of claimed costs. If there are costs that are questioned, that is brought to the attention of the Ministry and it is adjudicated, the results of which will be made public.”
Haynes said when the audit is performed, the media and general public will have concrete information since there have been some misunderstandings related to EXXON’s spending.
The audit will clear the air on some of the comments and concerns raised about money owed to Guyana by Exxon.
Minister of Natural Resources, Vickram Bharrat said the audit contractors are largely Guyanese in keeping with the country’s local content policy.
While this audit will be done in partnership with an overseas-based auditing firm, the Minister said he intends to have local providers trained so that they can fully provide the services on their own in the future.