National Assembly Public Investments Committee chairman Adan Keynan has said the panel will clear the backlog of audit queries on state corporations before the end of this year.
He said the committee has looked at 139 cases dating four years back. The reports have been adopted by the House and await implementation.
“It has always been in the interest of the committee that public funds are utilised prudently in line with the best practices outlined in the Public Finance Management Act,” Keynan said on Thursday.
The committee inherited the backlog - going as far back as 1987 – and has about 100 accounts to finalise.
It will also handle issues arising from petitions filed by the public.
“We must find out whether these state corporations are viable or worth the heavy investments made using public expenditure,” Keynan said.
The committee has been ranked as the best performer for the last three years, according to records on parliamentary website. PIC’s mandate includes examining the Auditor-General’s reports on the expenditure of state corporations.
It also entails examining the reports, if any, of the Auditor General on the public investments and whether the affairs of these public investments are managed in accordance with sound financial or business principles and prudent commercial practice.
“The committee will ensure that public investments are not abused by selfish interests as well as conclude on a number of investigations that are currently underway,” Keynan said.