The new management of Arik Airlines has appointed international audit firm, KPMG, to undertake a forensic audit of the finances of the airline.
Part of KPMG’s mandate is to ascertain the true status of the airline’s finances.
A statement released by the Asset Management Corporation of Nigeria, AMCON, Monday, said the review will among other objectives cover the position of the company’s asset and liabilities; their utilisation; recording and utilisation of loans; and propriety of third party transactions.
Other objectives of the audit exercise, according to the statement, include looking into fraud controls over Procure to Pay (PtP); agents, business partners, and financial reporting; and Arik Airline’s financial position as at January 31, 2017.