Audit Report: Rakeedhoo Council failed to submit 2024 financial statements for auditing
11 އޮކްޓޯބަރު 2026 | އާދީއްތަ 09:05The Auditor General’s Office has stated that the financial integrity of the V. Rakeedhoo Council cannot be verified as the institution failed to submit its 2024 financial statements and annual report for auditing. Highlighting this as a violation of the Public Finance Act, the audit report urged the council to submit these documents regularly to ensure financial accountability.
President Dr. Mohamed Muizzu meets with the V. Rakeedhoo Island Council. | President's Office
The Auditor General’s Office has stated that the V. Rakeedhoo Council has failed to prepare and submit its financial statements for the year 2024 for auditing.
The 2024 compliance audit report of the Rakeedhoo Council, released by the Auditor General’s Office, noted that the council failed to prepare and submit its annual report—which must include the 2024 financial statements and an administrative activities report—to the Auditor General for auditing.
The report noted that pursuant to Section 35(a) of the State Finance Act, the responsible officer of every state institution is mandated to prepare and submit an annual report to the Auditor General. This report, which must be submitted within three months of the end of each financial year, is required to include the financial statements and an account of the activities conducted by the office as specified under the Act.
The report noted that the Ministry of Finance has established and publicized a circular outlining the specific procedures for island, atoll, and city councils to follow when preparing their financial statements.
The Audit Office stated that annual financial statements are vital documents that reflect the council's financial position. These statements detail the income received and expenditures incurred throughout the year, as well as the remaining balance, fixed assets, receivables, cash on hand and in bank accounts, other properties, and financial liabilities and obligations at year-end.
The Auditor General’s Office stated that the absence of these financial statements means the council's financial transactions throughout the year, as well as its overall financial standing at year-end, cannot be viewed with full transparency or integrity. The report further noted that a key obligation of the Financial Responsible Officer had been neglected, hindering the office's ability to maintain proper financial accountability.
The Audit Office has also included recommendations in its report on how to rectify the issue.
