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Contract signed for Consulting Services for Cost Recovery Audit

See below for full release from Ministry of Natural Resources:

Earlier today Natural Resources Minister, Hon. Vickram Bharrat, M.P., witnessed the signing of a contract for a Consulting Services for Cost Recovery Audit and Validation of the Government of Guyana’s Profit Oil Share.

The consultancy was awarded to VHE Consulting (Registered Partnership among Ramdihal & Haynes Inc; Eclisar Financial; and Vitality Accounting & Consultancy Inc.). The Local Consortium is supported by International firms- SGS and Martindale Consultants.

The Government of Guyana through the Ministry of Natural Resources is tasked with securing the provision of consulting services of a local private sector consortium with the support of an international firm to conduct an audit of the recoverable contract costs. This is determined by the Petroleum Agreement (PA), taking into consideration Accounting good practices,

International Accounting Standards, as well as Auditing Procedures and Standards.

This assignment is to include the validation of the Government’s share of profit oil for the period 2018 to 2020; while providing on-the-job training to the staff of the Guyana Revenue Authority (GRA), the Office of the Auditor General (OAG), and the Ministry of Natural Resources (MNR) and other agencies as directed by the Government of Guyana on the audit process so as to enhance the local capacity for auditing and accounting purposes, within the public and private sectors.

The Guyana Revenue Authority is the Government of Guyana's representative for this project.

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