This year’s Investing in African Mining Indaba had Sustainable Economic Growth on the agenda. At the conference, thousands of government representatives, mining companies, investors, interest groups, non-governmental organisations and consultants discussed topics such as environmental sustainability, local content, community development, economic opportunities, resource nationalism, responsible investments and mine closure. Discussions on mine closure revealed that: … Continue reading “Recent good practice tools and resources developed for ensuring effective mine closure”

SAI Fiji became a member of the INTOSAI WGEI Steering Committee to promote the audit of extractive industries in order to stimulate good governance and sustainable development in the Pacific Association of Supreme Audit Institutions (PASAI) region. On 24 April 2018, a five-member WGEI Committee was formed within SAI Fiji. The Committee chaired by the … Continue reading “SAI Fiji and Extractive Industries”

The Auditor-General of South Africa (AGSA) hosted the second WGEI Steering Committee Working Meeting, which was successfully held at AFROSAI-E’s premises in Pretoria from 25th-27th September 2018. Some of the main discussions tackled involved the status for the implementation of the WGEI Activity Plan 2017-2019, the rolling-out of WGEI products, and the strategies for engaging WGEI members … Continue reading “WGEI Steering Committee (SC) Working Meeting, September 2018”

The 10th meeting of the KSC Steering Committee was held in Kampala Uganda from 20th to 22nd August 2018. The meeting was attended by representatives from the SAIs of Uganda, India, France, Indonesia, Philippines, China, and the INTOSAI Development Initiative (IDI), INTOSAI General Secretariat and Professional Standards Committee (PSC). The purpose of the meeting was to receive reports … Continue reading “10th Meeting of the KSC Steering Committee”

The discovery of mineral resources usually promises to bring prosperity in form of higher tax revenue, increased employment, improved infrastructure and trade, greater growth and wealth creation for all. However many resource-rich countries have not lived up to their development potential due to the “resource curse” of the negative effect of natural resources on the … Continue reading “A holistic approach to audit of extractive industries”

The mining of the world’s assets below the ground has fallen prey to illicit financial flows (IFFs), robbing countries of valuable revenue that could be used for the benefit of citizens. This was the subject of the second annual meeting of the Steering Committee of the International Organisation of Supreme Audit Institutions (INTOSAI) Working Group … Continue reading “Underground assets and illicit financial practices brought under the spotlight in Pretoria”

There has recently been significant debate about Uganda’s double taxation treaties with countries like Mauritius and the Netherlands and the amount of revenue lost through these agreements. Much as this is an issue, there is an even deeper underlying problem. Countries around the world and especially resource rich African countries are grappling with the ever … Continue reading “Transfer Pricing Risk and the Extractive Industries: A Case Of Uganda”

Transfer pricing (TP) is an ever-growing concern for resource rich under-developed countries. The OECD (Organization for Economic Co-operation and Development) and the BEPS (Base Erosion Profit Shifting) project have gone a long way in preparing guidelines and regulations that such countries can adopt in order to tackle this problem. African countries are losing over USD … Continue reading “Transfer Pricing (TP) Course held in Freetown Sierra Leone from 4th To 8th June, 2018.”

A number of fiscal regimes are applied in the Petroleum industry by different countries. It is difficult to evaluate one system over another as countries have specific conditions within them that favor one over another. Uganda as a country employs Production Sharing Agreements. Under these agreements, a company is licensed to undertake all risks involved … Continue reading “Real Time Cost Monitoring and Audit Under The Production Sharing Agreement (PSA) In Uganda’s Petroleum Sector”

Every year, mining, oil and gas companies pay hundreds of billions of dollars to governments around the world. However, many countries rich in natural resources fail to translate this resource wealth into economic growth. Between 2010 and 2015, we estimated that oil produced in developing countries alone amounted to about $1.55 trillion in government revenue. But … Continue reading “Watching Every Last Cent: New Tools for Monitoring Oil and Mineral Revenues”