The new management of Arik Air has appointed accounting firm KPMG to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true state of its finances.
According to a statement by the new management of the carrier issued on Tuesday, the will among other objectives cover the position of assets and liabilities and their utilisation; recording and utilisation of loans; and propriety of third party transactions.
The statement said, “We have hired KPMG to look into the financials of Arik with a tooth comb and advise us with verifiable facts on what went wrong with the airline.
“We need to do that because the outcome will help us plug the loopholes and stabilise the airline. The whole intention is to identify what went wrong with Arik to enable the new management to bring it back to full operations.”