Call for Action to Complete Annual Audited Financial Reports by State Entities, Says Auditor General

By Marlon Madden

Auditor General Leigh Trotman is calling for action to be taken to get state entities to complete annual audited financial reports as required by law, as he pointed out that some have not been completed for close to a decade.

He issued the call in his latest report for the period ending March 31, 2022, which revealed that more than half of the statutory boards and government agencies that are audited by the Audit Office and private sector auditors have still not submitted financial information for that period.

In fact, Trotman reported that some of them were guilty of not submitting financial reports for up to seven years.

“The auditing of the accounts of a number of state enterprises and boards are not up to date as required. This is even after waivers were granted on some outstanding audits to assist with the removal of backlogs. I have stated that it is necessary for each agency to carry out a review of its accounting operations to identify the challenges it faces in the preparation of its accounts and take the necessary action to remedy the deficiencies discovered,” he said.

“The auditing of the accounts of the Government agencies on an annual basis is an important aspect of good governance and accountability. This process is required by law. Action therefore needs to be taken, in relation to personnel charged with the management of government funds, to ensure that the audits of the accounts are completed as required by law.”

Of the 19 statutory boards and other government agencies audited by the Audit Office, 13 have not yet submitted information for auditing for the period ending March 2022.

Those included the Barbados Community College, the Jean and Norma Holder Hospitality Institute, the Barbados Defence Force, the Caribbean Centre for Development Administration, the Community Service Legal Commission, the National Assistance Board, the Samuel Jackman Prescod Institute of Technology, the Sanitation Services Authority, the Severance Payment Fund, and the Unemployment Fund, the National Insurance Fund, the Catastrophe Fund, and the Arts and Sports Promotion Fund.

In relation to the National Insurance Fund, the Severance Payment Fund, and the Unemployment Fund, Trotman said audits of the accounts for the financial years ended December 31, 2013 to 2014 were in progress, but those still to be submitted dated back to December 31, 2015.

Trotman also indicated that the financial statements for the years ended December 31, 2015 to 2022 have not been submitted to allow for the audit of these accounts for the Catastrophe Fund.