The Georgetown Public Hospital Corporation (GPHC), National Parks Commission, National Sports Commission and National Trust are still to get up to date with the submission of yearly financial statements.
This issue has steadily been highlighted by Auditor General, Deodat Sharma, as a stumbling block to the statutory work that his office is supposed to carry out.
In 2014 non-submission of financial statements by ministries or budgetary agencies to the AG was listed as one of the factors impeding the work of the AG office. Four years later, it still remains an issue. In fact it was highlighted in a recent report of the Public Accounts Committee of the National Assembly. This report was presented to the National Assembly last year.
The Committee was told that these agencies are working to get up to date with their yearly statements.
The purpose of an audit is to provide an objective examination of the financial statements. This increases the “value and credibility” of the financial statements produced by management.
Further, the Companies Act of 1991 gives clear guidance on the requirements of government companies and the duties of the Auditor when it comes to financial statements. The Act says that a government company shall submit, within six months after the close of the year, an annual report of its transactions, audited accounts, and the audit report to the Minister.
This annual report, together with the Auditor’s report, shall be printed and laid before the National Assembly within nine months after the close of the year.
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