Delayed financial statements under scrutiny
Concerns have been raised over significant delays in delivering audited financial statements for statutory bodies in the territory.
Opposition Leader Ronnie Skelton questioned Premier Dr Natalio Wheatley on the timeline for tabling the territories’ audited financial statements for the years 2019 through 2022 and the status of the last audited reports from government statutory boards.
Premier Wheatley, while acknowledging the delays, noted that they were largely due to the extensive time required by the Treasury Department to finalize accounts and the subsequent auditing process by the Auditor General’s office.
“I do acknowledge that there are significant lapses in the submission of audited financial statements for some statutory boards. The preparation of audited financial statements, though a necessary characteristic of good governance and transparency, can be a daunting exercise, especially where a board has inherited an organisation that has outstanding audited financial statements from previous years,” the Premier said.
Despite efforts to lay some of the audited statements soon, Dr Wheatley admitted to the challenges in meeting constitutional deadlines, emphasising that there were ongoing efforts to expedite the process.
Skelton expressed concern over the apparent backlog, suggesting that the Treasury Department and the Auditor General’s office were taking longer than expected to prepare and review the financial statements. He stressed the constitutional importance of timely submission, urging the Premier to ensure more efficient handling in the future.
In the meantime, Wheatley revealed that many of the territory’s statutory boards have not submitted up-to-date audited financial statements, with some reports lagging by several years.
For instance, the last audited statement for the BVI Airports Authority dates back to 2014, while the BVI Ports Authority’s most recent report is from 2013.
Wheatley assured that measures were being taken to address these issues, including enhanced monitoring, quarterly financial reporting, and a major revision to the Public Finance Management Act to enforce stricter compliance.
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How can any future financial planning be in operation if you have no idea where the budget has gone over the previous ten years . Which of your contractors are value for money , new systems efficient etc.
If you under fund/staff the audit department to the extent that reports are ten years behind , the obvious outcome is no legal ability to prosecute any dishonesty they may of uncovered because of the delay . So a complete SUCCESS FOR THE THIEVES
How can we feel comfortable undertaking any further debt unless financial statements are brought up to date. How can quasi governmental agencies like SSB feel comfortable loaning money to the wider government unless its independent board can review these statements.
This system for aiding and abetting corruption been in place for a long time.
We have to start questioning the leadership ability to lead, everything that he is tasked with is a failure…
What’s the big deal ? We haven’t had an audit for 10 years because it would show how inept HOA is
If the government cannot function properly then we demand a government that can do the job that they are paid handsomely to do.
Don’t all of you have paid consultants?
To say that the taxpayer is not getting value for their money is a huge understatement.
For instance, the last audited statement for the BVI Airports Authority dates back to 2014, while the BVI Ports Authority’s most recent report is from 2013.
Are the other statutory bodies – SSB, BVI FSC, National Bank of the VI, BVI EC – up to date? I expect their most recent audited reports should be for year 2022 with 2023 being issued this year, 2024.
It’s laughable watching this merry-go-round year after year. No matter who we elect every 4 years, as long as the ‘system’ and the ‘technocrats’ remain to do as they please, this will be the result. Blame the politicians if it makes you sleep better at night but know that the focus is in the wrong place.
10 years without an audit for the airport authority board how are PWC going to produce anything credible without the facts.
Could this approach be anything to do with why infrastructure is so poor, despite the billions of government revenue paid in since the 1980s?
I noticed the smell of sewage was particularly strong in Town today as I walked through the Sol station.
Raw sewage in the streets
Armed robberies in broad daylight
An ex-Premier a convict in prison
It’s going well, isn’t it?
That is loosed on the yello site blaming the UK and the governor for everything under the sun / well now we can expect him to flex off on what’s going on here / or should u say whi is responsible / that would be something constructive for a change / instead of his broken down record gabbage on racism daily
When KPMG audited the Pier Park project (for $ 1 million fee), their report a year later, concluded that there was insufficient documentation to complete an audit report. What reason is there to think that this is not the case for other agencies? Ports Authority no audited statements for almost decade, yet there’s a push to expand the airport at the cost of hundreds of millions. The govt itself did not release audtited statements for almost a decade under the Smith administration.
BVIs likes its paperwork, but not when it applies to itself.
I wouldn’t loan this government money to buy a Johnny cake. Crooks all.