A forensic auditor is being hired to solve what Premier Andrew Fahie has described as the latest mystery surrounding the BVI Airport Authority (BVIAA) and the alleged mismanagement of funds by its former board.
The forensic auditor is being hired by the new board of the BVIAA.
“Based upon the issues involved in this matter, the BVIAA believes the review will require the assistance of a qualified forensic accountant and an integrated team of accountants to analyze the books, records and policies of the Authority,” the BVIAA has said in a job advertisement for the auditor.
The Authority said these areas include completing “a comprehensive review and reconciliation of fiscal years 2014, 2015, 2016, 2017, 2018 fund accounting practices complying with generally accepted accounting principles, determine the efficiency, effectiveness and productivity of the Authority by reviewing existing controls, and compliance with these controls, conduct factual investigation, including interviews, and document review to determine that the BVIAA complies with all guidelines and requirements pertaining to all aspects of Airport Act, 2003”.
The forensic auditing team will also be tasked to identify areas of risk fraud and misconduct, recommend improvements and best practices, assist with policies and procedures as they pertain to all aspects of the conduct and management of the finances of the Authority, including but not limited to financial reporting, conflict of interest and procurement.
The upcoming probe follows Premier Fahie’s recent claim that the former BVIAA board spent some $5 million intended to develop the runway at the TB Lettsome International Airport to instead pay salaries and operational costs.
Answering questions from BVI News recently, Premier Fahie said they are yet to discover why the former board would have had to misappropriate the funds to pay their employees.
“Those issues remain a mystery to all concerned … We will have to wait to find out the results [of the forensic audit] which should give the answers to your questions, among other concerns,” Fahie told BVI News.
Fahie, who is also the minister responsible for airports, further noted that as a statutory body, the BVIAA receives an annual subvention from government to supplement their revenue earnings.
The value of that subvention is not immediately clear.
Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.