No audited accounts from several agencies – Auditor General

Several state-owned entities (SOEs) have been meeting their obligations to produce up-to-date and audited financial statements of their operations, however, the Auditor General has identified many SOEs that have failed to produce audited financial statements for years.

Auditor General Leigh Trotman noted that private sector auditors conduct a number of these audits even though the Constitution requires the Auditor General to be the auditor of ministries, departments and government-controlled entities.

In his report on the status of audits conducted by private sector auditors, he cited in one case where the Rural Development Commission (RDC) had not produced audited accounts for a decade.

Trotman said the RDC , which was formed in 1995, had no audited accounts forthcoming from 2010 to 2021. The entity told the Auditor General in the past that its audited financials for the year ending March 31, 2009, were “being finalized”. It reported the same state of affairs again.

However, among those identified by the Auditor General as producing updated and audited statements for the period ending March 31, 2021 were: the Barbados National Oil Company, the Barbados National Terminal Company Limited, the Barbados Port Incorporated, the Enterprise Growth Fund, the Fair Trading Commission, the Financial Services Commission, Hotel and Resorts Limited, Needham’s Point Holdings, Needham’s Point Development Inc, the Student Revolving Loan Scheme, Barbados Conference Services, and the Barbados Agricultural Development and Marketing Corporation.

The financial year of the Central Bank of Barbados ends on December 31, instead of March 31, like most other entities, and its accounts were current and audited for the period ending December 31, 2020.

The Grantley Adams International Airport’s financial statements for the review period are currently being audited. The National Cultural Foundation has completed audited accounts for 2020, while those for 2021 are in progress.

Among the entities yet to provide updated audited accounts is the National Conservation Commission, which has not provided audited accounts for several years – from 2014 to 2021.

The National Housing Corporation (NHC) said its audited accounts for 2013 and 2014 were completed, but that the five-year period 2015- 2019 “will not be audited”.

According to the Auditor General, the NHC said audited accounts for 2020 were in progress, while the audit of 2021’s had not started.

The Queen Elizabeth Hospital, which receives a major chunk of Government’s health budget, reported that audits of its accounts for 2012 to 2016 were completed, while 2017, 2018 and 2019 were at various stages of completion. The audit of accounts for 2020 and 2021 had not yet started.

Audited accounts for the Transport Board for the financial years 2020 and 2021 are outstanding, while the Transport Authority reported audits of its accounts from 2015 to 2021 were completed.

The Urban Development Commission (UDC), which provides loans to assist with house repairs and acquisitions, said audits of its accounts for 2018 to 2021 were completed. However, the Auditor General said there was “uncertainty” on what action the Commission has taken on the audit of the accounts which were outstanding for the period 31st March, 2008 to 31st March, 2017.

The Barbados Tourism Marketing Inc said audits of accounts from 2014 to 2020 were completed but accounts for the 2021 financial year were outstanding while the Barbados Tourism Investment Inc said its audited accounts for 2020 and 2021 were still outstanding.

The Barbados Water Authority said audits of its financials for 2018 and 2019 were at an advanced stage, while those for 2020 and 2021 had not started.

The Caribbean Broadcasting Corporation reported that audited accounts for 2021 were in progress, while the Technical and Vocational Education and Training (TVET) had outstanding audited accounts for 2020 and 2021.

The Barbados Agricultural Management Company has yet to produce audited financials for 2019, 2020 and 2021.  (IMC1)