CIG claims to have completed consolidated accounts

| 06/11/2013

(CNS): Despite revelations by the auditor general about the poor quality and challenges still surrounding government’s accounts for last year as well as this, officials from the Finance Ministry are claiming that they have submitted a consolidated sets of financial statements for the Entire Public Sector by the statutory deadline for 2012/13. Government has not been able to consolidate its accounts for more than a decade because of the massive backlog across public authorities. While progress has been made on old accounts after government passed a law allowing it to miss several years, just one week ago Alastair Swarbrick reported on the continuing problems with the public accounts.

Nevertheless, the government issued a statement Tuesday saying that the ministries, portfolios and offices that comprise central government, as well as the statutory authorities and government companies, all submitted their own individual financial statements to the audit office for examination by the legal deadline of 31 August. The ministry also said that by 31 October it had consolidated 40 sets of financial statements into a single set of accounts that show the results for, and position of, the Entire Public Sector and that the auditor general is required to opine on those consolidated financial statements by 30 November.

Although there are actually 41 entities that should be consolidated, there are many more problems with the claims being made by government in addition to officials not seeming to know exactly how many public authorities government is made up of.

Alastair Swarbrick stated last week that there were still significant challenges and problems with the previous financial years and that the submission of accounts is only part of the story, as government is still struggling to supply the standard and quality of information for his office to undertake proper audits.

In his report published last week he revealed that by 30 September of this year, fifteen months after the financial year end, audits for twelve government entities have still not been completed for the year ending 30 June 2012, which continues to prevent government from publishing the full picture of how it spends tax payer’s money.

Asked about the claims by government yesterday, the Office of the Auditor General (OAG) declined to comment and said that they would be issuing a statement in the near future once the accounts had been made public. However, it is understood that the office continues to work on the government’s first efforts at consolidation accounts from last year, making it exceptionally unlikely that government could have committed anything close to what could be considered auditable accounts.

With accounts still missing from some authorities, many government agencies and ministries remaining qualified or even disclaimed, the claims by the ministry’s officials seem at odds with reality of the situation. Given the pressure that the government is under to straighten out the public finances, the apparent continued inability of government officials to grasp the problems will give further cause for concern for Swarbrick and his team in the face of their continued efforts to assist the government entities in improving their accounting standards and practice.

However, Marco Archer, the minister for Finance & Economic Development, congratulated the Treasury Department for complying with the important 31 October deadline.

See the auditor general's report here.

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  1. Anonymous says:

    UK is BAD NEWS for Cayman.

  2. Anonymous says:

    I trust the Auditor General.


    I do not trust the government.

  3. Anonymous says:

    $ame $hit different government.

    All campaign on the soap box of accountability but none know the meaning of the word

  4. Anonymous says:

    I am not an accountant.  And I do understand that I can't really compare private sector to public sector (although that is debatable).  But if I were to go to my Board of Directors and tell them for the last several years I could not supply them with my various departments revenues, expenses etc., and then I added to that I wasn't actually sure how many departments were supposed to be reporting the information and oh by the way what information I have provided is mostdefinitely inaccurate,  I am pretty sure I would find myself looking for a new job.

    So out of curiosity why do we continue to employ department heads that can't hit deadlines, even when they were forgiven previous deadlines and given get out of jail do over cards?

    Why do we continue with a decentralized government which ensures each department or authority is incapable of providing the same information in the same way at the same time?

    Oh I remember decentralization employs more people and allows for the very excuses we are subjected to.  Got it.  Sigh….


    • Anonymous says:

      They were not hired for their skill.  Which they do not have.  They were hired for their vote.  The only thing they have going for them.  They have nothing else to offer the world.  Without it they can not survive on their own.  Its like having hundreds of pet cats because they pay you to feed them.

  5. Anonymous says:

    I guess this explains where my 500 is they have beeen working on the check for 3 weeks now

    That said my neighbor is waiting on a check for 2300 Its hard to pay the bills this way.

    Lastly they want some more money from me. They dont have the ability to move the

    credits and debits around withen the same department. I dont think I will pay.  I wonder how many

    other people have gone unpaid

  6. Anonymous says:

    PPM and UDP just do not get it so the crap continues

  7. Anonymous says:

    Minister Archer please wake up and accept the facts. Stop congratulating incompetence

  8. Anonymous says:

    LOL Progressives obviously do not understand what a full set of audited consolidated accounts for the entire government means considering several ministries and agencies  have failed to meet basic standards. 

    Shocking best describes the situation. A decade later and no consequences for failure.