First EPS in a decade gets failing grade

| 28/10/2015 | 17 Comments

Cayman News Service(CNS): After ten years of trying, the first auditable set of consolidated government accounts have been given a failing grade by the auditor general. The entire public sector financials were given an adverse opinion for a catalogue of reasons, Alastair Swarbrick said in the report he completed before he departed. Despite the efforts and focus the government has given to addressing the accounts problem, the auditors found that the total assets, total liabilities, total net worth, total revenues and total expenses are “pervasively affected by multiple misstatements”.
Presenting the accounts to the public on Wednesday, Acting Auditor General Garnet Harrison pointed to the time it has taken for government to address this fundamental legal requirement to account for the public money it collects and spends.

“This report provides clear evidence to support the need for stronger leadership of the financial function in government,” Harrison said. “I am very concerned about how long the government is taking to develop the policies, systems, procedures and practices that are required to prepare quality consolidated financial statements and other financial reports for the Legislative Assembly.”

The Office of the Auditor General said government needs to clearly lay out its plans and goals to achieve accountability, as required by the Public Finance and Management Law, in both the short and medium term.

“Government should likewise provide regular reports to the Legislative Assembly on the progress that has been made on achieving those targets in order to hold those who are charged with responsibility for the plans accountable,” the report recommends, as another year passes without any genuine accountability.

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Category: Government Finance, Government oversight, Politics

Comments (17)

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  1. Anonymous says:

    the civil service is an anchor around caymans neck and will be for the next 20-25 years…..

  2. Anonymous says:

    any comment franzie?

  3. Anonymous says:

    Shouldn’t someone or persons responsible get fired for cause & incompetence?

  4. Anonymous says:

    treason!

  5. Anonymous says:

    Praise the Lord. This is all in the master plan. Jebus is waiting for comments from those who are about to complain about the current audit. Verily I say unto all infidels, you that first complain will be the first to be cast off this island. Thereafter the resurrection will occur and all our problems will be solved.

    If anything, we need more promotions by religious affiliation in education and accounting. Only these people are competent, dress and smell nice, and can solve and manage problems and know how to contribute to keep the lie alive.

  6. SSM345 says:

    If anyone thought this wouldn’t be the result, then you need help, put down the Kool-Aid.

    But in the meantime, even though we have no idea how much money we have, lets build an Airport, Cruise Dock, New Port and handle the Dump all at the same time whilst finishing up the Schools and revitalizing GT.

    Good Night Cayman.

    • Anonymous says:

      Isn’t the purpose of gorenments in a time of slow down ( recession) expected to stimulate the economy by providing jobs through new development/projects? It is be damn if you do and be damn if you don’t. Every step of the way there are complaints. Stop complaining and try and aid in the creation of job opportunities for all to benefit from.
      There has never been a proposal that there hasn’t been complaints about it. Stop being so negative, just complaining for comparing sake. Weigh the pros and cons and try and see the light at the end of the tunnel. Tired of the negativity.

      • Anonymous. says:

        I do not think that any Auditor will ever be happy with the accounts no matter which government prepares them or which Auditor is looking at the accounts. The thing with Accountants/ auditors is that it is much easier to lump everything together and arrive at an assumption than to actually go over, read the foot notes and clearly understand. As a matter of fact accounts can be skewed to fit any scenario by the preparer or the person reading them. However I have a solution for this government, any government going forward, to save bundles of money and have a balance sheet that reflects the huge profits with very few expenses.

        1. Stop handing out social services cheques,
        2. Stop offering free education and health services
        3. Stop feeding prisoners, force the parents/ families who failed to raise their children properly to take meals to the prison for their inmates,
        4. Charge every household, business for garbage collection and if they miss one month, throw them in prison ( remember their families have to feed them and pay for their health)
        5. Charge every person on island for every infraction of the law, e.g. If they throw a piece of candy wrapper out of car window they have to pay a fine, or go to prison,
        6. Do not allow any begging or soliciting in public- if they break the law, fine them.

        Do this for a year then we will have enough money to pay for the dock, build a new airport, clean up the dump and any other capital project pending and the bonus will be proper accounts with very little in the ” expenses” column.

  7. Bean Counter says:

    The proof is in the pudding. I wonder if Minister Archer and the Premier will hold another congratulatory press briefing?

    Over to you Deputy Governor Franz Manderson or whoever is running the asylum known as the civil service for more good governance, transparency and accountability.

  8. Anonymous says:

    Reality is, we have no idea if CIG can afford a cruise dock, a dump solution or whatever…but Peter Pan says we can go ahead so that’s alright….

    • Anonymous says:

      Why does everyone keep refer to CIG affording something, CIG going broke? The fact is its WE affording it and WE going broke – get that into your thick skulls people and stop thinking someone elses money is paying for all this.

  9. Anonymous says:

    There’s that Benny Hill music again.

  10. Malice in Blunderland says:

    Corruption likes to hide in the convenient shadows of incompetence.

    Party politics and the PFML are these islands’ worst disasters since 1503.

    • Anonymous says:

      The PFML reveals the corruption and incompetence and demands fiscal prudence and accountability -that is why it is not liked in this deeply corrupt society.

      • Anonymous says:

        @7:14pm I bet this so-called corrupt society , of which you are a part , allows you to travel far from home in order to be able to feed your family.Ungrateful.

      • Anonymous says:

        How elk did the PMFL work where it originated -NEW ZEALAND? Is there an answer out there? Too time consuming, and excessive detail to no avail.

  11. Anonymous says:

    another glorious day for the civil service…

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