Bean counters work on public cash oversight
PAC Chair Ezzard Miller
(CNS): Parliamentarians and auditors from the UK and its overseas territories are meeting in Miami, Florida, this week at the Oversight of Public Finances Forum to continue the UK-led project to improve the critical issue of oversight of public finances. A Cayman delegation led by the chairman of the Cayman Islands Public Accounts Committee, Ezzard Miller, is at the event to explore progress in the territories to date and address some of the common challenges faced by PACs and audit agencies.
“The UKOTP Oversight of Public Finance Forum is a great initiative: thought provoking, insightful and stimulating,” Miller said about the project, which began in 2017. “Previous UKOTP conferences have all been excellently curated, the workshops instructive and the speakers illuminating. These seminars have helped me to make improvements in how the Cayman Islands Public Accounts Committee functions and report to the Cayman Islands Legislative Assembly.”
Joining Miller at the forum is Auditor General Sue Winspear, Acting Director of Internal Audit Andy Bonner and Da’Vina Ramoutar, an assistant clerk at the Legislative Assembly.
For more information see the project documents in the CNS Library
Category: Government oversight, Politics
career politicians
CPAs (CAs) are not bean counters. Try to qualify for CPA exam first, then pass it, then get experience hours to get certified and licensed. CPAs are mandated to get 40 hr of CPE each and every year. They have expertise in accounting, finance, business law, audit and many other areas.
Bookkeepers are bean counters, if you want to use the word.
Sorry, still a bean counter.
beancounters are frequently sued in Cayman because they miss the fraud.
Always popular to sue someone with deep pockets. Question for you tho genius, how many successful legal actions against Cayman accountants for “missing the fraud”. I cannot thinkn of 1 example in the last decade.
That is because you have no idea as to what is taking place. I know of at least ten. You ever heard of BCCI? Have you checked hedge fund lawsuits recently. May I suggest you look around and Google a bit. Have you heard of Madoff and all the Cayman funds that invested their money? Talk to your local CPA.
Actually I do know what I am talking about. You clearly do not. First BCCI was 27 years ago, not the last decade. And I said successful actions against an auditor involving fraud, not unsuccessful ones or just litigation involving failed hedge funds. Suing an auditor for missing a fraud is difficult enough – in Cayman almost impossible because of indemnification standard in Cayman articles of incorporation. If you can think of at least 10 then name them. Waiting.
You need be ot and about and read offshore alert as well as attending conferences. Talk to local lawyers and accountants to find out what is going on.
You also must be made aware that almost all audit negligence lawsuits are settled , invariably by mediation. May I suggest you ask the audit firms and Google audit negligence Cayman.
A little learning is a dangerous knowledge.
I think Mr Hancok is correct. There has been substantial audit litigation surrounding hedge funds which continues. Just think of all the Madoff entities. Auditing is a high risk area and hence the huge PPI coverage. Being a former auditor and an insolvency practitioner I know of many such cases but in fairness to the audit firms I am unwilling to name the cases.
As to your remark about indenities you are really referring to the indemnification of directors which is still tolerated in the Cayman Islands and which has been banned in many countries. I cannot recall seeing articles indemnifying auditors. Perhaps you can enlighten us all.
Will the Beancounters please put something back into the community.
I just love remarks on bean counters but Ezzard has it right. You see there are the counters and those that check the counters. Quis Gustodiet Ipsos Custodes springs to mind.
The auditor general is our leader on this cause and right behind Ezzard.
The days of creative accounting of previous governments have long gone. In its stead we have forensic accounting and may those wishing to take advantage as in the old days beware. Nepotism and corruption may still exist but their days are numbered. Please note this, Chinese and Russian investors and their local mates.
Tens of thousands of CAs on Grand Cayman for over 40 years, numerous consultant papers and disparaging reviews, and we still can’t figure out or prioritize the keeping of proper books…we have to leave it all up to the sleuthing member from North Side? How is this even possible? Why doesn’t the CIG invite the skilled corporate community to sort ALL OF THIS OUT over a weekend, as a community service, so we can stop reading about it for the next 20 years?
I am sorry but your contract will not be renewed, and your replacement will be a person who can pass a personality test.
Nope. Scientology never stops looking for you once you take their test. Nice try though.
We should all be required to pass a sarcasm appreciation exam. THAT would have merit.
Because they don’t actually want accurate accounts? In the same way they don’t want an auditor general or a PAC, but they are forced on them by the UK, so they just ignore anything they have to say instead.
Oi. Hack. Stop calling us beancounters.
Honorable bean counters?
Waste of Public Funds, an excuse for a vacation. Utter crap. The more things change the more they remain the same.
Your just jealous that you are not wasting money like then can.
Paid for by the U.K. they think it is important. Sharing of ideas always is. And so is inspiring each other to maintain vigilance.
Rubbish, they could skype, but lets report the the items they bring back from shopping. I am sure it will be inspected, HA.
Heard of networking and forging personal relationships? Skype not exactly best way to do that. Some of the best benefits come from discussions over a cup of coffee in a corner somewhere.
Give it a rest. If conferences were useless the thousands thar are organized globally every year would have long gone obsolete.
Anyway, not going out of our pocket. U.K. Govt paying.
They are obsolete…. that’s the point