35 public audits meet deadline but legacy issues roll on

(CNS): The auditor general, Sue Winspear, has confirmed that the financial audits of 35 public sector entities were completed and all received unqualified audit opinions by the statutory deadline of 30 April. This represents a significant improvement on public sector financial reporting from days gone by, and Winspear highlighted the work of the outgoing Public Accounts Committee for their part in this achievement. However, she confirmed to CNS that there were a number of legacy issues surrounding several entities where the audits could not be concluded for a number of reasons and several than still have backlogs from previous years.

“The improvement in public service entity financial reporting continues year on year and I am grateful to all involved for their efforts,” Winspear said. “I want to pay particular tribute to the outgoing Public Accounts Committee under the Chairmanship of Mr D. Ezzard Miller for their focus and commitment to delivering improvement in financial management. It is a testimony to them and their dedication that Cayman is now in this enviable position and our PAC is widely regarded as a global leader in its effectiveness.”

The Office of the Auditor General itself also received an unqualified opinion from its auditor, Baker Tilly, on 24 March, two weeks after the first audit was completed on 10 March, which was for the Ministry of Finance and Economic Development.

The Ministry of District Administration, Tourism and Transport; the Ministry of Community Affairs; the Ministry of Education, Youth, Sports and Lands; the Ministry of International Trade, Investment, Aviation and Maritime Affairs; the Ministry of Commerce, Planning and Infrastructure; the Ministry of Employment and Border Control; the Portfolio of the Civil Services; and the Portfolio of Legal Affairs also all made the deadline.

The Ministry of Health is the one ministry that continues to have outstanding accounts from previous years and so was not able to meet the statutory obligation for getting its audit finished on time.

Meanwhile, statutory authorities such as the Sister Islands Affordable Housing Development Corporation, Cayman National Cultural Foundation, National Gallery, National Museum, Tourism Attractions Board, which had some series past challenges, made the deadline.

The audits for the Office of the Commissioner of Police, the Port Authority of the Cayman Islands, Cayman Islands Development Bank, CIMA, the Cabinet Office, Office of the DPP, Judicial Administration, Ombudsman, the Segregated Insurance Fund, Audit Oversight Authority, National Roads Authority, Cayman Islands Stock Exchange, CINICO, HSA, UCCI, Water Authority, National Drugs Council, Public Service Pensions Board, National Housing and Development Trust, CAYS and the Civil Aviation Authority were also completed by the 30 April.

The Cayman Turtle Centre’s completion was also delayed as a result of the catalogue and well documented financial irregularities relating to that attraction that have not yet been resolved, including an ongoing theft case and allegations of financial mismanagement over salaries.

Cayman Airways and OfReg continue to face legacy issues regarding their accounts, which meant the OAG never expected these entities to make the deadline.