• Email to friend
  • The Nassau Guardian Facebook Page
  • RSS Feed
  • Pinterest


Auditor general: Fraud risk on Cat Island

Guardian Senior Reporter

Published: Oct 17, 2013

  • Share This:

    Share on Facebook Share on Twitter Email to friend Share

  • Rate this article:

Auditor General Terrance Bastian found that the longstanding lack of bank reconciliation statements for the Central Government Recurrent Account on Cat Island left a “risk of fraud” and urged the government to rectify the situation.

The suggestion is contained in the 2011 Report of the Auditor General.

The report was tabled in the House of Assembly yesterday. It covers the period of July 1, 2010 to June 30, 2011.

The concern is one of many instances of poor record keeping at various government agencies that the auditor general highlighted.

“We view with grave concern that bank reconciliation statements have not been prepared for this account for a number of years,” the report said.

“As a result, we cannot attest to the financial position. Obviously, this creates a risk that fraud can occur and go undetected.”

The auditor general noted that a previous report, dated July 23, 2010, highlighted a similar concern but at the time of the latest review “no action was taken relative to rectifying this situation”.

The report suggested that the permanent secretary, in collaboration with the public treasury, take the required steps to bring bank reconciliation statements up to date and maintain them on a monthly basis.

The report also suggested the implementation of an integrated financial management system to improve the efficiency of accounting, recording and reporting practices at government entities.

“Much documented evidence exists to support the use of (the system) as a main component of financial reforms to promote efficiency, security of data management and comprehensive financial reporting,” the report said.

This content has been locked. You can no longer post any comment.



Today's Front Page

  • Enewspaper
  • Enewspaper
  • Enewspaper
  • Enewspaper

  • http://www.ansbacher.bs
  • http://www.walkinclinicbahamas.com
  • http://www.cfal.com
  • http://www.colinageneral.com
  • http://www.Colina.com