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PM Urges Statutory Corporations to Submit Outstanding Audits
Prime Minister Gaston Browne has called on Antigua and Barbuda’s statutory corporations to bring their financial reporting up to date, following revelations that only one of 28 entities has submitted audited statements on time.
Speaking in Parliament, Browne acknowledged the delays and said the Ministry of Finance is pressing the agencies to comply with their reporting obligations.
“The Ministry of Finance in Antigua and Barbuda continues to push these statutory organizations to ensure that their audited statements are prepared in a timely manner,” he said.
The issue was raised by opposition MPs, who cited a report from the Director of Audit highlighting widespread non-compliance among government entities. They questioned the government’s commitment to financial transparency, arguing that statutory bodies are failing to meet their legal obligations.
Opposition MP Richard Lewis pressed the Prime Minister on why so many entities had fallen behind, stating that a lack of financial oversight could lead to mismanagement or inefficiencies.
“When will this government ensure that all statutory corporations comply with the law and provide audited statements to Parliament?” Lewis asked.
Browne maintained that while the government is working to address the issue, oversight of statutory bodies also falls under the Public Accounts Committee, which is chaired by the opposition.
Statutory corporations play a key role in managing public funds across various sectors, including transport, utilities, and social services. Governance advocates have urged the government to implement stricter enforcement measures, such as penalties for non-compliance, to ensure accountability.
While Browne reassured Parliament that efforts are being made to clear the backlog, it remains unclear how soon statutory corporations will submit their overdue reports or whether new measures will be introduced to prevent further delays.
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Long overdue! These audits should be submitted on time without needing a reminder.
Good move, but will there be consequences for corporations that continue to delay?
why weren’t these audits submitted on time in the first place?
This should be standard practice, not something that requires urging from the PM.
Strong leadership on this issue, but we also need to know what happens after the audits are submitted.
This has been a issues for many years dating back to the V. C. Bird administration and everyone remembers that even the Central Government was behind with their audited accounts. When the UPP took office, this was one of their complaints and by the time they left office the arrears in submission had doubled. In fact, in 2014 when they left office the audited financials dated back to 2008. Which means they had five years of accounts that were not audited and submitted to parliament. And when the ABLP submitted these reports, we saw the damming report from the Director of Audit. That many funds were not accounted for. One such fund was the money spent on the Romantic Rhythm concert. approx. $7million unaccounted for. The other was the roadworks of $900 million unaccounted work. With bathrooms at YASCO costing over $600K and fencing of football fields and other round about costs. Another grave example of un-accounted funds where monies send to the Ambassy of Cuba. The good Ambassador refused to answer any question. I mean government monies once they leave the Treasury are mostly un-accounted for. And those in Statutory corporation are the worst. But when it comes to this issue, I part ways with the PM. He has not been doing a good job whatsoever when it comes to regulating and monitoring these companies that fall under his portfolio. In the past I have made many suggestions to him. I even suggest he build his own audit consultancy group right under him in the ministry of finance and give them the power to go and investigate the accounts of these agencies. There are a lot of Audit professionals that would love to do so. Take for example Social Security. The PM does macroeconomic exercises to determine whether or not there is a reason to investigate what happens to our monies. I have often hinted to him that there is more in the mortar than there is in the pestle. If the director of Audit doesn’t have the manpower to investigate then let someone else do so. Or as I suggest, form your own audit team to advise you and bring you the reports. You know before the 2004 election even Lennox Weston was saying that something is wrong with Social Security. The argument was then that we have a large unemployment rate in the country therefore the contributions have decreased. But then the ABLP increased the employment so much and we still had issues at Social Security to pay pensioners. We took all the recommendations from the actuary and implemented them. Pension age has increased. Yet the problems remained. When you do your macro analysis nothing seems to be wrong. If I was allowed to spend 5% of my revenue on administrative expenses and my revenue increases, then of course my administrative expenses will increase. But Mr. PM by the same complex formula, when you increase your economy your debt to GDP decreases. Your administrative expenses are expected to decrease. Again, there is more in the mortar than there is in the pestle. We have seen how the NSWM paid invoices to Pringle for collection of dead dogs that were very questionable. But it seems as if there was some collusion going on there. There is lots of work for a audit team from within your ministry to go and look at things beneath the surface. Please do not close your eyes. Being late with financials is an indication that there is something wrong. Very wrong. It could be incompetence of the staff, but that is the easiest thing to overcome. When the IMF and the World Bank were faced with arrears in Government Accounts, they assisted the government in hiring outside accounting consultants to come in and bring the books up to date and provide the software that is needed. Look at Barbuda. Why would the Council be so far behind with their accounts? Good Question? But the answers stare you in the face. And I do not make accusations before I have evidence. But Mr. PM, you have failed in this regard to account for the statutory bodies under your portfolio. You have allowed them to give you sixes for nines. And I have suggested that you bring each month the accountants of these bodies before cabinet to let them tell your personally why they are behind and what it is they need to get the job done. Do not trust that the General Managers and the Directors will give you the right answers. Go straight to the root. Many accountants are fearful of their job and will not speak freely and frankly when they are in the presence of their general manager or director. But give them the space in a one-on-one setting and you will hear stories coming directly from their mouth.