Saturday, May 25, 2019

March deadline for SOEs

March deadline for SOEs
09 Nov

Government will be taking a closer look at the process by which people are appointment to boards.

Minister in the Ministry of Finance, Ryan Straughn says how directors are appointed, is just as important as who gets appointed.

Moments earlier, Mr. Straughn announced changes would be made to the Financial Management Audit Act.

The Act will now be extended to cover state-owned enterprises, rather than just central government operations.

Minister Straughn says a key provision of the draft law will be the introduction of the fiscal responsibility principles, which will hold government accountable for fiscal policies it implements.

Sanctions will also be introduced against public entities, which rack up excessive debt, or fail to supply financial statements.

An audit committee is also to be established.

The Minister also says state owned enterprises have until the end of March next year to get their accounts in order.

Mr Straughn, says he's aware it's a tall order.

But the information is critical, as government seeks to have an accurate picture of its current financial position.

He was delivering the feature address during the Institute of Chartered Accountants of Barbados' annual conference at the Lloyd Erskine Sandiford Centre.

Mr. Straughn says for a number of years, the office of the auditor general has been understaffed.

He hopes ICAB, which has a membership of almost 1000 professional accountants will assist by training government's accounting personnel.

He also revealed that government is in the process of establishing a state-run accounting service.

This will ensure that all accounting officers are directly accountable to the Ministry of Finance.

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