A majority of the government agencies required to turn in financial statements to the Cayman Islands Auditor General’s office for the 2009/10 budget year did not do so by the statutorily mandated deadline.
According to Auditor General Alastair Swarbrick, six of 12 government ministries and portfolios did not submit their financial statements for the 09/10 fiscal year on 31 August, as required.
Only 10 of 25 statutory authorities and government-owned companies submitted their financial statements by the deadline.
The budget year for government ends on 30 June. Government departments, statutory authorities and government-owned companies are supposed to submit financial statements by 31 August so auditors can review them by 31 October.
Mr. Swarbrick said that was obviously not going to happen this year, and the delay would affect his office’s ability to complete annual reports.
“For me to do my job properly, I expect all entities to submit their draft financial statements to me by the due date,” Mr. Swarbrick said.
This delay in the presentation of financial statements is nothing new for government. In fact, there is currently a backlog of some annual reports, which include financial statements, of five years in some government agencies.
The auditor’s office is also currently working with those agencies on the previous year’s reports. But Mr. Swarbrick gave no indication of how that process was going.
The Cayman Islands has not had a completed set of annual reports from each government agency since 2004. The annual reports are supposed to provide yearly updates as to the precise financial position of government agencies as well as an update on what those entities accomplished for the year.
Please read more on this story in next week’s editions of the Caymanian Compass…