For the first time since the Cayman Islands’ current financial management system came into effect, the government has met all financial reporting deadlines as required by law.
Late Monday, all consolidated financial statements for the government and public sector were submitted on time, according to both the government office of the accountant general and the auditor general’s office. The reports were for the government financial year that ended on 30 June, 2011.
The first step in the financial reporting process was also met on time at the end of August, when individual government ministries, portfolios, offices, statutory authorities and government-owned companies turned in their financial statements for the 2010/11 budget year.
After those 39 individual financial reports were turned in, the government treasury department had to consolidate everything into one set of accounts called the consolidated financial statements.
Since Cayman’s Public Management and Finance Law came into effect on 1 July, 2004, the 31 October consolidated account reporting deadline has never been met.
“We are extremely pleased that this administration had met another important milestone,” Premier and Minister of Finance McKeeva Bush said Tuesday. “These two accomplishments demonstrate the government’s determination to improve public accountability and reporting.”
Deputy Auditor General Garnet Harrison also congratulated civil servants for meeting the financial reporting deadlines for the first time.
“This is another important step in the direction of providing timely and accurate reporting of the government’s financial results,” Mr. Harrison said. “Although, as with the government’s entity submissions, we will require time to assess the submission for auditability.”
The auditor general’s office is in the process of reviewing the government financial statements for completeness and accuracy. In previous years, Mr. Harrison has said the problem with government accounts wasn’t as simple as just signing off on financial statements.
In some cases, the financial information contained in those statements was so poor auditors were unable to give an opinion as to their validity.
Government auditors have not come to a view yet regarding the completeness of financial statements submitted for the 2010/11 budget year.
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