For the third year running, Cayman Islands government entities have turned in their financial statements on time to the auditor general’s office.
Finance Minister Marco Archer said last week that all 15 government ministries and portfolios, as well as 26 statutory authorities and government-owned companies, handed in their year-end financial statements to the auditor general’s office by Aug. 31.
Prior to 2011, since the introduction of accrual accounting, the Cayman Islands government had never turned in all of its financial statements on time. The former government of Premier McKeeva Bush met the initial deadline for the first time two years ago.
The financial statements are for the government budget year that ended on June 30. The auditor general is required to issue an opinion on the financial statements by Oct. 31.
“I am delighted with this statutory compliance because it solidifies some of the government’s top priorities of ensuring good governance, accountability and proper fiscal management,” Premier Alden McLaughlin said.
While the statements have been on time, auditors have previously expressed concern about the quality of the information in the Cayman Islands government’s annual budget statements.
Previously, Deputy Auditor General Garnet Harrison said that the statements submitted by government entities seemed to lack the basic understanding of accounting concepts such as “what is a receivable.”
Auditor General Alastair Swarbrick has noted that the quality of the financial records between the 2011 and 2012 financial years had improved.
However, Mr. Swarbrick has said that core government financial reporting in particular needs more work going forward. The poor quality of some of the statements means auditors have to continue working on government agency statements well beyond the time allotted in the law, he said.