Turmoil hits Ministry of Finance – Well, what is this?

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Why would no Bahamian firm would take on the Government audit request?

Fleets at the OPM.

Nassau – The turmoil in the Ministry of Finance continues.

The Actg. Financial Secretary has commissioned a forensic audit but does not know the details or cost. What in the hell is dis?

With this type of leadership, it is no wonder that none of the local accounting firms wanted this engagement. And one must wonder why an outside firm has been hired?

The recent announcement that the Government has brought in a foreign firm to complete a review of the Ministry of Finance raises several questions. Mainly, why wasn’t a Bahamian firm selected? Does the scope of the audit answer the questions that have been previously raised in the public domain?

The major question in the public domain relates to accuracy of accounting of Government revenue and expenditure (where is the VAT money)? Now, this is a valid question as the Treasury has not had unqualified audits in the last 19 years, an embarrassing and unenviable record.

A priority of this administration should be ending this streak and hopefully the scope of the audits will assist in addressing this issue.

If it does not specifically look at the issues at the Treasury, it would raise questions about the understanding of those who are providing advice to the Government about public financial matters.

Bringing in a foreign firm for this work is also troubling. Bahamian firms have been engaged by the Government to do work without any issue in the past. An issue of conflict of interest should not arise as the Big 4 firms have global networks which they can call on precisely for these types of jobs. In the interest of transparency, an explanation is needed.

Anyway we ga leave it right there for now.

We report yinner decide!