23 February 2021 - NW92
Hill-Lewis, Mr GG to ask the Minister of Finance
With reference to the 2019-20 Annual Report of the Financial and Fiscal Commission, what are the reasons that there were initial material misstatements that had to be corrected after being pointed out by the auditor?
There was instability and a lack of leadership and oversight in the Finance Division. This was related to the disciplinary hearing of the now dismissed chief financial officer, leading to the commission having to appoint acting Chief Financial Officers (CFOs) while finalizing the disciplinary process. This resulted in weaknesses in the processing and reviewing of transactions during the compilation of the Annual Financial Statements. The commission has appointed a permanent CFO and has capacitated the internal control systems.