The General Audit Chamber submitted their final report on the 2011 financial statements of the Country Sint Maarten on Thursday, October 17, 2013. In keeping with the National Government Accounting Ordinance, the financial statements 2011 of Sint Maarten were examined and the results are outlined in a report to Parliament.
The report provides information on the financial information contained in the financial statements of 2011 which were submitted to both the General Audit Chamber and government’s accountant, SOAB, on July 19th 2013. These 2011 annual financial statements, representing the first for Sint Maarten since attaining the status of Country within the Kingdom, were issued late.
As required by law, the SOAB audited the financial statements and issued a report to government and the General Audit Chamber. The General Audit Chamber in turn reviewed both the financial statements and the report of the internal auditor and provided comments, opinions and recommendations regarding, among others, on the quality and value of the financial and policy information contained in the financial statements as well as the operational and financial management of the ministries.
The General Audit Chamber concluded that the financial information provided in the annual financial statements does not satisfy legal requirements. Moreover, the General Audit Chamber determined that the operational management is not "in control". Specifically, there are inadequate internal control procedures in place at the ministries, a consequence of which are numerous errors and uncertainties in the annual financial statements.
The value of information provided in the annual financial statements for 2011 is, in the opinion of the General Audit Chamber, insufficient. Lack of information means that the users of the financial statements, among which, Parliament, cannot adequately form an opinion regarding the implementation of policy nor the (financial) management thereof.
One of the recommendations issued by the General Audit Chamber refers to improving the quality of policy information as part of the annual budget cycle. The Audit Chamber suggests that ministries formulate policy in terms of the so called "W-questions". In other words, What do we want to achieve, what will we do to achieve it, and what will it cost?
By law, within a month after issue of the report, government is required to submit a draft ordinance to Parliament to confirm the annual financial statements and also to discharge the ministers in respect to their financial management.
Once Parliament receives reports from the General Audit Chamber, these reports are made public.
The document will be made available in Dutch and English on the website of the General Audit Chamber www.arsxm.org