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Cayman Islands Audit Office

Cayman Islands Audit Office. International Funds Conference. An Example to the private sector? January 14, 2010. Where can the AG’s Office add value?. Financial Transparency Value for Money Audits. Financial Transparency Budgets. Budgets set in April (all available online)

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Cayman Islands Audit Office

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  1. Cayman Islands Audit Office International Funds Conference An Example to the private sector? January 14, 2010

  2. Where can the AG’s Office add value? • Financial Transparency • Value for Money Audits

  3. Financial TransparencyBudgets • Budgets set in April (all available online) • Public debate and approval in the Legislative Assembly prior to beginning of the fiscal year. • Full accrual basis of accounting. • Financial statements to show both budgeted and actual amounts spent.

  4. Financial TransparencyFinancial Statements • Financial statements to be done 4 months after year end. • All government financial statements to be audited by AG’s Office. • All financial statements to be submitted to the Legislative Assembly and be made available to the public.

  5. Financial TransparencyValue for Money • Projects decided by AG and funded by the Legislative Assembly. • Special reports delivered to the Legislative Assembly and made available to public. • Public Review by Public Accounts Committee.

  6. Financial TransparencyHow are we doing? Budgeting • Good except for 2009/10 (due to election) • Budgets generally prepared on time and approved before the start of the fiscal year. • Budgets need better summary information.

  7. Financial TransparencyHow are we doing? Financial Statements • Overall poor with some bright spots • Approximately 25% of government companies meet timelines. • Other companies can be years behind. • A few government Ministries and Portfolios are up to date. • Most government accounts are years behind.

  8. Financial TransparencyHow are we doing? Value For Money • Timely and relevant • Reports generally relate to the issues of the day. • Released to the public (last 3 years) • PAC reviews are being caught up.

  9. Financial TransparencyLessons Learned • Imperative to provide up to date and reliable financial information. • Additional information is usually required. What do investors want and how can we give it to them? • Auditors CAN be your friends.

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