Published On: Tue, Jul 8th, 2014

CFT also gives negative advises on 2011 financial report

CFTWILLEMSTAD - The 2011 financial report of Curacao does not give a true reflection of wealth and income, it does not meet the requirements of financial regularity and, with regards to the establishment, it does not meet the legal requirements.

This is according to the Committee for Financial Supervision (CFT) in a thirteen-page opinion to the Minister of Finance, Jose Jardim.

"The accuracy errors, uncertainties and legal mistakes ensure that the 2011 financial report does not represent confidence, which has resulted in an adverse opinion from both the Government Accountants Bureau SOAB and the General Audit Department (ARC).

According to the CFT, these reports, therefore, do not give parliament the ability to perform their supervisory task adequately.

Earlier, the (ARC) came to the conclusion that the 2011 financial reports do not comply with the requirements and standards set by to the law.

The SOAB reported eight accuracy errors and uncertainties and nineteen uncertainties in the balance and repetitions, nine structural errors and four legal errors, the CFT indicated. In addition, the financial report contains insufficient information to enable the users to form a judgment on the implementation of the policies and the management. “On this basis, both the SOAB and the ARC have given a negative advice on the financial report and argue that financial management is not in order.”

Taking into account the findings of the SOAB and the ARC, the CFT has analyzed the financial reports and corrected them. This was necessary because the financial report is the only formal document by which the parliament can hold the government accountable.

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