Cayman Islands Government's Financial Reports Under Scrutiny
The Office of the Auditor General (OAG) has released a damning report on the state of the Cayman Islands Government's financial books.
According to the report, senior accountants and financial officers across the public sector are failing to meet the required standards for producing timely, accurate, and accessible annual financial reports.
The situation is being allowed to continue year after year with no action being taken.
The auditor general, Patrick Smith, found "persistent systemic weaknesses that require immediate attention" in his review of the 2024 audits of all public bodies.
- Persistent systemic weaknesses in financial reporting
- Failure to meet required standards for timeliness, accuracy, and accessibility
- No action being taken to address the issues
Author's summary: OAG report criticizes CIG accountants' competence.
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